HALIFAX,
NS, June 27, 2024 /CNW/ - Clarke Inc.
("Clarke" or the "Company") (TSX: CKI) 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 or any Canadian alternative trading
system, up to 697,592 common shares, representing 5% of the total
13,951,857 issued and outstanding common shares as of June 21, 2024 (the "Share Issuer Bid").
From December 1, 2023 to May 31, 2024 the average daily trading volume
("ADTV") of Clarke common shares was 1,367 common shares.
Under TSX Rules, the Company is entitled to purchase up to 25% of
the ADTV of the respective class of shares which is 342 common
shares. Accordingly, under TSX rules and policies, the
Company is entitled on any trading day to purchase up to 1,000
common shares. Any common shares purchased by Clarke pursuant to
the Share Issuer Bid will be cancelled.
In connection with the program, the Company has established an
automatic securities purchase plan (the "Plan") for the
Share Issuer Bid. The Plan was established to provide standard
instructions regarding how Clarke shares are to be repurchased
under the Share Issuer Bid. Accordingly, Clarke may
repurchase its shares under the Plan on any trading day during the
Share Issuer Bid including during self-imposed trading blackout
periods. The Plan will commence immediately and terminate with the
Share 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 pre-cleared by the
Toronto Stock Exchange.
Purchases under the Plan may commence on July 4, 2024 and will terminate on July 3, 2025.
The Directors and Senior Management of Clarke are of the opinion
that from time to time the purchase of Clarke common shares at the
prevailing market price would be a worthwhile use of available
funds and in the best interests of the Company and its
shareholders. Clarke acquired 37,900 common shares by means of open
market transactions through the facilities of the TSX pursuant to
the normal course issuer bid that expires on July 3, 2024, at a weighted average price of
$13.91 per share. The maximum number
of common shares that Clarke sought and obtained approval to
purchase under that bid was 699,232.
About Clarke
Halifax-based Clarke is an
investment and real estate company with holdings in a diversified
group of businesses and across real estate sectors. Clarke's common
shares trade on the Toronto Stock Exchange (CKI); 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, 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.