Amcomri Entertainment Inc. (“Amcomri”) (NEO: AMEN) has today completed the acquisition of 100% of the share capital of Silentpoint Limited (“Silentpoint”), a company registered in the Republic of Ireland, which holds the UK & Ireland distribution rights for over 800 hours of movie and TV content.
Silentpoint owns the distribution rights to the “Sonar” library, recently rebranded as Halcyon Studios. The library includes 330 feature films, 20 TV series spanning 170 hours and 50 mini-series with over 200 hours of viewing content.
Silentpoint is being acquired from an entity controlled by Paul McGowan, the Chairman of Amcomri, for a cash payment obligation of US$503,000 and the assumption of Silentpoint’s ongoing obligations to Screen Media Ventures LLC in respect of the library. Following the acquisition, Amcomri intends to rename Silentpoint as “Amcomri Productions Limited” and it will then act as the central content library for the Amcomri group of companies.
Robert Price, CEO of Amcomri, said “We are pleased to be able to add this important library to our distribution business in the UK and Ireland. The focus on high quality talent makes this library highly marketable in those territories and it will provide our subsidiary, 101 Films, in particular, with additional opportunities to maximise its appeal to the major networks and platforms across the UK and Ireland.”
The Halcyon Studios library features performances by a great variety of talent, including Kelsey Grammer, Richard Dreyfuss, David Tennant, James McAvoy, Jeremy Irons, Helen Mirren, Jeremy Renner, Sigourney Weaver, Courtney Cox, and Jeff Goldblum.
Notable titles included in the library are Taboo starring Tom Hardy, Frank Herbert’s Children of Dune, The Escape Artist, Journey To The Centre of the Earth, Poseidon Adventure and Tin Man.
Andy Lyon, Director at Amcomri and CEO of 101 Films, said, “With the acquisition of Silentpoint our movie distribution rights library has reached in excess of 1,800 movies and 750 TV hours of content in addition to the [1,600] hours of documentary and TV content held by Abacus Media Rights. Demand for quality content is at an all-time high due to the growth of streaming, subscription channels and AVOD platforms around the globe. At Amcomri we continue to add to our library to service this thirst for quality material. “
The acquisition of Silentpoint constitutes a “related party transaction” as such term is defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“) because Larry Howard, the Chief Financial Officer of Amcomri, is the sole director of Silentpoint and Paul McGowan, the Chairman of Amcomri, is a director of Silentpoint and indirectly owns Silentpoint.
In respect of the requirements of MI 61-101, Amcomri has relied on the exemptions from the formal valuation and minority approval requirements set forth in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the acquisition, exceeds 25% of the market capitalization of Amcomri.
For more information, please contact:
Larry Howard, Chief Financial Officer
Phone: +353-87-686-8255 www
TORONTO, January 25th, 2022