Author Topic: CKI - Clarke Inc.  (Read 188548 times)

bizaro86

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Re: CKI - Clarke Inc.
« Reply #20 on: January 30, 2014, 01:10:41 PM »
Hi Dazel,

I didn't buy the converts until after the announcement, I've only held them for a few weeks. Previous to that I had positions in a few of their investments, but nothing in Clarke directly. The converts require 30 days notice to redeem at 100. If they decide to do so (which I would eventually expect) I'll convert to common then. Basically, I'm looking at it as an investment in the common, with a bit of downside protection.



Dazel

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Re: CKI - Clarke Inc.
« Reply #21 on: February 02, 2014, 05:29:54 AM »


Bizaro,

You better have a look....decision time.

bizaro86

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Re: CKI - Clarke Inc.
« Reply #22 on: February 02, 2014, 11:31:40 AM »
Of course they redeem the day after I post about it here! I will convert, since I still like the underlying, and was mainly using this to mitigate the downside. I probably should have realized this was too good a deal to last for any amount of time.

Thanks for mentioning it Dazel.

bskptkl

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Re: CKI - Clarke Inc.
« Reply #23 on: February 03, 2014, 03:50:54 PM »
Of course they redeem the day after I post about it here! I will convert, since I still like the underlying, and was mainly using this to mitigate the downside. I probably should have realized this was too good a deal to last for any amount of time.

Thanks for mentioning it Dazel.

They are redeeming 23%. I wonder if the imbedded option value makes it not worth converting...

Last price of $7.68 implies 102.4 on debentures.
You lose .014 on redemption of 23% - makes the rest of converts worth 102.8 which implies $7.71 on stock.

Of course if lots of people convert - remainder will be redeemed on more than 23%.

I wonder what the pension fund will do - convert or not?

I saw a print of $73,000 debentures, price 102.51 go up today bought by National Bank which is the house CKI (according to CFO) uses for NCIB buybacks. Wonder if they are still buying them in...

Myth465

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Re: CKI - Clarke Inc.
« Reply #24 on: March 03, 2014, 09:19:34 PM »
Interesting that more people didnt convert.
I cant wait for the 10k. Book value and investment update will be nice.

http://finance.yahoo.com/news/clarke-inc-completes-partial-redemption-140000659.html
Seems weird for the pension to convert to holding Clarke shares. Also wonder why they didnt buy back more of the DB.
Very quite few months and little movement in the stock for a company which has been extremely active over the last few months.

I think they will also have a decent size win in Spyglass given how natural gas prices have behaved.

50centdollars

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Re: CKI - Clarke Inc.
« Reply #25 on: March 07, 2014, 07:33:24 AM »
RESULTS OF OPERATIONS

Net income attributable to equity holders of the Company for the year ended
December 31, 2013 was $52.7 million compared with net loss of $0.9 million in
2012. During the year ended December 31, 2013, the Company had realized gains on
its marketable securities of $8.4 millioncompared to realized losses of $2.8
million in 2012. The Company had unrealized gains on its marketable securities
of $25.2 million for the year ended December 31, 2013, compared to unrealized
losses of $4.8 million in 2012.

The Commercial Tanks & Home Heating segment generated EBITDA of $10.4 million in
2013 compared to $8.5 million in 2012. This increase was due in part to the
acquisition of 90% of Pro-Par Group ("Pro-Par") that was completed during the
third quarter of 2013. Subsequent to year end, the Company sold its Commercial
Tanks & Home Heating segment ("Jerico") to TerraVest Capital Inc. The
transaction valued Jerico at an enterprise value of $54.0 million. The Company
received $24.9 million for its 75% interest in Jerico in the form of a 6.50%
promissory note with a three year term.

On October 31, 2013, Clarke announced that it had entered into an agreement to
sell its truckload, less-than-truckload and freight logistics businesses (the
"Freight Transport Business"), which was included in the Company's former
Freight Transportation segment at the time. The transaction was completed on
January 1, 2014 and the Company received proceeds of $100.5 million on the sale
including an estimated net working capital adjustment of $12.5 million. The
Company had net income from discontinued operations of $11.2 million for the
year ended December 31, 2013 compared to $11.0 million for the year ended
December 31, 2012 which represents the results of the Freight Transport
Business.

Basic earnings per share for the year ended December 31, 2013 was $3.17,
compared to a basic loss per share of $0.05 for the year ended December 31,
2012, an increase of $3.22 per share. Book value per share at December 31, 2013
was $8.32 compared to $5.15 on December 31, 2012after deducting the payment of
$0.34 per share of dividends in 2013. Adjusting solely for the estimated gain on
sale of the Freight Transport Business (to be recognized in the first quarter of
2014) and reflecting the Common Shares outstanding as at March 6, 2014, the
Company estimates that its pro forma book value per share is $11.72 of which 75%
is held in cash and marketable securities. The Company's current trading price
represents a 34% discount to this pro forma book value per share as at March 6,
2014.

Clarke's Board of Directors also announced a quarterly dividend of $0.10per
Common Share payable on April 15, 2014 to shareholders of record at the end of
business on March 31, 2014.

Also subsequent to the end of the year, the Company redeemed $12.0 million
principal amount of its 6.00% convertible unsecured subordinated debentures due
December 31, 2018 (the "Debentures") using cash on hand.  The Company presently
has $34.5 million principal amount of Debentures outstanding.

50centdollars

phil_Buffett

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Re: CKI - Clarke Inc.
« Reply #26 on: March 07, 2014, 08:03:55 AM »
RESULTS OF OPERATIONS

Net income attributable to equity holders of the Company for the year ended
December 31, 2013 was $52.7 million compared with net loss of $0.9 million in
2012. During the year ended December 31, 2013, the Company had realized gains on
its marketable securities of $8.4 millioncompared to realized losses of $2.8
million in 2012. The Company had unrealized gains on its marketable securities
of $25.2 million for the year ended December 31, 2013, compared to unrealized
losses of $4.8 million in 2012.

The Commercial Tanks & Home Heating segment generated EBITDA of $10.4 million in
2013 compared to $8.5 million in 2012. This increase was due in part to the
acquisition of 90% of Pro-Par Group ("Pro-Par") that was completed during the
third quarter of 2013. Subsequent to year end, the Company sold its Commercial
Tanks & Home Heating segment ("Jerico") to TerraVest Capital Inc. The
transaction valued Jerico at an enterprise value of $54.0 million. The Company
received $24.9 million for its 75% interest in Jerico in the form of a 6.50%
promissory note with a three year term.

On October 31, 2013, Clarke announced that it had entered into an agreement to
sell its truckload, less-than-truckload and freight logistics businesses (the
"Freight Transport Business"), which was included in the Company's former
Freight Transportation segment at the time. The transaction was completed on
January 1, 2014 and the Company received proceeds of $100.5 million on the sale
including an estimated net working capital adjustment of $12.5 million. The
Company had net income from discontinued operations of $11.2 million for the
year ended December 31, 2013 compared to $11.0 million for the year ended
December 31, 2012 which represents the results of the Freight Transport
Business.

Basic earnings per share for the year ended December 31, 2013 was $3.17,
compared to a basic loss per share of $0.05 for the year ended December 31,
2012, an increase of $3.22 per share. Book value per share at December 31, 2013
was $8.32 compared to $5.15 on December 31, 2012after deducting the payment of
$0.34 per share of dividends in 2013. Adjusting solely for the estimated gain on
sale of the Freight Transport Business (to be recognized in the first quarter of
2014) and reflecting the Common Shares outstanding as at March 6, 2014, the
Company estimates that its pro forma book value per share is $11.72 of which 75%
is held in cash and marketable securities. The Company's current trading price
represents a 34% discount to this pro forma book value per share as at March 6,
2014.

Clarke's Board of Directors also announced a quarterly dividend of $0.10per
Common Share payable on April 15, 2014 to shareholders of record at the end of
business on March 31, 2014.

Also subsequent to the end of the year, the Company redeemed $12.0 million
principal amount of its 6.00% convertible unsecured subordinated debentures due
December 31, 2018 (the "Debentures") using cash on hand.  The Company presently
has $34.5 million principal amount of Debentures outstanding.



thanks 50centdollars :)

sounds very nice for me.  :)

Dazel

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Re: CKI - Clarke Inc.
« Reply #27 on: March 07, 2014, 10:10:31 AM »
$11.72 book value...I expect all the converts to be redeemed.

Dazel

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Re: CKI - Clarke Inc.
« Reply #28 on: March 07, 2014, 10:14:38 AM »
http://www.ft.com/intl/cms/s/0/3166ebfa-a493-11e3-9313-00144feab7de.html#axzz2vImMzqBz

This will benefit Sherritt greatly....as Clarke's largest holding it matters to them.

Dazel.

Myth465

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Re: CKI - Clarke Inc.
« Reply #29 on: March 13, 2014, 06:07:04 AM »
Looks like they are buying in the market daily.
10k will be nice, 10Q for Q1 will be nicer.

http://www.canadianinsider.com/node/7?menu_tickersearch=cki