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Clarke Inc. Announces Proposed Debenture Amendments
Clarke Inc. Announces Proposed Debenture Amendments Canada NewsWire H...
About this update from Clarke Inc.
[{"type":"text","content":"\n \n \n \n Clarke Inc. Announces Proposed Debenture Amendments\n \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 Canada NewsWire\n \n \n \n \n \n HALIFAX, NS\n \n ,\n \n Aug. 17, 2021\n \n /CNW/ - Clarke Inc. (TSX: CKI) (TSX: CKI.DB) (\"\n \n Clarke\n \n \" or the \"\n \n Company\n \n \") today announced that it will seek the approval of holders of its Series B 6.25% convertible unsecured subordinated debentures due\n \n February 28, 2023\n \n (the \"\n \n Debentures\n \n \") to amend certain terms of such Debentures at a serial meeting of the holders of Debentures (the \"\n \n Debentureholders\n \n \") to be held on\n \n September 20, 2021\n \n (the \"\n \n Meeting\n \n \").\n \n \n The proposed amendments to the Debentures consist of:\n \n \n \n EXTENDING the maturity date for the Debentures from\n \n February 28, 2023\n \n to\n \n January 1, 2028\n \n ;\n \n \n \n \n AMENDING the interest rate on the Debentures from 6.25% to 5.50% for the period beginning on\n \n March 1, 2023\n \n and ending on\n \n January 1, 2028\n \n ; and\n \n \n \n \n PROVIDING FOR consequential and other amendments of a housekeeping nature.\n \n \n \n \n The Board of Directors and management of the Company believe that the proposed Debenture amendments enhance the Company's strategy of pursuing long-term value creation for the benefit of all its securityholders.\n \n The Board of Directors believes that the proposed amendments, among other things, afford Debentureholders a longer period of time during which to receive interest at a favourable rate. The Company believes the 6.25% and the subsequent 5.50% interest rates on the Debentures represent an attractive yield in light of other reinvestment opportunities available.\n \n \n The amendments to the Debentures will only be effective if passed by an extraordinary resolution of the holders of at least 66⅔% of the principal amount of the Debentures present in person or by proxy at the Meeting and entitled to vote in respect of the amendments.\n \n \n The Meeting is scheduled to be held at\n \n 10:00 a.m.\n \n ...