Business
Clarke Inc. announces substantial issuer bid for its debentures due 2013
Clarke Inc. announces substantial issuer bid for its debentures due 2013
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\nSep. 16, 2009 (Canada NewsWire Group) -- HALIFAX, Sept. 16 /CNW/ -- Clarke Inc. (\"Clarke\" or the \"Corporation\", TSX-CKI, TSX-CKI.DB, TSX-CKI.DB.A) announced a substantial issuer bid (the \"Offer\") today pursuant to which the Corporation will offer to purchase for cancellation up to $25,000,000 aggregate principal amount of the issued and outstanding Series 2 6.0% convertible unsecured subordinated debentures due December 31, 2013 (the \"Debentures\") of the Corporation from debentureholders (the \"Debentureholders\") issued under and pursuant to the provisions of a trust indenture dated December 22, 2005 between the Corporation and Computershare Trust Company of Canada (the \"Debenture Trustee\"), as trustee, and a supplemental trust indenture thereto between the Corporation and the Debenture Trustee dated November 28, 2006 (the \"Trust Indenture\") at the purchase price of $750 per $1,000 principal amount of Debenture (the \"Purchase Price\"). In addition, Debentureholders who tender their Debentures to the Offer will receive a payment in respect of all accrued and unpaid interest outstanding on such Debentures as of the date they are taken up by the Corporation pursuant to the Offer.If more than $25,000,000 aggregate principal amount of Debentures (or such greater aggregate principal amount of Debentures as the Corporation may determine it is willing to take-up and pay for) are properly tendered to the Offer, the Corporation will take-up and pay for at the Purchase Price the deposited Debentures on a pro-rata basis according to the number of Debentures deposited (or deemed to be deposited) by the Debentureholders (with adjustments to avoid the purchase of less than $1,000 principal amount of Debentures). The Corporation has reserved the right to at any time and from time to time to amend its offer to increase or decrease the maximum number of Debentures the Company may purchase pursuant to the Offer. The Offer is not conditional on any minimum number of Debentures being deposited. The Corporation will fund any purchases of Debentures pursuant to the Offer from cash available on hand and available credit facilities.As of September 15, 2009, there were $88,464,500 principal amount of Debentures issued and outstanding, and accordingly, the Offer is for up to approximately 28.3% of the total number of issued and outst...