Business
Clarke Announces Renewal of Normal Course Issuer Bids
HALIFAX, May 17, 2013 /CNW/ - Clarke Inc. (" Clarke " or the " Company ") (TSX: CKI CKI.DB....
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\n\n\nHALIFAX, May 17, 2013 /CNW/ - Clarke Inc. (\"Clarke\" or the \"Company\") (TSX: CKI CKI.DB.A) announced today that it has filed a notice with\n the Toronto Stock Exchange and received its approval to purchase,\n through the facilities of the Toronto Stock Exchange, up to 834,115\n common shares, representing 5% of the issued and outstanding common\n shares (the \"Share Issuer Bid\"). As at May 14, 2013 there are\n 16,682,315 issued and outstanding common shares, and the public float\n is 4,137,845 common shares. From November 1, 2012 to April 30, 2013,\n the average daily trading volume (\"ADTV\") of Clarke common shares was\n 8,773 common shares. Under TSX Rules, the Company is entitled to\n purchase up to 25% of the ADTV which is 2,193 common shares on any\n trading day, subject to a weekly \"block purchase\" exemption. Any common\n shares purchased by Clarke pursuant to the Share Issuer Bid will be\n cancelled.\n\n\nClarke also received approval to purchase, through the facilities of the\n Toronto Stock Exchange, a portion of its 6% convertible unsecured\n subordinated debentures due December 31, 2018 (the \"Debentures\"). \n Under this normal course issuer bid (the \"Debenture Issuer Bid\"),\n Clarke intends to repurchase up to $6,054,000 in aggregate principal\n amount of its 2018 Convertible Debentures, representing approximately\n 10% of the public float of $60,549,300 in aggregate principal amount of\n the Debentures issued and outstanding as at May 14, 2013.  At May 14,\n 2013, there was $62,296,300 in aggregate principal amount of the\n Debentures issued and outstanding.  From November 1, 2012 to April 30,\n 2013, the ADTV of the Debentures was $45,330 in aggregate principal\n amount.  Clarke may purchase daily up to 25% of the ADTV which is\n $11,332 in aggregate principal amount, subject to a weekly \"block\n purchase\" exemption. Any Debentures purchased by Clarke pursuant to the\n Debenture Issuer Bid will be cancelled.\n\n\nPurchases under both plans may commence on May 22, 2013 and will\n terminate on May 21, 2014.\n\n\nIn connection with the program, the company has established automatic\n securities purchase plans (the \"Plans\") for each of the Issuer Bids. \n The Plans were established to provide standard instructions regarding\n how Clarke shares and debentures are to be ...