Clarke Takes Up and Pays for Tendered Units of Art In Motion
September 24 2008 - 7:21PM
Marketwired Canada
Clarke Inc. (TSX:CKI)(TSX:CKI.DB)(TSX:CKI.DB.A) ("Clarke") and Art in Motion
Income Fund (TSX:AIM.UN) ("AIM" or the "Fund") announced today that Clarke has
taken up and paid for the 3,613,092 units ("Units") of AIM deposited under
Clarke's offer dated August 14, 2008 for all of the outstanding Units of AIM at
a price of $0.75 in cash per Unit (the "Offer"). Together with the 3,761,605
Units already owned, directly or indirectly, by Clarke, Clarke now owns
approximately 91.8% of the issued and outstanding Units. The number of Units
taken up and paid for by Clarke (3,613,092 Units) is higher than the number
previously reported in the joint press release of Clarke and AIM published on
September 23, 2008 (2,840,115 Units) due to an error in the final report
received from the depositary, which report was corrected today. The report
initially understated the number of Units tendered to the Offer. All 3,613,092
Units were properly deposited prior to the expiry of the Offer.
Clarke intends to acquire the remaining Units held by non-tendering unitholders
pursuant to a Compulsory Acquisition or Subsequent Acquisition Transaction as
described in Clarke's take-over bid circular.
As a result of the compulsory acquisition, AIM will be wholly-owned by Clarke.
Accordingly, AIM will be making application to have the Units delisted from the
Toronto Stock Exchange and will be taking steps to give notice and obtain
appropriate orders to permit it to cease being a reporting issuer under Canadian
securities legislation.
About the Fund
The Fund is an unincorporated, open-ended limited purpose trust established
under the laws of British Columbia to hold, indirectly, the securities of Art In
Motion Limited Partnership. Art In Motion is a leading global publisher, framer
and licensor of images and fine-art reproductions. Art In Motion designs,
manufactures and markets fine-art reproductions based on proprietary artwork.
About Clarke
Halifax-based Clarke Inc., led by an entrepreneurial team of investment
professionals, is an activist and catalyst investment company that creates
shareholder value by identifying businesses with the potential for improved
performance, and working actively to uncover the value.
Clarke's securities trade on the Toronto Stock Exchange (CKI, CKI.DB, CKI.DB.A);
for more information about Clarke Inc., please visit our website at
www.clarkeinc.com.
Forward-Looking Statements
Certain passages in this news release may contain forward-looking statements
about future operations, financial results, objectives and strategies of Clarke
or the Fund. Forward-looking statements are typically identified by the words
"believe", "expect", "anticipate", "intend", "estimate", and similar
expressions. These statements are necessarily based on estimates and assumptions
that are inherently subject to risks and uncertainties, many of which are beyond
Clarke's or the Fund's control.
Actual results may differ materially from expected results if known or unknown
risks affect the business, or if estimates or assumptions used in the
preparation of the consolidated financial statements and information and
analysis in this news release turn out to be inaccurate. As a result, there can
be no guarantee that any forward-looking statement will materialize.
Management disclaims any intention, and assumes no obligation, to update any
forward-looking statement, even if new information becomes available, as a
result of future events or for any other reason. Readers are urged to consider
these and other such factors carefully, and not place undue emphasis on Clarke's
or the Fund's forward-looking statements.
Further information can be found in the disclosure documents filed by Clarke and
the Fund with the securities regulatory authorities, available at www.sedar.com.
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