In c2707 transmitted at 9:05e today, an error occurred in the
3rd paragraph. What is stated as "common shares"
should've been "2013 Convertible Debentures". Corrected copy
follows:
Clarke Inc. Announces Renewal of Normal Course Issuer Bid
HALIFAX, April 3, 2012 /PRNewswire/ - Clarke Inc.
("Clarke") (TSX: CKI CKI.DB CKI.DB.A) announced today that it
has filed a notice with the Toronto Stock Exchange and received its
approval to purchase, through the facilities of the Toronto Stock
Exchange, a portion of its 6% convertible unsecured subordinated
debentures due December 31, 2013 (the
"2013 Convertible Debentures"). Under the normal course
issuer bid, Clarke intends to repurchase up to $6,317,000 in aggregate principal amount of its
2013 Convertible Debentures, representing approximately 10% of the
public float of $63,172,500 in
aggregate principal amount of the 2013 Convertible Debentures
issued and outstanding as at March 31,
2012. At April 2, 2012,
there was $63,415,500 in aggregate
principal amount of the 2013 Convertible Debentures issued and
outstanding. Purchases may commence on April 5, 2012 and will terminate on April 4, 2013.
From October 1, 2011 to
March 31, 2012, the average daily
trading volume of the 2013 Convertible Debentures was $54,032.00 in aggregate principal amount.
Clarke may purchase daily up to 25% of the average daily trading
volume, which is $13,508.00 in
aggregate principal amount, subject to a weekly "block purchase"
exemption. Any 2013 Convertible Debentures purchased by Clarke
pursuant to the Offer will be held or cancelled.
In connection with the program, the company has established an
automatic securities purchase plan (the "Plan") for the 2013
Convertible Debentures. The Plan was established to provide
standard instructions regarding how the 2013 Convertible Debentures
are to be repurchased under the issuer bid. Accordingly, Clarke may
repurchase its securities under the Plan on any trading day during
the issuer bid including during self-imposed trading blackout
periods. The Plan will commence immediately and terminate with the
issuer bid. The company may otherwise vary, suspend or terminate
the Plan only if it does not have material non-public information
and the decision to vary, suspend or terminate the Plan is not
taken during a self-imposed trading blackout period. The Plan
constitutes an "automatic plan" for purposes of applicable Canadian
securities legislation and has been reviewed by the Toronto Stock
Exchange.
The directors and senior management of Clarke are of the opinion
that the purchase of the 2013 Convertible Debentures from time to
time at the prevailing market price would be a worthwhile use of
available funds and in the best interests of the company and its
shareholders. As at April 2,
2012, Clarke had acquired $6,903,000 in aggregate principal amount of its
2013 Convertible Debentures by means of open market transactions
pursuant to the normal course issuer bid that expires on
April 13, 2012, at a weighted average
price of $950 per $1,000 principal amount.
About Clarke
Halifax-based Clarke Inc.
invests in undervalued businesses and participates actively where
necessary to enhance performance and increase return. Clarke's
securities trade on the Toronto Stock Exchange (CKI, CKI.DB;
CKI.DB.A); for more information about Clarke Inc., please visit our
website at www.clarkeinc.com.
Note on Forward-Looking Statements and Risks
This press release may contain or refer to certain
forward-looking statements relating, but not limited to, the
Company's expectations, intentions, plans and beliefs with respect
to the Company. 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. Forward-looking
statements include, without limitation, those with respect to the
future price of securities held by the Company, changes in these
securities holdings, changes to the Company's hedging practices,
currency fluctuations, requirements for additional capital, changes
to government regulations and the timing and possible outcome of
pending litigation. 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 the Company to be
materially different from the historical results or from any future
results expressed or implied by such forward-looking
statements.
With respect to the Company's Investment segment, such risks and
uncertainties include, without limitation, the Company's investment
strategy, legal and regulatory risks, general market risk,
potential lack of diversification in the Company's investments,
reliance on certain key executives, interest rates and foreign
currency fluctuations and other factors. With respect to the
Company's Freight Transportation segment, such risks and
uncertainties include, without limitation, competition, expiry of
certain leases, labour relations, the use of third party service
providers, dependence on certain personnel, fuel costs, weather
conditions, customer relationships, claims, litigation and
insurance, government regulation of the transport industry and
other factors. With respect to the Company's Home Heating segment
(formerly the Steel Tanks segment), such risks and uncertainties
include, without limitation, the costs of housing and major
consumer products, energy costs, alternative energy sources, steel
costs, foreign exchange risk, and other factors. With respect to
the Company's Entertainment segment, such risks and uncertainties
include, without limitation, the impact of the Internet on retail
distribution channels and delivery format, potential product
returns, and the accounting provisions made for such product
returns. Other general risks and uncertainties include, without
limitation, environmental considerations, use of information
technology and information systems, safety issues, concentration of
sales among a small number of customers, the seasonality of
business cycles for certain segments, commodity market risk, risks
associated with investment in derivative instruments and other
factors.
Although the Company 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, the Company 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.