View:
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 6, 2003
IMAX CORPORATION
----------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
CANADA
----------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
0-24216 98-0140269
----------------------------------------------------------------
(Commission File Number) (I.R.S. Employer Identification No.)
2525 Speakman Drive, Sheridan Park, Mississauga, Ontario L5K 1B1
----------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(905) 403-6500
----------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
n/a
----------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
IMAX Corporation (the "Corporation") announced that it has been notified by
Wasserstein Partners, LP ("Wasserstein") that the firm has distributed to its
limited partners the approximately 8.2 million shares of the Corporation's
common stock that investment funds it manages hold on their behalf, excluding
shares held directly by Wasserstein. The shares were distributed under the terms
of partnership agreements between Wasserstein and its limited partners that
originally expired in 2000 and, after annual extensions, were set to expire in
August 2003. A representative of Wasserstein informed the Corporation that the
firm has no current intention of selling any of its approximately 1.3 million
shares held directly, and may purchase additional shares of the Corporation from
time to time. The Corporation's Co-Chairmen and Co-Chief Executive Officers
expressed confidence in the demand for additional shares of the Corporation, and
announced plans for facilitating the sale of any of the distributed shares that
reach the market. A copy of the press release is attached hereto as Exhibit 99.1
and is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IMAX CORPORATION
(Registrant)
Date: May 7, 2003 By: /s/ Bradley J. Wechsler
---------------------------------
Name: Bradley J. Wechsler
Title: Co-Chairman and
Co-Chief Executive Officer
EXHIBIT INDEX
Exhibit Description
99.1 Press Release dated May 6, 2003
IMAX (R)
IMAX CORPORATION
2525 Speakman Drive
Mississauga, Ontario, Canada L5K 1B1
Tel: (905)403-6500 Fax: (905)403-6450
www.imax.com
IMAX CORPORATION REPORTS DISTRIBUTION OF SHARES BY THE WASSERSTEIN
PARTNERS FUND UNDER THE TERMS OF ITS PARTNERSHIP AGREEMENTS
Toronto, Canada - May 6, 2003 - IMAX Corporation (Nasdaq: IMAX; TSX: IMX) today
announced that it has been notified by Wasserstein Partners, LP that the firm
has distributed to its limited partners the approximately 8.2 million shares of
IMAX common stock that investment funds it manages hold on their behalf,
excluding shares owned by the firm directly. The shares were distributed under
the terms of partnership agreements between Wasserstein and its limited partners
that originally expired in 2000 and, after annual extensions, were set to expire
in August 2003.
A representative of Wasserstein informed IMAX that the firm has no current
intention of selling any of its approximately 1.3 million shares held directly,
and may purchase additional IMAX shares from time to time.
Commenting on the announcement, Richard L. Gelfond and Bradley J. Wechsler,
IMAX's co-Chairmen and co-Chief Executive Officers said, "The Wasserstein fund
has been our partner since our acquisition of IMAX in 1994. We are pleased that
Wasserstein will remain a substantial shareholder while providing its limited
partners with necessary liquidity under the terms of its partnership agreements.
We understand that this distribution is a natural part of their investment
partnership and are committed to working with Wasserstein to ensure an orderly
distribution of the shares."
IMAX also announced that the Company has scheduled a conference call Wednesday,
May 7, 2003 at 9:00 a.m. EST to discuss the specifics of the distribution and
its strategy for facilitating the sale of any of the distributed shares that
reach the market. The Company's plans include meetings with analysts,
discussions with Wasserstein's limited partners and a targeted outreach to
potential investors.
"We believe, based on numerous discussions with investors over the last several
years that there is significant demand for the shares should they come to
market," said Messrs. Gelfond and Wechsler. "We plan on contacting and visiting
the institutions that have expressed such interest and hopefully facilitating
bottoms-up demand for any shares that become available."
On Monday, IMAX reported stronger-than-expected first quarter results and
detailed its recent accomplishments, including the release of the next two
chapters in The Matrix trilogy to IMAX(R) theatres this May and November.
.../2
Page 2
"In the long run this distribution is extremely positive for IMAX," said Messrs.
Gelfond and Wechsler. "The removal of a large overhang on our stock as well as
the increased liquidity outweigh any short term pressure on the stock that may
occur."
To access Wednesday's call, interested parties should call (913) 981-5571. A
replay of the call will be available by dialing (719) 457-0820.
About IMAX Corporation:
Founded in 1967, IMAX Corporation is one of the world's leading entertainment
technology companies. IMAX's businesses include the creation and delivery of the
world's best cinematic presentations using proprietary IMAX and IMAX(R) 3D
technology, and the development of the highest quality digital production and
presentation. IMAX has developed revolutionary technology called IMAX(R) DMR(TM)
(Digital Re-mastering) that makes it possible for any 35mm film to be
transformed into the unparalleled image and sound quality of The IMAX
Experience(R). The IMAX brand is recognized throughout the world for
extraordinary and immersive family experiences. As of December 2002, there were
232 IMAX theatres operating in 32 countries.
IMAX(R), IMAX(R) 3D, IMAX(R) DMR(TM) and The IMAX Experience(R) are trademarks
of IMAX Corporation. More information on the Company can be found at
www.imax.com.
This press release contains forward looking statements that are based on
management assumptions and existing information and involve certain risks and
uncertainties which could cause actual results to differ materially from future
results expressed or implied by such forward looking statements. Important
factors that could affect these statements include the timing of theatre system
deliveries, the mix of theatre systems shipped, the timing of the recognition of
revenues and expenses on film production and distribution agreements, the
viability of new businesses and products, and fluctuations in foreign currency
and in the large format and general commercial exhibition market. These factors
and other risks and uncertainties are discussed in the Company's Annual Report
on Form 10-K for the year ended December 31, 2002 and in the subsequent reports
filed by the Company with the Securities and Exchange Commission.
###
For additional information please contact:
Media: Analysts:
IMAX Corporation, New York IMAX Corporation, New York
Romi Schutzer Stephen G. Abraham
212-821-0144 212-821-0140
rschutzer@imax.com sabraham@imax.com
Entertainment Media: Business Media:
Newman & Company, Los Angeles Sloane & Company, New York
Al Newman Whit Clay
818-784-2130 212-446-1864
asn@newman-co.com wclay@sloanepr.com