AMCIL was established in 1996 as a thematic investor focussed particularly on the media and telecommunications sectors in Australia and New Zealand. During 2002 the Board came to the view that structural changes had occurred in the media and telecommunications industries since 1996 which affected the viability and vitality of a specialist investor concentrating only on the themes of media and telecommunications. At that point, the Board recommended to shareholders that the Company's investments be progressively sold and the capital returned to shareholders. One of the key aims of this was to unlock for shareholders the value in the Company's portfolio which was not then being reflected in the Company's share price. Shareholders approved this initiative and the Board proceeded to sell down the portfolio.
As this process was nearing completion in late 2003, the Board developed a new proposal to shareholders to recapitalise the Company. This recapitalisation took place at a point at which all of the Company's previous capital had been repaid to shareholders with the exception of approximately A$2.9 million. The recapitalisation successfully raised A$41 million, with the new shares being allotted in late January 2004.
