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Clarke Inc. Announces Adjustment To Value Ascribed To Dividend-In-Kind
Clarke Inc. Announces Adjustment To Value Ascribed To Dividend-In-Kind Canada News...
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\nClarke Inc. Announces Adjustment To Value Ascribed To Dividend-In-Kind\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nHALIFAX, March 20, 2020\n\n\n\nHALIFAX, March 20, 2020 /CNW/ - Clarke Inc. (\"Clarke\") announces that its Board of Directors has revised its fair market value determination for Clarke's previously announced dividend-in-kind (the \"Dividend\") of the 5,386,440 shares of TerraVest Industries Inc. (the \"Terravest Shares\") owned by Clarke. \nOn March 3, 2020, Clarke announced that its Board of Directors had determined the fair market value of the Dividend for income tax purposes to be $5.49 per common share of Clarke (each, a \"Clarke Share\"). In light of recent global economic and market events, the Board of Directors of Clarke has determined that it is appropriate to revise the fair market value of the Dividend to be $3.81 per Clarke Share, being equal to (i) the value of Clarke's Terravest Shares using the five-day volume-weighted average trading price of the Terravest Shares on the Toronto Stock Exchange for the period ending on March 20, 2020, divided by (ii) the number of Clarke Shares outstanding. \nThe previously announced adjustments to the conversion price of Clarke's outstanding unsecured subordinated convertible debentures and the strike price of Clarke's outstanding stock options set out in Clarke's press release dated March 3, 2020 remain unchanged. \nAbout Clarke Inc.\nClarke invests in public businesses, private businesses and real estate and participates actively in such investments to enhance their performance and maximize its return. Clarke's shares and debentures trade on the Toronto Stock Exchange under the symbols \"CKI\" and \"CKI.DB\". For more information about Clarke Inc., please visit our website at www.clarkeinc.com.\nForward-Looking Statements \nThis 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 statement...