HALIFAX, May 25, 2015 /CNW/ - Clarke Inc.
("Clarke" or the "Company") (TSX: CKI) announced
today that it has filed a notice with the Toronto Stock Exchange
and received its approval to purchase, through the facilities of
the Toronto Stock Exchange, up to 822,430 common shares,
representing 5% of the issued and outstanding common shares (the
"Share Issuer Bid"). As at May 19,
2015 there are 16,448,605 issued and outstanding common
shares. From November 1, 2014 to
April 30, 2015, the average daily
trading volume ("ADTV") of Clarke common shares was
18,432 common shares. Under TSX Rules, the Company is entitled
to purchase up to 25% of the ADTV of the respective class of shares
which is 4,608 common shares, on any trading day. Any common
shares purchased by Clarke pursuant to the Share Issuer Bid will be
cancelled.
Purchases under the plan may commence on May 27, 2015 and will terminate on May 26, 2016.
In connection with the program, the Company has established an
automatic securities purchase plan (the "Plan") for the Issuer
Bid. The Plan was established to provide standard
instructions regarding how Clarke shares are to be repurchased
under the Issuer Bid. Accordingly, Clarke may repurchase its
shares under the Plan on any trading day during the Issuer Bid
including during self-imposed trading blackout periods. The
Plan will commence immediately and terminate with the Issuer
Bid. The company may otherwise vary, suspend or terminate the
Plan only if it does not have material non-public information and
the decision to vary, suspend or terminate the Plan is not taken
during a self-imposed trading blackout period. The Plan
constitutes an "automatic plan" for purposes of applicable Canadian
securities legislation and has been pre-cleared by the Toronto
Stock Exchange.
The Directors and Senior Management of Clarke are of the opinion
that from time to time the purchase of Clarke common shares at the
prevailing market price would be a worthwhile use of available
funds and in the best interests of the company and its
shareholders. Clarke acquired 1,025,946 common shares by means of
open market transactions pursuant to the normal course issuer bid
that expires May 26, 2015, at a
weighted average price of $10.39 per share.
About Clarke
Halifax-based Clarke invests in
a variety of private and publicly-traded businesses and
participates actively where necessary to enhance performance and
increase its return. Clarke's securities trade on the Toronto Stock
Exchange (CKI); for more information about Clarke, please visit our
website at www.clarkeinc.com.
Forward-Looking Statements
This press release may contain or refer to certain
forward-looking statements relating, but not limited to, Clarke's
expectations, intentions, plans and beliefs with respect to Clarke.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "expects", "does not expect",
"is expected", "budget", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
equivalents or variations, including negative variations, of such
words and phrases, or state that certain actions, events or
results, "may", "could", "would", "should", "might" or "will" be
taken, occur or be achieved. These forward-looking statements
include, but are not limited to, statements regarding the trading
price of the Company's securities not fully reflecting the value of
the Company's business.
Forward-looking statements rely on certain underlying
assumptions that, if not realized, can result in such
forward-looking statements not being achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause the actual results of Clarke to be
materially different from the historical results or from any future
results expressed or implied by such forward-looking statements.
Risks and uncertainties include, among others, the Company's
investment strategy, legal and regulatory risks, general market
risk, potential lack of diversification in the Company's
investments, and interest rates and foreign currency
fluctuations. Although Clarke has attempted to identify
important factors that could cause actual actions, events or
results or cause actions, events or results not to be estimated or
intended, there can be no assurance that forward-looking statements
will prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements. Other
than as required by applicable Canadian securities laws, Clarke
does not update or revise any such forward-looking statements to
reflect events or circumstances after the date of this document or
to reflect the occurrence of unanticipated events. Accordingly,
readers should not place undue reliance on forward-looking
statements.
SOURCE Clarke Inc.