Clarke gets approval to amend 6.25% series B convertibles

By Wendy Van Sickle

Columbus, Ohio, Sept. 20 – Clarke Inc. said it received holder approval of amendments for its 6.25% series B convertible subordinated debentures currently due Feb. 28, 2023, according to a press release on Monday.

The approval was granted at a debentureholder meeting at 9 a.m. ET on Sept. 16. Holders of 44% of the outstanding debentures voted, with holders of C$19.98 million, or 89.47%, of the participating notes approving the amendments and holders of C$2,351,000, or 10.53%, of the participating debentures voting against them.

As previously reported, the company was 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.

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 were entitled to vote at the meeting and prior to the meeting on or before Sept. 16.

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

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.