Business
Clarke Announces Renewal of Normal Course Issuer Bid and Automatic Securities Purchase Plan
Clarke Announces Renewal of Normal Course Issuer Bid and Automatic Securities Purchase Plan
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\nHALIFAX, Apr. 12, 2010 (Canada NewsWire Group) -- /CNW/ -- Clarke Inc. (\"Clarke\") 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 for cancellation, a portion of its 6% convertible unsecured subordinated debentures (\"convertible debentures\") due 2013. Under the normal course issuer bid, Clarke intends to repurchase up to $7,073,000 in aggregate principal amount of its 2013 convertible debentures, representing approximately 10% of the public float of $70,730,000 in aggregate principal amount of the 2013 convertible debentures issued and outstanding as at April 7, 2010. As at April 7, 2010, there was $77,391,500 in aggregate principal amount of the 2013 convertible debentures issued and outstanding. Purchases may commence on April 14, 2010 and will terminate on April 13, 2011.From October 1, 2009 to March 31, 2010, the average daily trading volume of Clarke 2013 convertible debentures was $89,295 in aggregate principal amount of its 2013 convertible debentures. Clarke may purchase daily up to 25% of the average daily trading volume, which is $22,323 in aggregate principal amount, subject to a weekly \"block purchase\" exemption. Any 2013 convertible debentures purchased by Clarke pursuant to the Offer will be held or cancelled.The directors and senior management of Clarke are of the opinion that the purchase of the convertible debentures from time to time at the prevailing market price would be a worthwhile use of available funds and in the best interests of the company and its shareholders. As at April 7, 2009, Clarke had acquired $8,323,000 in aggregate principal amount of its 2013 convertible debentures by means of open market transactions pursuant to the normal course issuer bid that expired on March 16, 2010, at a weighted average price of $681.67 per $1,000 par value of convertible debenture.In connection with Clarke's normal course issuer bid program, the company has established an automatic securities purchase plan (the \"Plan\") for the following Clarke securities:- Common shares, under the issuer bid which commenced on August 19, 2009and ends on August 18, 2010;- 6% convertible unsecured subordinated debentures due 2012, under theissuer bid which commenced on December 14, 2009 and ends on Dece...