Amcomri Announces Completion of Sale of Its Television and Film Businesses
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. (AMNNF) ha completato la vendita delle sue attività di televisione e cinema, come approvato dagli azionisti il 28 agosto 2024. La transazione di vendita della televisione ha generato C$18,3 milioni in contante, con proventi netti di circa C$11,83 milioni dopo il rimborso dei debiti. La transazione di vendita del cinema ha portato US$900.000 in contante, oltre all'assunzione di circa C$4,03 milioni di obbligazioni.
Seguendo queste transazioni, Amcomri ha cessato le operazioni aziendali attive ed è poco probabile che generi ulteriori ritorni finanziari oltre alla distribuzione dei proventi della vendita agli azionisti. Il consiglio di amministrazione dell'azienda è stato ristrutturato e Amcomri sta considerando di delistare le sue azioni ordinarie da Cboe Canada.
Amcomri Entertainment Inc. (AMNNF) ha completado la venta de sus negocios de televisión y cine, según lo aprobado por los accionistas el 28 de agosto de 2024. La transacción de venta de televisión generó C$18.3 millones en efectivo, con ingresos netos de aproximadamente C$11.83 millones después de los pagos de deuda. La transacción de venta de cine aportó US$900,000 en efectivo, además de la asunción de aproximadamente C$4.03 millones en obligaciones.
Después de estas transacciones, Amcomri ha cesado operaciones comerciales activas y es poco probable que genere más retornos financieros más allá de distribuir los ingresos de la venta a los accionistas. La junta directiva de la empresa ha sido reestructurada y Amcomri está considerando eliminar sus acciones comunes de Cboe Canadá.
Amcomri Entertainment Inc. (AMNNF)는 2024년 8월 28일 주주들이 승인한 대로 TV 및 영화 사업의 매각을 완료했습니다. 텔레비전 판매 거래는 C$18.3 백만의 현금을 가져왔으며, 부채 상환 후 순수입은 약 C$11.83 백만입니다. 영화 판매 거래는 US$900,000의 현금을 제공했으며, 약 C$4.03 백만의 의무를 떠안았습니다.
이 거래들 이후 Amcomri는 활동적인 사업 운영을 종료하였으며, 주주들에게 매각 수익을 분배하는 것 외에 추가적인 재정적 수익을 창출할 가능성이 낮습니다. 회사의 이사회는 재구성되었으며, Amcomri는 Cboe 캐나다에서 일반 주식을 상장 폐지하는 것을 고려하고 있습니다.
Amcomri Entertainment Inc. (AMNNF) a finalisé la vente de ses activités de télévision et de cinéma, comme approuvé par les actionnaires le 28 août 2024. La transaction de vente de télévision a généré C$18,3 millions en espèces, avec des produits nets d'environ C$11,83 millions après remboursement de la dette. La transaction de vente de cinéma a rapporté US$900,000 en espèces, plus l'assumption d'environ C$4,03 millions d'obligations.
À la suite de ces transactions, Amcomri a cessé ses opérations commerciales actives et il est peu probable qu'elle génère d'autres retours financiers au-delà de la distribution des produits de la vente aux actionnaires. Le conseil d'administration de l'entreprise a été restructuré et Amcomri envisage de retirer ses actions ordinaires de Cboe Canada.
Amcomri Entertainment Inc. (AMNNF) hat den Verkauf seiner Fernseh- und Filmgeschäfte abgeschlossen, wie von den Aktionären am 28. August 2024 genehmigt. Die Fernsehverkaufstransaktion brachte C$18,3 Millionen in bar ein, mit Nettoproceeds von etwa C$11,83 Millionen nach Schuldenrückzahlungen. Die Filmverkaufstransaktion brachte US$900.000 in bar ein, plus die Übernahme von etwa C$4,03 Millionen an Verpflichtungen.
Nach diesen Transaktionen hat Amcomri aktive Geschäftstätigkeiten eingestellt und es ist unwahrscheinlich, dass es über die Verteilung der Verkaufserlöse an die Aktionäre hinaus weitere finanzielle Erträge erzielt. Der Vorstand des Unternehmens wurde neu strukturiert, und Amcomri erwägt, seine Stammaktien von Cboe Kanada zu delistieren.
- Completion of Television Sale Transaction for C$18.3 million in cash
- Net proceeds of C$11.83 million from Television Sale Transaction after debt repayments
- Film Sale Transaction completed for US$900,000 in cash
- Assumption of C$4.03 million in obligations by the buyer in the Film Sale Transaction
- Cessation of active business operations
- Unlikely to generate further financial returns beyond distributing sale proceeds
- Potential delisting of common shares from Cboe Canada
- Uncertainty in the amount and timing of distributions to shareholders
- Resignation of multiple board members
Vancouver, British Columbia--(Newsfile Corp. - August 30, 2024) - Amcomri Entertainment Inc. (Cboe CA: AMEN) (FSE: 25Y0) (OTC Pink: AMNNF) ("Amcomri" or the "Company") is pleased to announce today that: (a) further to the Company's news release of June 26, 2024, the Company, together with Trinity Pictures Distribution Limited ("Trinity"), its wholly-owned direct subsidiary, and Amcomri Productions Limited ("APL", together with the Company and Trinity, the "Vendors"), its wholly-owned direct subsidiary, has completed the previously announced sale of certain of the Company's assets utilized for the sale and distribution of television productions through television, streaming and other platforms (the "Television Sale Transaction"); and (b) further to the Company's news release of July 29, 2024, Trinity has completed the sale of the Company's film production and distribution business (the "Film Sale Transaction", and together with the Television Sale Transaction, the "Sale Transactions"). The Sale Transactions were approved by shareholders of the Company ("Shareholders") at an annual general and special meeting held on August 28, 2024.
In connection with the completion of the Television Sale Transaction, the aggregate consideration paid was C
In connection with the completion of the Film Sale Transaction, the aggregate consideration paid was US
In connection with completion of the Sale Transactions, each of Paul McGowan, Robert Price, Michael Walker, Martin Andy Lyon and Janet Grove has resigned from the board of directors of the Company, which now consists of Michèle Maheux, Alexander Stojanovic and Laurence Howard.
As a result of the completion of the Sale Transactions, the Company has ceased to carry on an active business and is unlikely to have any realistic prospects of generating further financial returns beyond distributing the proceeds of the Sale Transactions as a return of capital to Shareholders following the payment of associated transaction and winding up expenses. There are many unknown variables that cannot be accurately predicted at this time, along with known items that are difficult to quantify, all of which will impact the ultimate amount, and the anticipated timing, of any distribution(s) payable to Shareholders. While the ultimate amount and timing of distributions to be made to Shareholders remains uncertain as of this date, the Company intends on updating Shareholders based on the best information available to management at the relevant time. The ultimate distribution(s) may be materially lower in the event that any significant liabilities or costs arise during the windup and dissolution process which are not currently foreseen by the Company or its advisors.
The Company also continues to assess the delisting of the common shares in the capital of the Company ("Common Shares") from Cboe Canada Inc. ("Cboe Canada"), either by Cboe Canada or by the Corporation voluntarily.
Further details of the Company's expectations with respect to the timing and amount of any distribution(s) to Shareholders, as well as considerations relating to the potential delisting of the Common Shares, can be found in the Company's management information circular dated July 28, 2024, a copy of which is available under the Company's SEDAR+ profile at www.sedarplus.com.
About Amcomri Entertainment Inc.
Amcomri Entertainment Inc. (Cboe CA: AMEN) (FSE: 25Y0) provides global distribution capabilities for independent movie, documentary and TV series producers as well as for its own in-house productions. With decades of experience across all key media platforms, Amcomri is rapidly becoming the go-to team for independent producers seeking the broadest possible audience for their productions. The Amcomri Entertainment Inc. group of companies includes 101 Films, 101 Films International, Hollywood Classics International, Amcomri Productions, Appreciated Media Global, Amcomri Productions and Abacus Media Rights.
For further information about Amcomri, see its disclosure documents on SEDAR+ at www.sedarplus.com or visit the company's website at https://amcomrientertainmentinc.com/.
For more information please contact:
Larry Howard
Amcomri, Chief Financial Officer
Email: larry.howard@amcomri.com
Phone: +353-87-686-8255
Forward Looking Statements
This news release includes "forward-looking information" and "forward-looking statements" as such terms are defined under applicable Canadian securities legislation. Forward‐looking information and statements include disclosure regarding possible events, that are based on assumptions about future economic conditions and courses of action, and, in certain cases, can be identified by the use of words such as "potential", "propose", "aim", "depend", "seeks", "plans", "expects", "is expected", "intends", "anticipates", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "can", "could", "should", "shall", "would", "might" or "will", or the negative forms of any of these words and other similar expressions. Forward-looking statements in this news release include statements related to: the consummation, and anticipated benefits to Shareholders and other stakeholders of the Company, of the return of capital, the planned windup and dissolution of the Company and, if applicable, the delisting of the Common Shares from Cboe Canada; the timing of the return of capital, the planned windup and dissolution of the Company and, if applicable, the Company's delisting from Cboe Canada; and the amount of any return or capital or other distribution(s) to Shareholders. There can be no assurance that the proposed return of capital, windup and dissolution of the Company and, if applicable, the Company's delisting from Cboe Canada will be completed at all or on the terms and conditions contemplated therein and in this news release. Forward‐looking information and statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking information and statements. Such factors include, but are not limited to, risks relating to the expenses incurred to complete the return of capital, the planned windup and dissolution of the Company and, if applicable, the Company's delisting from Cboe Canada, the ability of the Company to pay all liabilities and obligations of the Company, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward‐looking information. All forward-looking information in this news release is made as of the date hereof and qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.com. The Company disclaims any intention or obligation to update or revise such forward‐looking information, whether as a result of new information, future events or otherwise, except as required by law.
Investors are cautioned that, trading in the securities of the Company should be considered highly speculative. For a more detailed discussion of such risks and uncertainties, please see the section entitled "Risk Factors" in the Company's annual information form dated June 2, 2024, and available under the Company's profile on SEDAR+ at http://www.sedarplus.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221741
FAQ
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When did Amcomri (AMNNF) shareholders approve the Sale Transactions?
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