Business
Clarke Inc. announces substantial issuer bid for its common shares
HALIFAX, Aug. 24, 2011 /CNW/ - Clarke Inc. ("Clarke" or the "Corporation") (TSX: CKI CKI.DB C...
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\n\n\nHALIFAX, Aug. 24, 2011 /CNW/ - Clarke Inc. (\"Clarke\" or the\n \"Corporation\") (TSX: CKI CKI.DB CKI.DB.A) today announced a substantial\n issuer bid (the \"Offer\") pursuant to which the Corporation will offer to purchase for\n cancellation up to 3,000,000 of the issued and outstanding common\n shares (\"Common Shares\") of the Corporation from shareholders (the \"Shareholders\") at the purchase price of $5.00 per Common Share (the \"Purchase Price\").\n\n\nIf more than 3,000,000 Common Shares are properly tendered to the Offer,\n the Corporation will take-up and pay for at the Purchase Price the\n deposited Common Shares on a pro-rata basis according to the number of\n Common Shares deposited (or deemed to be deposited) by the Shareholders\n (with adjustments to avoid the purchase of fractional Common Shares). \n The Corporation has reserved the right to at any time and from time to\n time to amend its offer to increase or decrease the maximum number of\n Common Shares the Company may purchase pursuant to the Offer.  The\n Offer is not conditional on any minimum number of Common Shares being\n deposited, other than the Locked-Up Shares (as defined below).  The\n Corporation will fund any purchases of the Common Shares pursuant to\n the Offer from cash available on hand and available credit facilities.\n\n\nAs of August 23, 2011, there were 20,034,809 Common Shares issued and\n outstanding, and accordingly, the Offer is for up to approximately\n 14.97% of the total number of issued and outstanding Common Shares. \n The Offer is subject to various conditions typical of transactions of\n this nature.  It is anticipated that the offer to purchase and issuer\n bid circular and other related documents (the \"Offer Documents\"), containing the terms of the Offer and the instructions for tendering\n the Common Shares will be mailed to Shareholders and filed with\n applicable securities regulators on or about August 26, 2011.  The\n Offer will remain open for acceptance for at least 35 days after the\n date of commencement, unless withdrawn or extended by the Corporation.\n\n\nSea Spruce Investments Limited (\"SSI\"), 3140871 Nova Scotia Limited (\"314\"), Hugh Smith (\"Smith\"), Scotia Learning Centres Incorporated (\"SLC\") and Geosam Investments Limited (\"GIL\") have each agreed, pursuant ...