$CKI.TO

Ravelin Properties REIT Unitholders, Debentureholders OK Clarke Deal

Ravelin Properties REIT (RPR-UN.TO) said Monday that both its unitholders and debentureholders have approved the proposed arrangement that will see real estate company Clarke (CKI.TO) buy it in a transaction that values Ravelin at $1.1 billion, including the assumption of debt, and the pro-forma entity at a combined $1.7 billion.The approvals came at special meetings held earlier today and cover the REIT's outstanding 9.00%, 5.50%, and 7.50% convertible unsecured subordinated debentures, according to a statement.The arrangement is expected to become effective on or about May 29, subject to several remaining conditions. These include receiving a final order from the Ontario Superior Court of Justice (Commercial List), approval from the Toronto Stock Exchange, and the satisfaction or waiver of customary closing conditions. The court hearing for the final order is set for May 27, it said.

Clarke Swings to Q1 Profit

Clarke (CKI.TO) reported a swing to a first-quarter profit, the company said on Monday.The company reported net income of $14.1 million, or $1.07 per share, compared with a net loss of $2.4 million, or $0.17 per share. The net income was primarily a result of a fair value adjustment on investment properties, a statement said.Hotel and rental revenue for the three months ended March 31 increased to $18.5 million from $17.7 million in the prior period. The increase was mainly due to the start of operations of the first building in the Talisman's second phase, which was not operational during the comparative period.Clarke shares were last seen unchanged at $26.60 on the Toronto Stock Exchange.

Earnings Flash (CKI.TO) Clarke Reports Q1 Hotel and Rental Revenue $18.8M; SWings To $14.1M Net Income