Clarke Inc. Announces Proposal To Privatize Supremex Inc.
HALIFAX, March 25, 2013 /CNW/ - Clarke Inc. (" Clarke") (TSX: CKI CKI.DB.A) announced today that it has delivered to Supremex Inc. (" Supremex") a proposal (the " Proposal") to acquire all of the outstanding shares of Supremex not already owned by it or its affiliates for a purchase price of $1.20 per share by way of a shareholder and court approved plan of arrangement.
Clarke updated its early warning report to reflect the delivery of the Letter of Intent. Clarke and its affiliates currently hold 13,094,200 shares of Supremex, representing approximately 45.1% of the total outstanding shares.
Clarke has indicated in the Proposal, among other things, that it does not require an exclusivity period during which Supremex would be precluded from discussing strategic transactions with third parties but that Clarke will be reluctant to consider acquisition proposals for Supremex from third parties.
About ClarkeHalifax-based Clarke invests in a variety of private and publicly-traded businesses and participates actively where necessary to enhance performance and increase return. Clarke's securities trade on the Toronto Stock Exchange (CKI; CKI.DB.A); for more information about Clarke, please visit our website at www.clarkeinc.com. Forward-Looking Statements 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 regarding the trading price of the Company's securities not fully reflecting the value of the Company's business. 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.
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