Clarke announces extension for delivery of proxies for Debentureholder meeting

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[{"type":"text","content":"\n\n\n\n\n\nHALIFAX, July 24, 2012 /CNW/ - Clarke Inc. (TSX: CKI, CKI.DB.A)\n announced today that it is extending the date for delivery of proxies\n for its upcoming meeting (the \"Meeting\") of holders of its 6.00%\n convertible unsecured subordinated debentures due December 31, 2013\n (\"Debentureholders\") and rescheduling the Meeting originally planned\n for July 25, 2012. The Meeting has been rescheduled in order to give\n more time for Debentureholders to tender their proxies and vote on the\n proposed amendments announced on June 19, 2012.\n\n\nTo date, the majority of Debentureholders who have delivered proxies in\n respect of the Meeting have indicated that they wish to vote in favour\n of the proposed amendments. The Meeting is now rescheduled to be held\n on August 22, 2012 at 10:00 a.m. (Atlantic Daylight Time) at 6009\n Quinpool Road, 9th Floor, Halifax, Nova Scotia B3K 5J7. Votes must be\n cast no later than August 20, 2012 at 10:00am in accordance with the\n instructions set out in the management information circular and related\n materials that were sent to Debentureholders in late June.  A copy of\n the management information circular is also available on SEDAR at www.sedar.com or at www.clarkeinc.com.\n\n\nClarke believes that the advantages of the proposed amendments include\n the following:\n\n\nClarke believes that the 6-per-cent interest rate on the current\n debentures represents an attractive yield, especially in the current\n low-interest-rate environment and in light of other reinvestment\n opportunities available.\n\n\nClarke has committed credit facilities and marketable securities in\n excess of $125-million. Clarke is permitted to draw down on its\n facilities and use the proceeds to redeem the current debentures. Doing\n so would result in the holders of the current debentures losing an\n attractive and recurring source of income.\n\n\nHolders of the current debentures that vote in favour of the proposed\n amendments will receive a consent fee of 60 basis points, or $6 per\n $1,000 principal amount of current debentures. Financial advisers of\n Debentureholders who vote in favour of the proposed amendments will\n receive a consent fee of 40 basis points, or $4 per $1,000 principal\n amount of current debentures.\n\n\nIf you have questions about voting your Debentures or require other\n assist...

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