HALIFAX, May 23, 2014 /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, up to 1,025,946 common
shares, representing 5% of the issued and outstanding common shares
(the "Share Issuer Bid"). As at May 22, 2014 there were 20,518,923
issued and outstanding common shares, and the public float was
10,087,066 common shares. From November 1, 2013 to April 30, 2014, the
average daily trading volume ("ADTV") of Clarke common shares was
21,742 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 5,435 common shares, on any trading day. Any common shares purchased
by Clarke pursuant to the Share Issuer Bid will be cancelled.
Purchases under the plan may commence on May 27, 2014 and will terminate
on May 26, 2015.
In connection with the program, the company has established an automatic
securities purchase plan (the "Plan") for the Issuer Bid. The Plan was
established to provide standard instructions regarding how Clarke
shares are to be repurchased under the Issuer Bid. Accordingly, Clarke
may repurchase its shares 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
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 379,900 common shares by means of open market transactions pursuant to the
normal course issuer bid that expired May 21, 2014, at a weighted
average price of $7.00 per share.
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 shares trade on the
Toronto Stock Exchange (CKI); 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.