MONTRÉAL, April 30, 2019 /CNW
Telbec/ - ACE Aviation Holdings Inc. (ACE) announced today its
annual results for 2018.
2018 Full-Year Results
In 2018, ACE recorded a decrease in net assets in liquidation of
approximately $113,000 as a result of
administrative and other expenses in excess of interest income
earned during the year.
As at December 31, 2018, ACE's
only remaining assets consisted of cash in an aggregate amount of
approximately $6.9 million.
Liquidation Process
On June 28, 2012, further to the
approval by ACE shareholders of a special resolution providing for
the voluntary liquidation of ACE, the Superior Court of Québec
(Commercial Division) (the "Court") issued an order
appointing Ernst & Young Inc. as liquidator of ACE (the
"Liquidator").
Pursuant to an order issued by the Court on February 25, 2013, the Liquidator established a
process for the identification, resolution and barring of claims
and other contingent liabilities against ACE. Creditors had until
May 13, 2013 to file their proof of
claims, failing which their claims would be barred and
extinguished. The audited consolidated financial statements of ACE
for the year ended December 31, 2018
and the related management's discussion and analysis include a
description of proofs of claim which were filed and the status
thereof.
Final Distribution to Shareholders and Dissolution
The Liquidator intends to seek Court approval of its final
accounts, approval to proceed with a final distribution to the
shareholders of ACE and approval of the dissolution of ACE. An
estimate of the final amount to be distributed will be provided in
the Liquidator's Application for Court approval and is expected to
represent all of the remaining cash of ACE less accounts payable
and a reserve to cover the remaining fees and expenses of the
liquidation and dissolution and remaining contingencies.
The Liquidator will post a copy of the relevant application to
the Court and notice of the hearing date on its website at
www.ey.com/ca/aceaviation at least 7 days in advance of the hearing
date. Shareholders and other parties who have questions or require
additional information with respect to ACE and the final
distribution and dissolution process may contact the Liquidator by
telephone (1-855-279-8388 or 416-943-4444) or by fax
(1-416-943-3300).
The amount of the final distribution will remain subject to
modification until the final amount of the distribution is
announced following receipt of Court approval. The record date and
payment date for such distribution would be announced by subsequent
press release upon receipt of approval from the Court. Subject to
receipt of the Court approval, the Liquidator currently expects to
proceed with the dissolution of ACE shortly following the payment
of the final distribution to the shareholders.
The final distribution to shareholders, the cancellation of the
shares of ACE and the dissolution of ACE will not occur until all
necessary corporate, administrative and tax measures to dissolve
ACE are completed and until the settlement of any remaining
contingencies that may arise in connection with the remaining
liquidation and dissolution steps of ACE. There is no certainty as
to the timing or amount of such final distribution and
dissolution. ACE will continue to incur operating costs and
fees for the duration of the dissolution process.
The distributions to shareholders of ACE will generally be
treated as deemed dividends from a Canadian tax standpoint. Such
deemed dividends will be designated as eligible dividends for the
purposes of the Income Tax Act (Canada).
For additional information with respect to the liquidation of
ACE, refer to the management proxy circular dated March 9, 2012, the audited consolidated financial
statements and related management's discussion and analysis for the
year ended December 31, 2018 and the
other public filings of ACE which are available at www.sedar.com
and www.aceaviation.com.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this news release may contain
forward-looking statements. Forward-looking statements may relate
to analyses and other information that are based on forecasts of
future results and estimates of amounts not yet determinable. These
statements may involve, but are not limited to, comments relating
to strategies, expectations, future actions, the timing of the
liquidation, the final distribution to shareholders and the
dissolution of ACE. These forward-looking statements are identified
by the use of terms and phrases such as "anticipate", "believe",
"could", "estimate", "expect", "intend", "may", "plan", "predict",
"project", "will", "would", and similar terms and phrases,
including references to assumptions. Forward-looking statements, by
their nature, are based on assumptions and are subject to important
risks and uncertainties. Any forecasts or forward-looking
predictions or statements cannot be relied upon due to, amongst
other things, changing external events and general uncertainties of
the business. Actual results may differ materially from results
indicated in forward-looking statements due to a number of factors,
including without limitation, market, regulatory developments or
proceedings, and actions by third parties as well as the factors
identified throughout ACE's filings with securities regulators in
Canada and, in particular, those
identified in the Risk Factors section of ACE's 2018 Annual
MD&A dated April 29, 2018. ACE
will continue to incur operating costs and fees for the duration of
the dissolution process. The forward-looking statements contained
in this news release represent ACE's expectations as of the date
they are made, and are subject to change after such date. However,
ACE disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required under applicable
securities regulations.
Internet: www.aceaviation.com
SOURCE ACE Aviation Holdings Inc.