EliG Posted June 18, 2015 Share Posted June 18, 2015 Another insider buy today. 153,800 shares @ $12.00 Link to comment Share on other sites More sharing options...
Gopinath Posted June 22, 2015 Share Posted June 22, 2015 Updated write up and valuations! http://valuealert.blogspot.com/2015/06/clarke-inc-canadian-holding-company-run.html Link to comment Share on other sites More sharing options...
EliG Posted June 27, 2015 Share Posted June 27, 2015 Clarke filed on SEDI today. They bought and cancelled 822,430 shares in three June transactions, all at $12. 822,430 shares is the annual limit under their current NCIB. http://web.tmxmoney.com/article.php?newsid=75692584&qm_symbol=CKI They can't do another NCIB on the TSX before May 2016. Another SIB, maybe? Link to comment Share on other sites More sharing options...
mikazo Posted July 17, 2015 Share Posted July 17, 2015 Clarke Inc. Delivers Letter to the Board of Northern Frontier Corp. http://www.stockhouse.com/news/press-releases/2015/07/16/clarke-inc-delivers-letter-to-the-board-of-northern-frontier-corp Link to comment Share on other sites More sharing options...
EliG Posted July 23, 2015 Share Posted July 23, 2015 Clarke Inc. Delivers Letter to the Board of Northern Frontier Corp. http://www.stockhouse.com/news/press-releases/2015/07/16/clarke-inc-delivers-letter-to-the-board-of-northern-frontier-corp Northern Frontier Corp. Responds to Clarke Inc. News Release Link to comment Share on other sites More sharing options...
Andy Dufresne Posted August 6, 2015 Share Posted August 6, 2015 Q2 2015 report: http://www.clarkeinc.com/documents/IN/2015%20Q2%20Quarterly%20Report.pdf BNN video on Clarke with CEO Michael Rapps: http://www.bnn.ca/Video/player.aspx?vid=672547 Link to comment Share on other sites More sharing options...
bizaro86 Posted August 6, 2015 Share Posted August 6, 2015 I thought this was interesting: On June 17, 2015, the Company entered into a loan agreement to advance up to US$2.8 million to fund the construction of a 17 unit townhome development in Atlanta, Georgia. During the second quarter this loan was partially funded. Clarke has a further interest in this development by way of a separate royalty agreement linked to the sale of each townhome. I like to see some of the cash getting deployed in a way that's non-correlated to their other investments (especially the energy sector) Link to comment Share on other sites More sharing options...
sculpin Posted August 6, 2015 Share Posted August 6, 2015 Anyone have any idea which closed end fund this could be? My guess is Sprott Resource Corp... Undisclosed Investment: During the second quarter, we began acquiring shares of a closed-end fund that trades meaningfully below its net asset value. We believe the investments held by the fund will appreciate over time and that the discount to net asset value will close. Either one of these events will yield a positive investment result while the combination of both events will yield an even better result. We intend to acquire additional shares in this entity. Link to comment Share on other sites More sharing options...
Andy Dufresne Posted August 6, 2015 Share Posted August 6, 2015 I'm reasonably pleased with the quarter. BV grew 2.8% (including dividend), for an implied annual CAGR of 11.6%. Loans totaling 44m were repaid, so the company still has nearly 60m in cash despite spending nearly 80m cash in the first half, which it intelligently allocated, with roughly half into investments and half into buybacks at a 20% discount to BV. Two points I would highlight are: 1. There may very well be another public tender as the NCIB was finished in a month's time: "Finally, as we completed our normal course issuer bid during the second quarter, we will evaluate the merits of additional share repurchases as the year progresses. " 2. Terravest managed to nearly double revenues and net income in 6 months despite the balance sheet staying practically the same. Link to comment Share on other sites More sharing options...
Andy Dufresne Posted August 6, 2015 Share Posted August 6, 2015 Anyone have any idea which closed end fund this could be? My guess is Sprott Resource Corp... Undisclosed Investment: During the second quarter, we began acquiring shares of a closed-end fund that trades meaningfully below its net asset value. We believe the investments held by the fund will appreciate over time and that the discount to net asset value will close. Either one of these events will yield a positive investment result while the combination of both events will yield an even better result. We intend to acquire additional shares in this entity. I haven't the foggiest, but at 463,000 it's a mere 0.3% of the company's investment portfolio and even stupendous performance won't really budge the needle on this one. Link to comment Share on other sites More sharing options...
jay21 Posted August 6, 2015 Share Posted August 6, 2015 Anyone have any idea which closed end fund this could be? My guess is Sprott Resource Corp... Undisclosed Investment: During the second quarter, we began acquiring shares of a closed-end fund that trades meaningfully below its net asset value. We believe the investments held by the fund will appreciate over time and that the discount to net asset value will close. Either one of these events will yield a positive investment result while the combination of both events will yield an even better result. We intend to acquire additional shares in this entity. I haven't the foggiest, but at 463,000 it's a mere 0.3% of the company's investment portfolio and even stupendous performance won't really budge the needle on this one. Given that its undisclosed, I bet they are acquiring so we'll see how big it gets. Link to comment Share on other sites More sharing options...
Andy Dufresne Posted August 6, 2015 Share Posted August 6, 2015 Agreed. We'll have something to look forward to in the next report :D Link to comment Share on other sites More sharing options...
sculpin Posted August 6, 2015 Share Posted August 6, 2015 Also would be interesting to know what the energy names are that they are buying. Although Northern Frontier is known, I wonder what the other 5 are? Energy Basket: Following the precipitous decline in oil prices in the fourth quarter of 2014, we started to acquire select securities of companies related to the oil and gas industry. We believe that current oil prices (which are currently approximately $46 per WTI barrel) are too low to warrant substantial investment in replacing existing production or developing new production and that the dramatic decline in oil prices will lead to some increase in the demand for oil. In our opinion the confluence of these factors will, over time, lead to higher oil prices and higher security prices. Our present intention is to acquire both debt and equity securities of companies engaged in the oil and gas industry that we believe are attractively valued and offer the potential for significant capital appreciation in the future. During the second quarter we acquired (net of dispositions) $14.2 million of securities of three companies in the energy industry, all of which were additional purchases of existing investments. At the end of the second quarter, our energy basket consisted of securities in six energy related companies Link to comment Share on other sites More sharing options...
bizaro86 Posted August 6, 2015 Share Posted August 6, 2015 Anyone have any idea which closed end fund this could be? My guess is Sprott Resource Corp... Undisclosed Investment: During the second quarter, we began acquiring shares of a closed-end fund that trades meaningfully below its net asset value. We believe the investments held by the fund will appreciate over time and that the discount to net asset value will close. Either one of these events will yield a positive investment result while the combination of both events will yield an even better result. We intend to acquire additional shares in this entity. I haven't the foggiest, but at 463,000 it's a mere 0.3% of the company's investment portfolio and even stupendous performance won't really budge the needle on this one. The report specifically says they intend to acquire more. Presumably that's why its undisclosed. My guess is that its Urbana. They are well below NAV and are probably a place where an activist with a reputation could add value. Link to comment Share on other sites More sharing options...
bbarberayr Posted August 14, 2015 Share Posted August 14, 2015 Regarding the energy portfolio, I called them last quarter after they moved to the "basket" approach and they confirmed that they still held Spyglass Energy (SGL). It has done poorly, but has a lot of good assets, so hopefully they can get this up again over the next few years. Link to comment Share on other sites More sharing options...
writser Posted October 7, 2015 Share Posted October 7, 2015 Clarke is getting cheap again. I believe adjusted book is above $13 with the stock trading below $10 today. Their energy portfolio might be down a bit but looks like good value again. I bought a small position today for starters. Link to comment Share on other sites More sharing options...
kab60 Posted October 7, 2015 Share Posted October 7, 2015 As I'm sure you're aware Holloway is down quiet a lot as well, but I'm also starting to following again. Link to comment Share on other sites More sharing options...
cwericb Posted December 3, 2015 Share Posted December 3, 2015 Detailed article in Seeking Alpha on Clarke. http://seekingalpha.com/article/3725806-clarke-inc-canadas-activist-value-investor Link to comment Share on other sites More sharing options...
Nelson Posted December 3, 2015 Share Posted December 3, 2015 Detailed article in Seeking Alpha on Clarke. http://seekingalpha.com/article/3725806-clarke-inc-canadas-activist-value-investor Agreed. A massively good article. I've looked closely at Holloway lately, just missing some at $4.60. I'm leaning towards just buying Clarke as a way to buy Halloway on the cheap (viewing the other interesting stuff as more of a bonus), and just collecting the dividend and waiting for some sort of catalyst to propel shares back to book value, where they've traded before. Link to comment Share on other sites More sharing options...
writser Posted December 3, 2015 Share Posted December 3, 2015 The market value of their Holloway equity stake is ~ $40m, convertibles are worth ~ $10m. They also have Holloway exposure in their pension fund surplus. Let's say that that is another $20m (a generous estimate). That's $70m on $200m of total equity. So ~20% of net assets are Holloway shares and ~15% is debt. That's significant but if you like Holloway I would probably just buy Holloway? Link to comment Share on other sites More sharing options...
doc75 Posted December 4, 2015 Share Posted December 4, 2015 Just noticed that the Clarke pension fund has been scooping up a lot of shares of CKI as of late. Always nice to see. Link to comment Share on other sites More sharing options...
Nelson Posted December 4, 2015 Share Posted December 4, 2015 The market value of their Holloway equity stake is ~ $40m, convertibles are worth ~ $10m. They also have Holloway exposure in their pension fund surplus. Let's say that that is another $20m (a generous estimate). That's $70m on $200m of total equity. So ~20% of net assets are Holloway shares and ~15% is debt. That's significant but if you like Holloway I would probably just buy Holloway? Valid point. I like the other stuff too, I just like Holloway more. Link to comment Share on other sites More sharing options...
netnet Posted December 4, 2015 Share Posted December 4, 2015 How do you value the pension fund "excess" with respect to the stock. I don't know Canadian law, but barring self-dealing and liquidation it seems to basically stranded. (Now it does give extra financial firepower, the but other than a cheap loan, it seems to have little benefit to the common. At least, that is what I'm thinking.) Link to comment Share on other sites More sharing options...
jay21 Posted January 3, 2016 Share Posted January 3, 2016 For the year, I think BV might be down for the year but the underlying businesses seem to being doing fine. Lack of disclosure on the energy portfolio probably hurts a little but they seem like they might be competent in that area. How do you value the pension fund "excess" with respect to the stock. I don't know Canadian law, but barring self-dealing and liquidation it seems to basically stranded. (Now it does give extra financial firepower, the but other than a cheap loan, it seems to have little benefit to the common. At least, that is what I'm thinking.) Theyre might be a few uses. You might be able to merge with an underfunded pension or something else. Link to comment Share on other sites More sharing options...
racemize Posted March 2, 2016 Share Posted March 2, 2016 Not sure if everyone's already read it, but the M&A is out: http://www.clarkeinc.com/documents/IN/2015%20MDA%20&%20FS.pdf BVPS is now $12.21 Link to comment Share on other sites More sharing options...
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