Business
Clarke Inc. Announces Dividend of its Shares of Terravest Industries Inc. to Shareholders
Clarke Inc. Announces Dividend of its Shares of Terravest Industries Inc. to Shareholders ...
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\nClarke Inc. Announces Dividend of its Shares of Terravest Industries Inc. to Shareholders\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 3, 2020\n\n\n\nHALIFAX, March 3, 2020 /CNW/ - Clarke Inc. (\"Clarke\") Clarke announces that its Board of Directors has declared a dividend-in-kind (the \"Dividend\") on its common shares (the \"Clarke Shares\") in the form of a pro rata distribution of the 5,386,440 shares of Terravest Industries Inc. (\"Terravest\") that Clarke owns. \nThe Dividend will be paid on March 25, 2020 (the \"Payment Date\") to shareholders of Clarke of record at the close of business on March 18, 2020 (the \"Record Date\"). \nNo fractional shares or cash in lieu thereof (or any other form of payment) will be payable under the Dividend. Any fractional interests in the Terravest shares under the Dividend will be rounded down to the nearest whole number of Terravest shares. Based upon the number of Clarke Shares currently outstanding, and without taking into effect the exercise of any options or conversion of any debentures currently outstanding or the effect of rounding for fractional interests, approximately 0.33 Terravest shares will be distributed under the Dividend for every one Clarke Share held on the Record Date. \nIt is expected that certificates evidencing the Terravest shares distributed under the Dividend will be mailed to the Clarke shareholders of record shortly after the Payment Date.  \nDue Bill Trading\nAs the amount of the Dividend represents a distribution greater than 25% of Clarke's market value at the Dividend declaration date, the Dividend will be subject to the due bill trading requirements of the Toronto Stock Exchange (the \"TSX\"). The TSX requires that the Clarke Shares trade on a due bill basis from the opening of trading on March 17, 2020 until the close of trading on the Payment Date of March 25, 2020. This means that sellers who sell Clarke Shares during the due bill period shall also sell their entitlement to the Dividend to the respective purchasers of such Clarke Shares. The Cla...