HOLLOWAY LODGING CORPORATION ANNOUNCES CLOSING OF ACQUISITION BY CLARKE INC

Halifax, Nova Scotia; October 1, 2019 – Holloway Lodging Corporation (“Holloway”) is pleased to announce the successful completion of the previously announced plan of arrangement under Section 182 of the Business Corporations Act (Ontario) (the "Arrangement"), whereby Clarke acquired all of the issued and outstanding common shares of Holloway that it did not already own. All conditions of closing have been satisfied by both parties. Pursuant to the Arrangement, Holloway shareholders will receive 0.65 of a Clarke common share for each Holloway share they own.

 

Holloway is also pleased to announce that the previously announced assumption (the "Debenture Assumption") by Clarke of Holloway's Series B 6.25% convertible unsecured debentures due February 28, 2023 (the “Debentures”) is effective as of September 30,2019. The Debentures are expected to begin trading on the TSX under the new symbol "CKI.DB" on or about October 4, 2019.  

 

As a result of the Arrangement and the Debenture Assumption, Holloway is now a wholly‐owned subsidiary of Clarke. Holloway’s common shares have been halted from trading on the Toronto Stock Exchange ("TSX") and are expected to be delisted from the TSX shortly. Holloway will also submit an application to cease to be a reporting issuer under the securities laws of all of the provinces of Canada.

 

About Holloway Lodging Corporation

 

Holloway is a real estate corporation focused on acquiring, adding value to and operating select real estate assets and managing hotels for third parties. Holloway owns 19 hotels with 2,188 rooms across Canada. For more information about Holloway, please visit Holloway's website at www.hlcorp.ca.