Cinram to Be Delisted From Toronto Stock Exchange15 Jun, 2012 By: Chris Tribbey
Replicator Cinram no longer will be traded on the Toronto Stock Exchange, effective July 16, with the company saying it does not meet the exchange’s listing requirements anymore.
Cinram, which posted a net loss of $25.5 million for the first quarter of 2012 on May 11, announced in a press release that it “is reviewing other alternatives in order to provide holders of its trust units a venue for the trading of the [company’s] units.”
Cinram, which supplies and distributes discs for 20th Century Fox Home Entertainment, Relativity Media and others, has been looking for a buyer since March, but hasn’t been able to find one, and in late May saw Cinram Optical Discs SAS, a French subsidiary of the Toronto-based replicator, file for insolvency.
“There can be no assurance that the process will identify a transaction that is in the best interests of [Cinram] or that [Cinram] will be able to implement any such transaction,” the company announced when it revealed it had hired financial advisors to look at a potential sale.