TORONTO, Feb. 28 /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 pursuant to the amended compulsory acquisition provisions of
Granby's Declaration of Trust, Clarke has acquired the remaining units not
deposited under Clarke's offer (the "Offer") for all of the units of Granby.
In accordance with the compulsory acquisition, non-tendering holders of Granby
units are deemed to have transferred to Clarke their units and no longer have
any rights as unitholders of Granby other than the right to be paid the same
consideration ($0.17 in cash per unit) that Clarke would have paid to them if
they had tendered their units to the Offer. Payment of the $0.17 per unit
consideration will be delivered by Clarke on February 29, 2008 to the
Depositary to be forwarded to the non-tendering unitholders.
As a result of the compulsory acquisition, Granby is now wholly-owned by
Clarke. Accordingly, Granby will be making application to have the Granby
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: Rob Normandeau, Chief Operating Officer, Clarke
Inc., (902) 442-3413, Fax: (902) 423-4001