Business
Clarke Inc. announces that Geosam has tendered to issuer bid
Clarke Inc. announces that Geosam has tendered to issuer bid
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\nOct. 15, 2009 (Canada NewsWire Group) -- HALIFAX, Oct. 15 /CNW/ -- Clarke Inc. (\"Clarke\" or the \"Corporation\", TSX-CKI, TSX-CKI.DB, TSX-CKI.DB.A) announced today that it has been advised by Geosam Investments Limited (\"Geosam\") that Geosam has tendered an aggregate of approximately $3,098,000 in principal amount, representing its entire position of Series 2 6.0% convertible unsecured subordinated debentures due December 31, 2013 (the \"Debentures\") to Clarke's substantial issuer bid (the \"Offer\"), which was previously announced on September 16, 2009. George Armoyan, Clarke's Executive Chairman, serves as President of Geosam.Pursuant to the Offer, which is scheduled to expire on Monday, October 26, 2009, the Corporation is offering to purchase for cancellation up to $25,000,000 aggregate principal amount of the issued and outstanding 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.Alexandra Global Master Fund Ltd. has agreed, pursuant to a lock-up agreement with the Corporation dated September 2, 2009, to tender an aggregate of approximately $6,000,000 principal amount of Debentures to the Offer.Geosam has advised Clarke that, if the principal amount of all Debentures properly deposited prior to the Expiry Time (and not withdrawn) is greater than $25,000,000 (or such larger principal amount as Clarke may determine it is willing to take-up and pay for), Geosam may withdraw a portion of the principal amount of Debentures tendered to avoid the necessity of pro-ration by Clarke.The offer to purchase and issuer bid circular and other related documents (the \"Offer Documents\"), containing the terms of the Offer and the ...