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Clarke to commence issuer bid for common shares

Canadian asset manager Clarke Inc. plans to begin an issuer bid to buy back up to 1,250,000 of its common shares for C$10.50 each.

That price is about a 7.6% premium over the shares' closing price on Dec. 6, the company said.

The offer will be open until Jan. 19, 2018, unless it is withdrawn or extended. The company may also accept a greater number of shares on a pro rata basis if they are properly tendered. If the full 1,250,000 shares are tendered, the aggregate purchase price will be about C$13.1 million.

The company retained Trimaven Capital Advisors in connection with the offer.