TORONTO, Feb. 19 /CNW/ - Granby Industries Income Fund (TSX: GBY.UN) (the
"Fund" or "Granby") and Clarke Inc. (TSX: CKI; CKI.DB; CKI.DB.A) ("Clarke")
announce that holders ("Unitholders") of Granby units ("Units") holding in the
aggregate 3,475,828 Units have tendered their Units under Clarke's offer dated
January 9, 2008, for all of the Units of Granby at a price of $0.17 in cash
per Unit (the "Offer"). The 3,475,828 Units tendered under the Offer, together
with the 1,699,682 Units already owned, directly or indirectly, by Clarke,
represents approximately 70.17% of Granby's issued and outstanding Units.
Subject to receipt of all requisite regulatory approvals, Clarke intends
to acquire the remaining Units held by non-tendering Unitholders pursuant to a
Compulsory Acquisition or Subsequent Acquisition Transaction as described in
Clarke's take-over bid circular.
All of the conditions of the Offer having been satisfied, Clarke has
taken up and accepted for payment the 3,475,828 Units deposited under the
Offer. Clarke intends to pay for the Units deposited under the Offer on
February 22, 2008 by delivering the $0.17 per Unit consideration to the
Depositary to be forwarded to the holders of the Units deposited under the
As a result of the above transactions, Granby will be wholly-owned by
Clarke. Accordingly, Granby will be making application to have the Units
delisted from the Toronto Stock Exchange and will be taking steps to give
notice and obtain appropriate orders to permit it to cease being a reporting
issuer under Canadian securities legislation.
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
About Granby Industries Income Fund
Granby is a leading North American manufacturer of high quality tanks for
residential and light commercial storage of heating and other petroleum-based
products and is also a leading manufacturer of coated copper tubing. Granby
has been operating in the heating and oil storage tank industry for more than
50 years and its primary business is manufacturing replacement residential
tanks. Granby Industries has operations in Granby, Quebec, and Oakville,
Forward-looking information is based on certain factors and assumptions.
While Granby and Clarke consider these assumptions to be reasonable based on
information currently available to them, they may prove to be incorrect.
Forward-looking information is subject to certain factors, including risks and
uncertainties, which could cause actual results to differ materially from what
we currently expect. These factors are described in each of the Fund's and
Clarke's Annual Information Forms available on www.SEDAR.com.
You should not place undue importance on forward-looking information and
should not rely upon this information as of any other date. While Granby and
Clarke may elect to, neither are under any obligation and do not undertake to
update this information at any particular time, except as required by law.
For further information:
For further information: Mr. Paul Antoniadis, CA, Vice President,
Finance & CFO, Granby Industries Income Fund, (450) 378-2334 ext. 225; Rob
Normandeau, Chief Operating Officer, Clarke Inc., (902) 442-3413, Fax: