HALIFAX, Sept. 24, 2013 /CNW/ - Clarke Inc. ("Clarke") (TSX: CKI,
CKI.DB.A) is pleased to announce that it has entered into a voting
support agreement with BEC Acquisition Ltd., a subsidiary of Mill City
Capital L.P., (together, "Mill City") pursuant to which it has agreed
to vote in favour of Mill City's proposed acquisition of Bonnett's
Energy Corp. ("Bonnett's"). Clarke currently owns approximately 3.7
million shares of Bonnett's representing approximately 25% of Bonnett's
outstanding shares.
Assuming the proposed transaction is completed in accordance with its
terms, Clarke expects to receive approximately $25.9 million for its
shares of Bonnett's.
George Armoyan, President and CEO, stated: "We are pleased with the
result of our investment in Bonnett's. The transaction value reinforces
our belief that the public markets have undervalued many of the
companies we own. We will continue to work to close these valuation
gaps."
Clarke will review how to best deploy the sale proceeds, including
making further investments in undervalued companies, reducing debt,
paying a special dividend and/or repurchasing shares.
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 return. Clarke's securities trade on the
Toronto Stock Exchange (CKI; 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, 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", "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, statements relating to the potential sale of its
investment in Bonnett's and the use of proceeds from such sale.
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 to be materially different from the results expressed or
implied by such forward-looking statements and there can be no
assurance that such statements will prove to be accurate. Other than as
required by applicable Canadian securities laws, Clarke does not intend
to 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.
