Clarke gives more details about convertible debentureholder meeting

Chicago, Aug. 30 – Clarke Inc. was more specific about some of the details regarding its upcoming debentureholder meeting to approve amendments for its series B 6.25% convertible subordinated debentures currently due Feb. 28, 2023, according to a press release on Monday.

The company will hold the meeting at 9 a.m. ET on Sept. 16.

As previously reported, the company is seeking approval to extend the maturity date of the debentures to Jan. 1, 2028, to decrease the interest rate to 5.5% from 6.25% beginning on April 30, 2023, and for consequential and other amendments of a housekeeping nature, according to a company news release.

Clarke tweaked the date the amended interest rate would take effect to align with the interest payment date for the notes. It had previously been announced that it would begin March 1, 2023. Instead, it will start, as stated above, April 30, 2023.

There was C$50,754,000 principal amount of the debentures outstanding as of the close of business on Aug. 16.

Holders of record on Aug. 17 are entitled to vote at the meeting and prior to the meeting on or before Sept. 16.

The board of directors and management of the company believe that the proposed changes enhance the company’s strategy of pursuing long-term value creation for the benefit of all security holders.

The company needs consents from holders of at least 66 2/3% of the convertibles.

The proxy solicitation agent is Gryphon Advisors Inc. (833 490-0586, 416 902-5565, inquiries@gryphonadvisors.ca).

Halifax, N.S.-based Clarke invests in various private and publicly traded businesses.

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