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Clarke Inc. CEO George Armoyan is looking to make new investments in undervalued firms, and the company is encouraging its convertible-debt holders to give up their right to equity in exchange for a fee and an interest rate increase.
Clarke Inc. CEO George Armoyan is looking to make new investments in undervalued firms, and the company is encouraging its convertible-debt holders to give up their right to equity in exchange for a fee and an interest rate increase.
(Louie Palu/The Globe and Mail)

Clarke takes second run at eliminating convertible debt

Halifax-based investment firm Clarke Inc. and its leader George Armoyan aren’t afraid of friction with investors.

Mr. Armoyan roused supporters in the early 2000s as an activist investor who had success turning around troubled income trusts and other struggling companies. One analyst called the tendency for investors to follow him the “Armoyan effect.” After the financial crisis took the wind out of his sails Mr. Armoyan took some time away from the company, but he’s since returned and the business is preparing to make new investments in undervalued firms.