Share this on

Clarke acquires 17.8% stake in Shermag

Michael J. Knell -- Furniture Today, March 11, 2007

Halifax, Nova Scotia — Clarke Inc., an investment holding company based here, has increased its stake in manufacturer and importer Shermag.

Also, Clarke's chairman has been named to the board of trustees of Terravest Income Fund, owners of Stylus, Made-to-Order Sofas.

Clarke acquired 332,800 shares of Shermag for what it described in a statement as "investment purposes." The purchase gives Clarke a 17.8% stake the company, with just over 2.37 million shares.

After the transaction, Shermag shares were trading at C$1.80 on the Toronto Stock Exchange, a bit higher than its 52-week low of C$1.75 but far below its 52-week high of C$3.10.

The second-largest Shermag shareholder is the Caisse de dépôt et placement du Québec, a Montreal-based manager of private and public pension plans, which owns about 11% of the shares.

George Armoyan, president and CEO of Clarke, was appointed a trustee of Terravest Income Fund and a director of its administrator, Terravest Inds.

In addition to Stylus, Terravest owns Beco Inds., a Montreal-based manufacturer and importer of home textiles, and several other companies in the agricultural, oil and gas, and heating and plumbing sectors.

For the nine months ended Sept. 30, Terravest had revenues of C$204 million, including C$25 million from Stylus, down from C$28 million in the same period in 2005.

Share this on

Related Content

• Topics
• Author
• Most Popular Pages

Clarke ups stake in Shermag to 17.8%

Mar 8, 2007

Also by this author

• Sears Holding to sharply cut stake in Sears Canada

• Toronto lawyer joins Sears Canada board as Sears Holding SVP resigns

• Sears Canada reverses Q1 loss thanks to store lease termination

• Expenses send Leon's Furniture profit down 16.4%

• Brick's first-quarter profit jumps 318% on small sales gain

Also by Michael J Knell

Most Viewed Articles

• Merinos Home Furnishings opening display room, Boyles addition

• Ernest Warsaw, founder of Sheffield Corp., dies at 91

• ‘Mega vessels' likely to boost capacity, stabilize freight rates

• HOM Furniture adds flooring to six Twin Cities stores

• Dan Masters joins Furniture Brands as VP, business development

Sponsored Links

• Resource Center
• Browse Categories
• Browse Companies

Featured Company

• FurnitureCore.com

  

  FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more

---

Related Resources

• Choosing a Web Site Developer
• Web Based Intelligence Gathering