HALIFAX, Aug. 15 /CNW/ - Clarke Inc. (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
1,661,486 common shares, representing 10% of the public float of
16,614,860 issued and outstanding common shares as at August 15, 2008. As at
August 15, 2008 there are 26,651,536 issued and outstanding common shares.
From February 1, 2008 to July 31, 2008, the average daily trading volume of
Clarke common shares was 24,931 common shares. Under TSX Rules, the Company
may purchase up to 25% of the average daily trading volume, or 6,232 common
shares, on any day. Any common shares purchased by Clarke pursuant to the
Offer will be cancelled.
Purchases may commence on August 19, 2008 and will terminate on
August 18, 2009.
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. As at August 15, 2008, Clarke
acquired 990,150 common shares by means of open market transactions pursuant
to the normal course issuer bid that expired July 29, 2008, at a weighted
average price of $7.94 per share
Halifax-based Clarke Inc., led by an entrepreneurial team of investment
professionals, is an activist and catalyst investment company that creates
shareholder value by identifying businesses with the potential for improved
performance, and working actively to uncover the value.
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
For further information:
For further information: Melinda Lee, Vice President Investments, Clarke
Inc., (902) 442-3420, Fax: (902) 423-4001