Clarke Inc. Completes Redemption of All Outstanding Debentures - 21 News Now, More Local News for Youngstown, Ohio -

Clarke Inc. Completes Redemption of All Outstanding Debentures

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SOURCE Clarke Inc.

HALIFAX, May 22, 2014 /CNW/ - Clarke Inc. ("Clarke" or the "Company") (TSX: CKI) announced today that it has completed the previously announced redemption of its 6% convertible unsecured subordinated debentures maturing December 31, 2018 (the "Debentures") for an aggregate principal amount of $6,154,300, representing all of the outstanding Debentures. The Company, using cash on hand, paid to the holders of redeemed Debentures the redemption price equal to the outstanding principal amount of the Debentures redeemed, together with all accrued and unpaid interest thereon up to but excluding the redemption date, for a total of $1,023.34 per $1,000 principal amount of Debentures. These Debentures were listed on the Toronto Stock Exchange under the symbol "CKI.DB.A".

Following the redemption, the Company has no debt other than a loan of $3.6 million and has in excess of $26 million of cash on hand.

The Company's last reported book value per share (as at March 31, 2014) was $11.72 compared to the current trading of price of $8.55. Subsequent to this redemption, the Company's common shares outstanding are 20,518,923.

About Clarke

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 the Company's expectations, intentions, plans and beliefs with respect to the Company. 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", "believes", or equivalents or 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 include, without limitation, those with respect to the future or expected performance of the Company's investee companies, the future price and value of securities held by the Company, changes in these securities holdings, changes to the Company's hedging practices, currency fluctuations and requirements for additional capital. 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 the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such 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, interest rates, foreign currency fluctuations, the sale of Company investments, the fact that dividends from investee companies are not guaranteed, reliance on key executives, use of information technology and information systems, commodity market risk, risks associated with investment in derivative instruments and other factors. With respect to the Company's Transportation segment, such risks and uncertainties include, among others, competition, seasonality and weather conditions, safety, claims and insurance, government regulation of the transportation industry, reliance on major customers, labour relations, and other factors.

Although the Company has attempted to identify important factors that could cause actions, events or results not to be as 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, the Company 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.

©2012 PR Newswire. All Rights Reserved.

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