Business
Clarke Inc. Completes Acquisition of Ravelin Properties REIT
Clarke Inc. Completes Acquisition of Ravelin Properties
About this update from Clarke Inc.
Halifax, Nova Scotia and Toronto, Ontario--(Newsfile Corp. - May 29, 2026) - Clarke Inc. (TSX: CKI) ("Clarke") and Ravelin Properties REIT (TSX: RPR.UN) (the "REIT") are pleased to announce the successful completion of Clarke's previously-announced acquisition of the REIT by way of plan of arrangement (the "Arrangement").Pursuant to the Arrangement, Clarke issued an aggregate 2,500,000 common shares in the capital of Clarke (the "Clarke Shares") to acquire all of the outstanding units of the REIT (the "REIT Units") and all of the outstanding 9.00% convertible unsecured subordinated debentures, 5.50% convertible unsecured subordinated debentures and 7.50% convertible unsecured subordinated debentures (collectively, the "REIT Debentures"). The REIT Debentures were cancelled in connection with closing of the Arrangement. The aggregate consideration (the "Consideration") represented approximately 19.3% of the currently issued and outstanding Clarke Shares prior to the closing of the Arrangement."We are excited to welcome the Ravelin team and begin this next chapter together. The acquisition adds an outstanding commercial real estate portfolio to Clarke. These are top-tier properties in their respective markets, and we are confident in the quality of service and product offering we can provide to both existing and prospective tenants. We are open for business and look forward to working quickly and flexibly to get deals done across these markets," said Tom Casey, Chief Financial Officer of Clarke. "In addition, given the strength of Clarke's credit profile and balance sheet, the REIT was able to successfully renegotiate terms with its primary lending partner, securing a significantly improved interest rate and maturity extension. This represents an important first step and, in many ways, is symbolic of the positive momentum and opportunities we expect to follow for the combined company."Registered holders of REIT Units and REIT Debentures are reminded that, in order to receive the Consideration in exchange for their REIT Units and REIT Debentures, they must complete, sign and return a letter of transmittal to Computershare Investor Services Inc., in its capacity as depositary under the Arrangement, together with the certificate(s) or DRS advice(s) representing their REIT Units or REIT Debentures. If you have any questions or require further information regardi...