HALIFAX,
March 30, 2012 /PRNewswire/ - Clarke
Inc. (the "Company") (TSX: CKI CKI.DB CKI.DB.A) announced today
that it has exercised its right to redeem its 6% convertible
unsecured subordinated debentures maturing December 31, 2012 (the "Debentures") in
accordance with the terms of the indenture governing the
Debentures. On May 3, 2012 (the
"Redemption Date"), the Company will redeem Debentures in an
aggregate principal amount of $18,275,500, representing the current outstanding
balance of the Debentures. On redemption, the Company will pay
to the holders of redeemed Debentures the redemption price (the
"Redemption Price") equal to the outstanding principal amount of
the Debentures to be redeemed, together with all accrued and unpaid
interest thereon up to but excluding the Redemption Date, for a
total of $1,020.38 per $1,000 principal amount of Debentures. The
Debentures may be converted at any time prior to 5:00pm (Toronto
time) on May 2, 2012 at a conversion
price of approximately $5.94 per
common share. The Company's share price as at the close of business
on March 30, 2012 was $4.05.
The Company intends to use available funds to
pay the Redemption Price of the Redeemed Debentures.
About Clarke
Halifax-based
Clarke Inc. invests in undervalued businesses and participates
actively where necessary to enhance performance and increase
return. Clarke securities trade on the Toronto Stock Exchange
(CKI, CKI.DB and CKI.DB.A); for more information about Clarke Inc.,
please visit our website at www.clarkeinc.com.
SOURCE CLARKE INC.