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Clarke wraps up Holloway Lodging acquisition

Canadian private equity firm Clarke Inc. closed its acquisition of the issued and outstanding common shares it did not already own in hotel operator Holloway Lodging Corp.

Under the terms of the transaction, Holloway shareholders will receive 0.65 of a Clarke common share for each Holloway share they own. Clarke issued 4,799,455 common shares as consideration for the transaction and now has 16,609,284 shares issued and outstanding.

Clarke also assumed Holloway's series B 6.25% convertible unsecured debentures due Feb. 28, 2023. The debentures are now convertible into 52 Clarke shares per C$1,000 principal amount at a price of C$19.23 per Clarke share.

As a wholly owned subsidiary of Clarke, Holloway's common shares are expected to be delisted from the Toronto Stock Exchange shortly. The debentures are set to start trading on the TSX under the new ticker CKI.DB on or about Oct. 4.

Clarke added Paola Calce as vice president and general counsel and Marc Staniloff as a director.

Calce previously was general counsel and corporate secretary at Holloway, while Staniloff is the founding partner, president and CEO of hotel company Superior Lodging Corp.