The proposed amendments to the Debentures consist of:
- EXTENDING the maturity date for the Debentures from
February 28, 2023 toJanuary 1, 2028 ; - AMENDING the interest rate on the Debentures from 6.25% to 5.50% for the period beginning on
March 1, 2023 and ending onJanuary 1, 2028 ; and - PROVIDING FOR consequential and other amendments of a housekeeping nature.
The Board of Directors and management of the Company believe that the proposed Debenture amendments enhance the Company's strategy of pursuing long-term value creation for the benefit of all its securityholders. The Board of Directors believes that the proposed amendments, among other things, afford Debentureholders a longer period of time during which to receive interest at a favourable rate. The Company believes the 6.25% and the subsequent 5.50% interest rates on the Debentures represent an attractive yield in light of other reinvestment opportunities available.
The amendments to the Debentures will only be effective if passed by an extraordinary resolution of the holders of at least 66⅔% of the principal amount of the Debentures present in person or by proxy at the Meeting and entitled to vote in respect of the amendments.
The Meeting is scheduled to be held at
Debentureholders may vote on or before
Further particulars of the expected benefits of the proposed amendments will be described in the management information circular of the Company relating to the Meeting, which will be available under the Company's profile on SEDAR at www.sedar.com and which will be mailed to Debentureholders in the coming days.
As of the close of business on
About Clarke
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 regarding receipt of the requisite approvals of the Debenture amendments, the anticipated benefits of the Debenture amendments and the anticipated timing for mailing of the management information circular relating to the Meeting.
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
© Canada Newswire, source