Business
Clarke Inc. announces increased investment in TerraVest Capital Inc.
HALIFAX , Aug. 20, 2014 /CNW/ - Clarke Inc. ("Clarke") (TSX: CKI) acquired 978,992 common...
About this update from Clarke Inc.
[{"type":"text","content":"\n\nHALIFAX, Aug. 20, 2014 /CNW/ - Clarke Inc. (\"Clarke\") (TSX: CKI) acquired 978,992 common shares of TerraVest Capital Inc. (\"TerraVest\") at a price of $6.30 per common share, representing 5.4% of the outstanding common shares of TerraVest. Immediately after the transaction, Clarke owns 5,000,000 common shares, representing 27.6% of the outstanding common shares. \n\nMichael Rapps, President and CEO, stated: \"This acquisition allows us to increase our ownership in a business we like and understand well. We believe that TerraVest has an opportunity to materially grow its different business units and generate even better financial results in coming years. We view the acquisition of NWP Industries as only the first step in this direction.\"\n\nIn purchasing the 978,992 common shares, Clarke relied on the private agreement exemption from the formal take-over bid rules set out in Section 100.1(1) of the Securities Act (Ontario). Clarke was entitled to rely on this exemption because (i) the purchase of the 978,992 common shares was not made from more than five persons, (ii) the offer to purchase was not made generally to all holders of TerraVest's common shares, and (iii) the value of the consideration paid for the 978,992 common shares, including brokerage fees or commissions, was not greater than 115% of the market price of TerraVest's common shares on the Toronto Stock Exchange on August 20, 2014 as determined in accordance with Section 1.3 of Ontario Securities Commission Rule 62-504 – Takeover Bids and Issuer Bids.\n\nClarke may, from time to time, acquire additional shares of TerraVest, dispose of some or all of the existing or additional shares of TerraVest, or continue to hold the shares of TerraVest in the normal course of Clarke's investment activities.\n\nAbout Clarke\n\nHalifax-based Clarke Inc. invests in undervalued businesses and participates actively where necessary to enhance performance and increase return. Clarke trades on the Toronto Stock Exchange (CKI); for more information about Clarke Inc., please visit our website at www.clarkeinc.com. \n\nForward-Looking Statements\n\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 stateme...