10:28:54 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Clarke Inc
Symbol CKI
Shares Issued 14,600,967
Close 2018-01-17 C$ 10.31
Market Cap C$ 150,535,970
Recent Sedar Documents

Clarke buys back 1.85 million shares

2018-01-22 10:36 ET - News Release

Mr. Michael Rapps reports

CLARKE INC. ANNOUNCES RESULTS OF SUBSTANTIAL ISSUER BID

Clarke Inc. has released the results of its substantial issuer bid, dated Dec. 7, 2017, to purchase for cancellation up to 1.25 million of its outstanding common shares at a purchase price of $10.50 per share.

The offer expired at 5 p.m. ET on Jan. 19, 2018. Based on the final report provided by the depositary for the offer, a total of 1,851,579 shares have been deposited at the expiration of the offer, representing approximately 12.7 per cent of the shares outstanding. Clarke intends to take up all of the shares deposited pursuant to the offer in accordance with applicable securities laws and as set forth in the offer documents. The total purchase price for the shares deposited under the offer will be approximately $19.4-million and will be financed with cash on hand. Payment for the shares deposited and accepted for purchase will be made as soon as practicable in accordance with the offer.

In connection with the offer, the board of directors of Clarke obtained a liquidity opinion from Trimaven Capital Advisors covering the purchase of up to 1.75 million shares under the offer. At the request of the board, Trimaven provided an updated liquidity opinion covering the purchase of up to 1.85 million shares to the board that, based on, and subject to the qualifications, assumptions and limitations stated in the opinion: (i) a liquid market (as such term is defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions) exists for the shares as of the date of the bid; and (ii) it is reasonable to conclude that, following the completion of the offer, there will be a market for shareholders who do not tender to the offer that is not materially less liquid than the market for shares that existed at the time of the making the offer. A copy of the updated liquidity opinion will be made available on Clarke's SEDAR issuer profile.

Following the purchase and cancellation of the 1,851,579 shares deposited under the offer, Clarke will have 12,749,388 shares outstanding.

About Clarke Inc.

Halifax-based Clarke invests in a variety of private and publicly traded businesses and participates actively where necessary to enhance the performance of such businesses and increase its return. Clarke's common shares trade on the Toronto Stock Exchange under the symbol CKI.

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