Business
Clarke Inc. announces renewal of normal course issuer bid
Clarke Inc. announces renewal of normal course issuer bid
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\nDec. 9, 2009 (Canada NewsWire Group) -- HALIFAX, Dec. 9 /CNW/ -- Clarke Inc. (\"Clarke\") announced today that it has filed a notice with the Toronto Stock Exchange and received its approval to purchase, through the facilities of the Toronto Stock Exchange (the \"TSX\"), a portion of its 6% convertible unsecured subordinated debentures due December 31, 2012 (the \"2012 Convertible Debentures\"). Under the normal course issuer bid, Clarke intends to repurchase up to $3,423,000 in aggregate principal amount of its 2012 Convertible Debentures, representing approximately 10% of the public float of $34,236,900 in aggregate principal amount of the 2012 Convertible Debentures issued and outstanding as at December 1, 2009. As at December 1, 2009, there was $37,594,500 in aggregate principal amount of the 2012 Convertible Debentures issued and outstanding. Purchases may commence on December 14, 2009 and will terminate on December 13, 2010.From June 1, 2009 to November 30, 2009, the average daily trading volume of Clarke 2012 Convertible Debentures was $47,177 in aggregate principal amount. Clarke may purchase daily up to 25% of the average daily trading volume, which is $11,794 in aggregate principal amount, subject to a weekly \"block purchase\" exemption. Any 2012 Convertible Debentures purchased by Clarke pursuant to the offer will be held or cancelled.Although not applicable with respect to Clarke's normal course issuer bid for 2012 Convertible Debentures announced herein, the TSX requires that Clarke disclose particulars of a valuation prepared in connection with Clarke's substantial issuer bid (the \"SIB\") for convertible debentures due December 31, 2013 (the \"2013 Debentures\") by National Bank Financial Inc. (\"NBF\") and delivered to Clarke on September 16, 2009. The valuation contained NBF's opinion that, based on the scope of its review and subject to the assumptions, restrictions and limitations provided therein, the fair value of the 2013 Debentures, as of September 14, 2009, fell within the range (per $1,000 principal amount) of $713 to $796. A copy of the valuation is appended to Clarke's circular prepared in connection with the SIB and is available at www.sedar.com. A copy of the valuation may be made available for inspection, on advance appointment only with Clarke's Corporate Secretary during regular business ...