HALIFAX, Nov. 19, 2014 /CNW/ - Clarke Inc. ("Clarke" or the "Company") (TSX: CKI) today announced that its Board of Directors has authorized a normal course issuer bid (the "issuer bid") to purchase for cancellation through the facilities of the OTC Markets up to 974,649 of its outstanding common shares, representing approximately 5% of the currently outstanding common shares of Clarke. Purchases under the issuer bid may commence on November 27, 2014 and will terminate on November 26, 2015. The price that Clarke will pay for any common shares under the issuer bid will be the prevailing market price at the time of purchase. Clarke's shares currently trade is US dollars on the OTC Markets under the trading symbol "CLKFF".
The Directors and Senior Management of Clarke are of the opinion that from time to time the purchase of Clarke common shares would be a worthwhile use of available funds and in the best interests of the Company and its shareholders.
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. These forward-looking statements include, but are not limited to, statements that the purchase of Clarke common shares at the prevailing market price would be a worthwhile use of available funds and in the best interests of the Company and its shareholders.
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 or Andrew Snelgrove, CFO, at (902) 442-3987