Key Takeaways
Ravelin Properties REIT’s proposed plan of arrangement with Clarke Inc. received overwhelming early support, with 85.3 percent of the REIT’s debentureholders voting in favour.
Proxy advisory firms Glass Lewis and Institutional Shareholder Services have both recommended securityholders vote for the deal, Ravelin said in a statement Wednesday.
The early tally shows 84.1 percent of votes cast by unitholders also support the arrangement. Debentureholders who voted in favour by May 8 will receive a pro-rata share of 150,000 Clarke common shares as an incentive.
The strong backing de-risks the transaction ahead of a formal vote on May 25. If approved, the deal will combine Ravelin’s portfolio of commercial assets with Clarke’s growing real estate holdings.
Ravelin also announced an amendment to the plan that waives any defaults or third-party change-of-control provisions triggered by the deal, other than from the REIT's secured lenders. The REIT will seek to make the waiver permanent upon final court approval.
Clarke Inc. (TSX: CKI) is in a period of expansion, reporting net income of $14.1 million in the first quarter of 2026. The company is completing several residential and hospitality projects, including the final phase of its Talisman development.
The arrangement remains subject to final approval by unitholders and debentureholders at special meetings on May 25, 2026, as well as a final court order and Toronto Stock Exchange approval. A successful vote would advance Clarke’s strategy of growing its asset base through organic initiatives and acquisitions.
This article is for informational purposes only and does not constitute investment advice.
