HALIFAX, March 20 /CNW/ - Clarke Inc. ("Clarke") announces that it has
acquired 2,686,000 units of CanWel Building Materials Income Fund ("CanWel")
bringing its total holdings in CanWel to 2,759,900 units representing
approximately 10.78% of the total outstanding units and approximately 7.51% of
the voting rights attached to all issued and outstanding securities of CanWel.
The CanWel units held by Clarke and George Armoyan, the President and
Chief Executive Officer of Clarke, together total 2,769,900 units,
representing approximately 10.82% of the total outstanding units and
approximately 7.54% of the voting rights attached to all issued and
outstanding securities of CanWel.
The purchase of the CanWel units by Clarke was made through the
facilities of the Toronto Stock Exchange for investment purposes. Clarke may,
from time to time, acquire additional units of CanWel, dispose of some or all
of the existing or additional units of CanWel, or continue to hold the units
of CanWel in the normal course of Clarke's investment activities.
"At Clarke Inc., our investment team is always pursuing strategic and
opportunistic investments that will continue to grow Clarke's business and
profitability," said George Armoyan, President and CEO of Clarke Inc. "We
believe that CanWel offers a strong opportunity to deliver value for Clarke's
The issuance of this news release does not constitute an admission by
Clarke that it is acting jointly or in concert with Mr. Armoyan with respect
to units of CanWel.
Clarke Inc. is the Halifax-based parent company of a number of
wholly-owned operating companies and divisions, and is an activist catalyst
investor with a diversified portfolio of strategic and opportunistic
investments. Clarke's operating companies are in the transportation services
business. 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, please visit our
website at www.clarkeinc.com.
For further information:
For further information: Melinda Lee, Vice President Investments, Clarke
Inc., (902) 442-3420, Fax: (902) 423-4001