KSAT Satellite Networks [Toronto Venture: KSA] will ask its shareholders to approve a resolution authorizing and approving the voluntary dissolution of the corporation at the annual meeting June 20. The resolution would also delist the company from the Toronto Venture Exchange and to report the dissolution to the relevant securities commissions.

KSAT said it is currently negotiating an agreement regarding the dissolution with two of its major shareholders and loan holders, Global Space Investments and Gilat Satellite Network. The company’s debt is $11.9 million. Therefore, if the special resolution is passed, management anticipates that shareholders are unlikely to receive any value after the discharge of the company’s liabilities.