Business
Clarke Inc. announces partial redemption of debentures due December 31, 2018
HALIFAX , March 26, 2014 /CNW/ - Clarke Inc. (" Clarke ") (TSX: CKI, CKI.DB.A) annou...
About this update from Clarke Inc.
[{"type":"text","content":"\n\nHALIFAX, March 26, 2014 /CNW/ - Clarke Inc. (\"Clarke\") (TSX: CKI, CKI.DB.A) announced today that it has exercised its right to partially redeem its 6% convertible unsecured subordinated debentures maturing December 31, 2018 (the \"Debentures\") in accordance with the terms of the indenture governing the Debentures. On April 25, 2014 (the \"Redemption Date\"), Clarke will redeem Debentures in an aggregate principal amount of $12,000,000, representing approximately 36% of the current outstanding balance of Debentures. On redemption, Clarke will pay the holders of redeemed Debentures the redemption price (the \"Redemption Price\") equal to the outstanding principal amount of the Debentures to be redeemed, together with all accrued and unpaid interest thereon up to but excluding the Redemption Date, for a total of $1,018.90 per $1,000 principal of Debentures.\n\nThe aggregate principal amount of Debentures currently outstanding is $33,579,300. Clarke intends to use available funds to pay the Redemption Price of the Redeemed Debentures. \n\nThe Debentures to be redeemed shall be selected by the Debenture trustee on a pro rata basis to the nearest multiple of $1,000 in accordance with the principal amount of the Debentures registered in the name of each holder. \n\nAbout Clarke\n\nHalifax-based Clarke invests in a variety of private and publicly-traded businesses and participates actively where necessary to enhance performance and increase its return. Clarke's securities trade on the Toronto Stock Exchange (CKI; CKI.DB.A); for more information about Clarke, 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 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.&...