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Clarke Inc. Announces Investment in Trican Well Service Ltd.
Clarke Inc. Announces Investment in Trican Well Service Ltd. Canada NewsWire HAL...
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\nClarke Inc. Announces Investment in Trican Well Service Ltd.\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, April 10, 2019\n\n\n\nHALIFAX, April 10, 2019 /CNW/ - Clarke Inc. (\"Clarke\") (TSX: CKI) is pleased to announce that, together with certain parties with whom it is deemed to be a joint actor, it has acquired ownership of, and control over, 29,444,400 common shares (\"Trican Shares\") of Trican Well Service Ltd. (\"Trican\"), representing 10% of the outstanding Trican Shares.\nUnder applicable Canadian provincial securities legislation, Clarke is deemed to be a joint actor with its majority shareholder, G2S2 Capital Inc. (\"G2S2\"), and Clarke Inc. Master Trust (\"Clarke MT\"), a pension plan administered by Clarke. Each of Clarke, G2S2 and Clarke MT acquired their Trican Shares for investment purposes. Such parties may, from time to time, acquire additional Trican Shares or dispose of some or all of their current or additional Trican Shares. Trican has agreed to nominate Michael Rapps, the President and CEO of Clarke, for election as a director at Trican's 2019 annual general meeting.  \nMichael Rapps commented: \"Trican is one of the largest oilfield service companies in Western Canada, has among the best balance sheets of any oilfield service company with minimal debt and has a collection of assets and businesses that, in our view, is worth significantly more than the company's current share price implies.\" Mr. Rapps added: \"We commend Trican for taking advantage of the opportunity the market is presenting by repurchasing more than 16% of its shares over the last 18 months and we encourage the company to continue doing so as long as the market undervalues the company. We believe Trican can continue to strengthen its operations and capital structure throughout the current downturn. Together with relief from the perfect storm the Canadian energy is currently facing, these actions should result in significant value creation for all Trican stakeholders.\"\nAbout Clarke Inc.\nClarke invests in a variety of private...