Business
Clarke Inc. Completes Dividend of its Shares of TerraVest Industries Inc. to Shareholders
Clarke Inc. Completes Dividend of its Shares of TerraVest Industries Inc. to Shareholders ...
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\nClarke Inc. Completes Dividend of its Shares of TerraVest Industries Inc. to Shareholders\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\nCanada NewsWire\nHALIFAX, March 26, 2020\n\n\n\nHALIFAX, March 26, 2020 /CNW/ - Clarke Inc. (\"Clarke\") announces that it has completed the distribution to its shareholders of its previously announced dividend-in-kind (the \"Dividend\") of the 5,386,440 shares of TerraVest Industries Inc. (the \"Terravest Shares\") previously held by Clarke. \nUnder the Dividend, Clarke shareholders of record on March 18, 2020 received approximately 0.33 Terravest Shares for every one common share of Clarke (each, a \"Clarke Share\") held; provided that no fractional shares (or cash in lieu thereof) were paid under the Dividend and all fractional interests were rounded down to the nearest whole number of Terravest Shares.\nPursuant to the due bill trading requirements of the Toronto Stock Exchange, the Clarke Shares have been trading on a due bill basis since the opening of trading on March 17, 2020 until the close of trading on March 25, 2020. The Clarke Shares will commence trading on an ex-distribution basis (without an attached due bill entitlement to the Dividend) from the opening of trading on March 26, 2020. The due bills will be redeemed on March 27, 2020, once all trades with attached due bills entered during the due bill period have settled.\nCertificates evidencing the Terravest Shares paid under the Dividend are expected to be mailed to registered shareholders of Clarke on March 26, 2020. \nThe Dividend is considered an \"eligible dividend\" for Canadian income tax purposes. Clarke shareholders that receive the Dividend may be subject to tax consequences in Canada and/or their jurisdiction of residence. Clarke shareholders are urged to consult their tax advisors or contact their local office of the Canada Revenue Agency and, where applicable, the provincial taxation authorities regarding the tax treatment of the Dividend.\nPrior to the Dividend, Clarke beneficially owned 5,386,440 Terravest Shares, representing 28.5% of the issue...