HALIFAX, Jan. 31, 2014 /CNW/ - Clarke Inc. ("Clarke") (TSX: CKI CKI.DB.A) announced today that it has exercised its right
to partially redeem its 6% convertible unsecured subordinated
debentures maturing December 31, 2018 (the "Debentures") in accordance
with the terms of the indenture governing the Debentures. On March 3,
2014 (the "Redemption Date"), Clarke will redeem Debentures in an
aggregate principal amount of $12,000,000, representing approximately
23% of the current outstanding balance of Debentures. On redemption,
Clarke will pay the holders of redeemed Debentures the redemption price
(the "Redemption Price") equal to the outstanding principal amount of
the Debentures to be redeemed, together with all accrued and unpaid
interest thereon up to but excluding the Redemption Date, for a total
of $1,010.19 per $1,000 principal of Debentures.
The aggregate principal amount of Debentures currently outstanding is
$51,637,300. Clarke intends to use available funds to pay the
Redemption Price of the Redeemed Debentures.
The Debentures to be redeemed shall be selected by the Debenture trustee
on a pro rata basis to the nearest multiple of $1,000 in accordance with the
principal amount of the Debentures registered in the name of each
holder.
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.A); 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.
