Clarke Inc. says offer for Art In Motion Income Fund successful

Published Tuesday September 23rd, 2008

THE CANADIAN PRESS

VANCOUVER - Investment firm Clarke Inc. (TSX:CKI) said Tuesday that its takeover offer for Art in Motion Income Fund (TSX:AIM.UN) was successful and it now an 82 per cent stake.

The Halifax-based firm said it will now go ahead with a compulsory acquisition of the units of the Vancouver-based art reproductions income trust it doesn't hold. Clarke has offered 75 cents per unit for the fund.

Art in Motion units last traded for 72 cents on the Toronto Stock Exchange.

Units in the trust, which had a net loss of $1.1 million on sales of $5.6 million in its most recent quarter, were worth $2 a year ago after being issued at $10 in 2004.

Please Log In or Register FREE

You are currently not logged into this site. Please log in or register for a FREE ONE Account.

Logged in visitors may comment on articles, enter contests, manage home delivery holds and much more online. Your ONE Account grants you access to features and content across the entire CanadaEast Network of sites.