Clarke Announces Normal Course Issuer Bid


    HALIFAX, Dec. 10 /CNW/ - George Armoyan, President & CEO of Clarke Inc.,
announced today that Clarke has filed a notice with the Toronto Stock Exchange
and received its approval to purchase, through the facilities of the Toronto
Stock Exchange for cancellation, a portion of its convertible unsecured
subordinated debentures due 2012. Under the normal course issuer bid, Clarke
intends to repurchase up to $3,387,200 in aggregate principal amount of its
2012 convertible debentures, representing 10% of the public float of
$33,872,000 in aggregate principal amount of the 2012 convertible debentures
issued and outstanding as at November 30, 2007. As at November 30, 2007, there
was $51,647,000 in aggregate principal amount of the 2012 convertible
debentures issued and outstanding. Purchases may commence on December 12, 2007
and will terminate on December 11, 2008.
    From June 1, 2007 to November 30, 2007, the average daily trading volume
of Clarke 2012 convertible debentures was $50,826 in aggregate principal
amount of its 2012 convertible debentures. Under the TSX Rules, Clarke may
purchase up to 25% of the average daily trading volume on any day, which is
$12,706 in aggregate principal amount of its 2012 convertible debentures,
subject to a weekly "block purchase" exemption. Any 2012 convertible
debentures purchased by Clarke pursuant to the Offer will be cancelled.
    The directors and senior management of Clarke are of the opinion that the
purchase of the convertible debentures from time to time the purchase at the
prevailing market price would be a worthwhile investment and in the best
interests of the company and its shareholders. As at December 4, 2007, Clarke
had acquired $2,997,000 in aggregate principal amount of its 2012 convertible
debentures by means of open market transactions pursuant to the normal course
issuer bid that expired on December 10, 2007, at a weighted average price of
$1616.70 per $1000 par value of convertible debenture.
    The Company effected a two-for-one stock split in the form of a stock
dividend. Common shareholders of record at the close of business on June 18,
2007 received one additional common share for each common share held. Per
share information in this press release has been restated to reflect this

    About Clarke

    Clarke is a Halifax-based activist and catalyst investment company with a
diversified portfolio of strategic and opportunistic investments, including
several wholly-owned subsidiaries operating in the transportation services
industry. From time to time, Clarke also participates in joint ventures when
they offer the opportunity to create shareholder value. Led by George Armoyan
and an entrepreneurial team of professionals focused on uncovering and
creating value, Clarke invests in undervalued businesses and participates
actively where necessary to enhance performance and increase returns. In 2006
alone, Clarke delivered a shareholder return on investment, including
dividends, of 33%. 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
    %SEDAR: 00009934E

For further information:

For further information: Melinda Lee, Vice President Investments, Clarke
Inc., (902) 442-3420, Fax: (902) 423-4001

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890