HALIFAX, NS, March
29, 2021 /CNW/ - Clarke Inc. ("Clarke" or the
"Company") (TSX: CKI) (TSX: CKI.DB) announced today that it
has filed a notice with the Toronto Stock Exchange ("TSX") and
received its approval to purchase, through the facilities of the
TSX or any Canadian alternative trading system, up to $4,341,000 principal amount of its Series B
Convertible Debentures (the "Debentures"), representing
approximately 10% of the public float of the Debentures as at
March 24, 2021 (the "Debenture
Issuer Bid"). From September 1,
2020 to February 28, 2021 the
average daily trading volume ("ADTV") of Clarke Debentures
was $26,648 principal amount.
Accordingly, under TSX rules and policies, the Company is entitled
on any trading day to purchase up to $6,662 principal amount. Any Debentures
purchased by Clarke pursuant to the Debentures Issuer Bid will be
cancelled.
In connection with the program, the Company has established an
automatic securities purchase plan (the "Debenture
Plan") for the Debenture Issuer Bid. The Debenture Plan was
established to provide standard instructions regarding how Clarke
Debentures are to be repurchased under the Debenture Issuer Bid.
Accordingly, Clarke may repurchase its Debentures under the
Debenture Plan on any trading day during the Debenture Issuer Bid
including during self-imposed trading blackout periods. The
Debenture Plan will commence immediately and terminate with the
Debenture Issuer Bid. The Company may otherwise vary, suspend or
terminate the Debenture Plan only if it does not have material
non-public information and the decision to vary, suspend or
terminate the Debenture Plan is not taken during a self-imposed
trading blackout period. The Debenture Plan constitutes an
"automatic plan" for purposes of applicable Canadian securities
legislation and has been pre-cleared by the TSX.
Purchases under the Debenture Issuer Bid may commence on
April 1, 2021 and will terminate on
March 31, 2022.
Clarke purchased $112,000
principal amount of its Debentures by means of open market
transactions through the facilities of the TSX and alternative
trading systems pursuant to the normal course issuer bid that
expired March 12, 2021, at a weighted
average price of $91.96. The maximum
principal amount that Clarke sought and obtained approval to
purchase under that bid was $4,814,000.
The Directors and Senior Management of Clarke are of the opinion
that from time to time the purchase of Clarke Debentures at the
prevailing market prices would be a worthwhile use of available
funds and in the best interests of the Company and its
stakeholders.
About Clarke
Halifax-based Clarke invests in
a variety of private and publicly-traded businesses and
participates actively where necessary to enhance performance and
increase its return. Clarke's securities trade on the Toronto Stock
Exchange (CKI, CKI.DB); for more information about Clarke, please
visit our website at www.clarkeinc.com.
Forward-Looking Statements
This press release may contain or refer to certain
forward-looking statements relating, but not limited to, Clarke's
expectations, intentions, plans and beliefs with respect to Clarke.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "expects", "does not expect",
"is expected", "budget", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
equivalents or variations, including negative variations, of such
words and phrases, or state that certain actions, events or
results, "may", "could", "would", "should", "might" or "will" be
taken, occur or be achieved. These forward-looking statements
include, but are not limited to, statements regarding the trading
price of the Company's securities not fully reflecting the value of
the Company's business.
Forward-looking statements rely on certain underlying
assumptions that, if not realized, can result in such
forward-looking statements not being achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause the actual results of Clarke to be
materially different from the historical results or from any future
results expressed or implied by such forward-looking statements.
Risks and uncertainties include, among others, the Company's
investment strategy, legal and regulatory risks, general market
risk, potential lack of diversification in the Company's
investments, and interest rates and foreign currency
fluctuations. Although Clarke has attempted to identify
important factors that could cause actual actions, events or
results or cause actions, events or results not to be estimated or
intended, there can be no assurance that forward-looking statements
will prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements. Other
than as required by applicable Canadian securities laws, Clarke
does not update or revise any such forward-looking statements to
reflect events or circumstances after the date of this document or
to reflect the occurrence of unanticipated events. Accordingly,
readers should not place undue reliance on forward-looking
statements.
SOURCE Clarke Inc.