Business
Clarke Announces Settlement Agreement
Clarke Announces Settlement Agreement
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\nOct. 9, 2009 (Canada NewsWire Group) -- HALIFAX, Oct. 9 /CNW/ -- Clarke Inc. announced today that the Nova Scotia Securities Commission has approved a settlement agreement between Clarke and staff of the Commission. The settlement related to staff's investigation of a 2005 trade by Clarke in the securities of Advanced Fiber Technologies (AFT) Income Fund that was initially announced by Clarke in February 2008.In the settlement, Clarke acknowledges that it acted contrary to the public interest in failing to exercise sufficient due diligence relating to information concerning AFT. The settlement agreement acknowledges that Clarke between 2005 and 2008 approved new internal policies and procedures and that Clarke co-operated with staff of the Commission in its investigation. Clarke will pay $300,000 toward an administrative penalty under the settlement agreement, as well as $15,000 toward costs of the investigation. A special committee of Clarke's board of directors oversaw the settlement agreement.About ClarkeHalifax-based Clarke Inc., led by an entrepreneurial team of investment professionals, is an activist and catalyst investment company that creates shareholder value by identifying businesses with the potential for improved performance, and working actively to uncover the value.Clarke's securities trade on the Toronto Stock Exchange (CKI, CKI.DB; CKI.DB.A); for more information about Clarke Inc., please visit our website at www.clarkeinc.com.Note on Forward Looking StatementsThis 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. Forward-looking statements rely on certain underlying assumptions that, if not realized, can result in such forward-looking statements not being achieved. Forward-loo...