HALIFAX, May 24, 2016 /CNW/ - Clarke Inc. ("Clarke") (TSX: CKI) acquired 750,000 common shares of Terravest Capital Inc. ("Terravest") at a price of $6.00 per common share, representing 4.1% of the outstanding common shares of Terravest (based on the number of shares outstanding as disclosed in Terravest's most recent financial report). Immediately after the transaction, Clarke owns 5,750,000 common shares of Terravest representing 31.5% of the outstanding common shares.
Pursuant to the Securities Act (Ontario), Clarke is presumed to be acting jointly or in concert with Clarke Inc. Master Trust. On an aggregate basis, Clarke and Clarke Inc. Master Trust own, directly or indirectly, 5,750,000 common shares of Terravest and $4,190,000 principal value of Terravest 7.0% convertible debentures due June 2020. On an as-converted, aggregate basis, Clarke and Clarke Inc. Master Trust own, directly or indirectly, 6,257,879 shares representing approximately 33.4% of the partially-diluted outstanding common shares. Clarke expressly disclaims ownership of the common shares of Terravest owned by Clarke Inc. Master Trust.
Clarke purchased the securities for investment purposes. Clarke may, from time to time, purchase additional securities of Terravest, dispose of some or all of the existing or additional securities of Terravest, or continue to hold securities of Terravest in the normal course of Clarke's investment activities.
Halifax-based Clarke invests in a variety of private and publicly-traded businesses and participates actively where necessary to enhance the performance of such businesses and increase its return. Clarke's securities trade on the Toronto Stock Exchange (CKI). For more information about Clarke Inc., please visit our website at www.clarkeinc.com.
Note on Forward-Looking Statements and Risks
This press release may contain or refer to certain forward-looking statements relating, but not limited to, Clarke's expectations, intentions, plans and beliefs with respect to Clarke. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variations, including negative variations, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved.
Forward-looking statements rely on certain underlying assumptions that, if not realized, can result in such forward-looking statements not being achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of Clarke to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Risks and uncertainties include, among others, the Company's investment strategy, legal and regulatory risks, general market risk, potential lack of diversification in the Company's investments and interest rates and foreign currency fluctuations. Although Clarke has attempted to identify important factors that could cause actual actions, events or results or cause actions, events or results not to be estimated or intended, there can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Other than as required by applicable Canadian securities laws, Clarke does not update or revise any such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE Clarke Inc.
For further information: Michael Rapps, President and CEO, at (416) 855-1925; Dustin Haw, Vice President, Investments, at (416) 855-1928