Welcome to our dedicated page for ADSL Holdings news (Ticker: AMNNF), a resource for investors and traders seeking the latest updates and insights on ADSL Holdings stock.
About ADSL Holdings Inc. (OTC: AMNNF)
ADSL Holdings Inc., formerly known as Amcomri Entertainment Inc., is a company undergoing significant transformation following the sale of its primary business assets in the film, television, and media distribution sectors. Historically, the company provided global distribution capabilities for independent movie, documentary, and TV series producers, leveraging decades of experience across key media platforms. Through its subsidiaries, including 101 Films, Hollywood Classics International, and Abacus Media Rights, the company built a reputation as a trusted partner for independent producers seeking broad audience reach.
Strategic Transition and Current Focus
In 2024, ADSL Holdings completed the sale of its film production and distribution business, as well as assets related to television production distribution. These transactions marked a pivotal shift for the company, as it ceased active business operations and began focusing on returning capital to shareholders and preparing for voluntary dissolution. The sale of these assets reflects a strategic decision to wind down operations, with proceeds being distributed to shareholders after satisfying liabilities and associated costs.
Legacy in Media Distribution
Before its transformation, ADSL Holdings was recognized for its expertise in media distribution, helping independent creators navigate the complexities of global markets. Its subsidiaries, such as 101 Films International and Appreciated Media Global, played key roles in ensuring the success of independent productions across television, streaming platforms, and traditional media outlets.
Shareholder Updates and Dissolution Process
As part of its strategic wind-down, ADSL Holdings has committed to keeping shareholders informed about the timing and amount of capital returns. The company has outlined plans for multiple distributions, subject to the resolution of outstanding liabilities and regulatory approvals. The dissolution process is expected to be completed in 2025, following the delisting of its shares from public markets.
Investment Considerations
Investors should note that ADSL Holdings no longer carries on an active business and is focused solely on liquidating its remaining assets. Trading in the company’s securities is highly speculative, and shareholders are advised to consult with financial advisors to understand the implications of the ongoing dissolution and capital return process.
ADSL Holdings (OTC: AMNNF) has completed its first return of capital distribution totaling $3,901,140.47, equivalent to approximately $0.053 per common share. The distribution will be automatically paid to eligible shareholders who were on record as of December 19, 2024. This follows the company's previous announcement made on December 18, 2024.
ADSL Holdings (OTC: AMNNF) has announced key updates following the completion of its asset sales. The company will voluntarily delist its shares from Cboe Canada around December 27, 2024, followed by withdrawal from FSE and OTC markets. A first distribution of approximately $3.9 million ($0.053 per share) is scheduled for December 23, 2024, with a record date of December 19, 2024.
The company plans to complete its voluntary dissolution in Q1 2025, following the delisting and capital returns. These actions were approved by shareholders on August 28, 2024. Additional returns of capital may occur before the final dissolution, subject to settlement of all company liabilities.
Amcomri Entertainment Inc. (Cboe CA: AMEN) (FSE: 25YO) (OTC: AMNNF) has announced a name change to 'ADSL Holdings Inc.' effective around October 18, 2024, subject to regulatory approval. The company's ticker symbol on Cboe Canada will change to 'ADSL'. This change is related to the sale of its film production and distribution business.
The company also provided an update on its return of capital to shareholders. Amcomri currently holds $5,600,000 cash-on-hand after deducting non-tax liabilities. The distribution amount and timing remain uncertain, but an initial distribution is expected after filing Q3 2024 financial statements. The final distribution may be lower due to unforeseen liabilities or costs during the winding-up process.
Amcomri Entertainment Inc. (Cboe CA: AMEN, FSE: 25Y0, OTC: AMNNF) has announced significant changes in its leadership and future plans. Robert Price has resigned as CEO, effective September 6, 2024, as the company ceases active business operations. The board has appointed Laurence Howard as the new CEO to oversee the implementation of previously announced plans, including:
- Return of capital to shareholders
- Voluntary wind-up and dissolution
- Potential delisting from Cboe Canada
These measures were approved by shareholders at the annual general and special meeting held on August 28, 2024. Further details are available in the company's management information circular dated July 28, 2024, accessible on SEDAR+.
Amcomri Entertainment Inc. (Cboe CA: AMEN) (FSE: 25Y0) (OTC Pink: AMNNF) has announced that trading of its securities on Cboe Canada has been suspended as of September 3, 2024. This suspension follows the company's recent sale of its television production distribution assets and film production and distribution business, resulting in Amcomri ceasing to carry on an active business.
If the suspension is not lifted within 150 days, Amcomri's securities will be automatically delisted from Cboe Canada. The company is considering its options, including a potential voluntary delisting, which was previously approved by shareholders on August 28, 2024. Amcomri's management is evaluating the situation and will provide updates on any decisions regarding the company's listing status.
Amcomri Entertainment Inc. (AMNNF) has completed the sale of its television and film businesses, as approved by shareholders on August 28, 2024. The Television Sale Transaction yielded C$18.3 million in cash, with net proceeds of approximately C$11.83 million after debt repayments. The Film Sale Transaction brought in US$900,000 in cash, plus the assumption of about C$4.03 million in obligations.
Following these transactions, Amcomri has ceased active business operations and is unlikely to generate further financial returns beyond distributing the sale proceeds to shareholders. The company's board of directors has been restructured, and Amcomri is considering delisting its common shares from Cboe Canada.
Amcomri Entertainment Inc. (NEO: AMEN) (OTC Pink: AMNNF) announced shareholder approval for key transactions at its annual general and special meeting. Shareholders approved the sale of the company's television and film production and distribution businesses, as well as plans for a return of capital, voluntary dissolution, and delisting from Cboe Canada Inc. The meeting saw 93.6% of issued and outstanding shares represented.
All proposed resolutions passed, including the election of eight directors. Conditional on the Television Sale Transaction, shareholders approved reducing the board to three directors. The company reappointed MNP LLP as auditors. The Sale Transactions are expected to close in the coming days, subject to customary conditions.
Amcomri Entertainment Inc. (NEO: AMEN) (FSE: 25Y0) (OTC Pink: AMNNF) has received a failure-to-file cease trade order (FFCTO) from the British Columbia Securities Commission (BCSC). This order was issued due to the company's failure to file its unaudited interim financial statements, management's discussion & analysis, and related officer certificates for the six months ended June 30, 2024, by the August 14, 2024 deadline. Amcomri is working to complete these Interim Filings by August 28, 2024, after which they will work with the BCSC to address concerns and have the FFCTO revoked. The company has stated that there is no other material information concerning its affairs that has not been generally disclosed as of the date of this news release.
Amcomri Entertainment Inc. has acquired the library assets and rights of Flame Media for £1.6 million (approximately C$3.0 million) plus deferred payment. This acquisition adds 540 TV titles and 2,250 hours of programming, boosting Amcomri's library to 4,750 hours. The deal, financed by a loan from Head Gear Films, aligns with Amcomri's growth strategy and strengthens its position in the factual and documentary content market. The company acknowledges the late founder's contributions and aims for a smooth transition for Flame Media's operations.
Amcomri Entertainment Inc. (OTC: AMNNF) announced the appointment of Michelle Sangster to its Board of Directors on June 1, 2022. With over 25 years of HR experience, Sangster has a history of leading strategic organizational changes. Currently, she heads the Global HR team at Eclipse Automation and holds multiple professional certifications. Her leadership is expected to support Amcomri's growth strategy. The Board was expanded to eight members, including three independent directors, removing the need for an exemption from the NEO Exchange.
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