TORONTO, Dec. 7, 2023
/CNW/ - Aimia Inc. (TSX: AIM) ("Aimia" or the
"Company") announces that its board of directors (the
"Board") has approved the adoption of a new shareholder
rights plan (the "New Shareholder Rights Plan") pursuant to
a shareholder rights plan agreement entered into with TSX Trust
Company, as rights agent, dated December
6, 2023 (the "Effective Date"). The New
Shareholder Rights Plan will replace the current shareholder rights
plan (the "Current Shareholder Rights Plan"), which will
terminate on December 7, 2023.
The Board adopted the New Shareholder Rights Plan to ensure
continued protection and fair treatment of all shareholders,
particularly in light of the legal actions the Company was forced
to take against Mithaq Capital SPC ("Mithaq") and its
apparent intent to continue acquiring securities of Aimia during
its affiliate's outstanding unsolicited take-over bid to acquire
all issued and outstanding common shares of Aimia (the
"Offer"), which expires on January
18, 2024 (as may be accelerated or extended under the Offer,
the "Expiry Date").
The New Shareholder Rights Plan is substantially similar to the
Current Shareholder Rights Plan, other than certain changes to
confirm that the Offer is deemed a Permitted Bid (as defined in the
New Shareholder Rights Plan) and that it will terminate on the day
after the Expiry Date.
Aimia asked Mithaq to voluntarily refrain from acquiring shares
until after the upcoming Ontario Capital Markets Tribunal (the
"Tribunal") decision, but Mithaq refused. This made it
necessary for Aimia to adopt the New Shareholder Rights Plan in
order to ensure fair treatment of all shareholders and deter Mithaq
from acquiring further shares in Aimia before the Tribunal is able
to rule on the issue.
The New Shareholder Rights Plan is subject to the acceptance of
the Toronto Stock Exchange and is effective as of the Effective
Date.
A copy of the complete New Shareholder Rights Plan will be filed
on SEDAR+.
About Aimia
Aimia Inc. (TSX: AIM) is a holding company that makes long-term
investments in private and public businesses through controlling or
minority stakes. Aimia targets companies with durable economic
advantages evidenced by a track record of substantial free cash
flow generation over complete business cycles, strong growth
prospects, and guided by strong, experienced management teams.
Headquartered in Toronto, Canada,
Aimia is positioned to invest in any sector, wherever a suitable
opportunity can be identified worldwide. In addition, we seek
investments that may efficiently utilize the Company's operating
and capital loss carry-forwards to further enhance shareholder
value.
For more information about Aimia, visit www.aimia.com.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking information" within the meaning of Canadian
securities laws ("forward-looking statements"), which are based
upon our current expectations, estimates, projections, assumptions
and beliefs. All information that is not clearly historical in
nature may constitute forward-looking statements. Forward-looking
statements are typically identified by the use of terms such
phrases such as "anticipate", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "predict", "project", "will",
"would" and "should", and similar terms and phrases, including
references to assumptions.
Forward-looking statements in this press release include, but
are not limited to, statements with respect to implementation of
the New Shareholder Rights Plan and potential effects of
implementing such New Shareholder Rights Plan. Forward-looking
statements, by their nature, are based on assumptions and are
subject to known and unknown risks and uncertainties, both general
and specific, that contribute to the possibility that the
forward-looking statement will not occur. The forward-looking
statements in this press release speak only as of the date hereof
and reflect several material factors, expectations and assumptions.
Undue reliance should not be placed on any predictions or
forward-looking statements as these may be affected by, among other
things, changing external events and general uncertainties of the
business. A discussion of the material risks applicable to us can
be found in our current Management's Discussion and Analysis and
Annual Information Form, each of which have been or will be filed
on SEDAR+ and can be accessed at www.sedarplus.ca. Except as
required by applicable securities laws, forward-looking statements
speak only as of the date on which they are made and we disclaim
any intention and assume no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE Aimia Inc.