HALIFAX, March 29, 2012 /PRNewswire/ - Clarke Inc.
("Clarke" or the "Company") (TSX: CKI CKI.DB
CKI.DB.A) 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 851,740
common shares, representing 5% of the issued and outstanding common
shares. As at March 21, 2012 there
are 17,034,809 issued and outstanding common shares, and the public
float is 6,519,012 common shares. From September 1, 2011 to February 29, 2012, the average daily trading
volume of Clarke common shares was 3,295 common shares. Under TSX
Rules, the Company is entitled to purchase up to the greater of 25%
of the ADTV of the respective class of shares or 1,000 common
shares, on any trading day. Under these conditions, the Company may
purchase up to 1,000 common shares on any trading day. Any common
shares purchased by Clarke pursuant to the Offer will be
cancelled.
Purchases may commence on April 2,
2012 and will terminate on April 1,
2013.
In connection with the program, the company has established an
automatic securities purchase plan (the "Plan") for the common
shares. 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
securities 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 reviewed 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 42,700 common shares by means of open
market transactions pursuant to the normal course issuer bid during
the 12 months preceding the date of notice, at a weighted average
price of $4.41 per share.
About Clarke
Halifax-based Clarke Inc.
invests in undervalued businesses and participates actively where
necessary to enhance performance and increase return.
Clarke's securities trade on the Toronto Stock Exchange (CKI,
CKI.DB; CKI.DB.A); for more information about Clarke Inc., please
visit our website at www.clarkeinc.com.
Note on Forward Looking Statements
This press release may contain or refer to certain forward-looking
statements relating, but not limited to, the Company's
expectations, intentions, plans and beliefs with respect to the
Company. 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. Forward-looking statements include,
without limitation, those with respect to the purchase of Company
securities. 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 the Company to be
materially different from the historical results or from any future
results expressed or implied by such forward-looking statements.
Although the Company 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, the Company 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.