TORONTO, June 17,
2022 /CNW/ - Aimia Inc. (TSX: AIM) announces that it
has received approval from the Toronto Stock Exchange (the
TSX) respecting the establishment of a normal course issuer
bid (NCIB).
Aimia has received approval to purchase for cancellation up to
7,780,322 of its common shares, or 10% of the public float of
77,803,228 common shares as at June 7,
2022, through the facilities of the TSX and through
alternative Canadian trading systems (such as Alpha ATS), or by
exempt offers or block purchases, during the period from
June 21, 2022 to no later than
June 20, 2023. Purchases made on the
open market through the facilities of the TSX and alternative
Canadian trading systems will be at the prevailing market price at
the time of acquisition. Aimia may also purchase common shares for
cancellation pursuant to exemption orders from applicable
securities regulatory authorities, and such purchases will be at a
discount to the prevailing market price. As at June 7, 2022, there were 91,944,936 issued
and outstanding common shares.
The average daily trading volume on the TSX for the past six
months was 172,851 common shares. Under TSX rules, a maximum daily
purchase of 25% of this average may be made, representing 43,212
common shares. In addition, Aimia may make, once per week, a block
purchase (as such term is defined in the TSX Company Manual) of
common shares not directly or indirectly owned by insiders of
Aimia, in accordance with the regulations of the TSX. The common
shares purchased pursuant to the NCIB will be cancelled.
Transactions under the NCIB will depend on future market
conditions. Aimia retains discretion whether to make purchases
under the NCIB, and to determine the timing, amount and acceptable
price of any such purchases, subject at all times to applicable TSX
and other regulatory requirements.
Aimia believes that the market price of its common shares may,
from time to time, not reflect the inherent value of the company,
and that repurchases of common shares pursuant to the NCIB may
represent an appropriate and desirable use of the company's funds.
Therefore, Aimia believes that it is in its best interest to
proceed with this NCIB, while maintaining sufficient financial
flexibility to execute on the company's future strategic direction
and capital allocation priorities.
In the past twelve months, Aimia has sought approval for the
repurchase of 7,349,638 common shares and, during the past
twelve months, repurchased 543,276 common shares by way of a normal
course issuer bid on the open market through the facilities of the
TSX, and through alternative Canadian trading systems (such as
Alpha ATS), including block purchases at a weighted average price
paid of $4.86 per common share
(excluding commissions).
About Aimia
Aimia Inc. (TSX: AIM) is a holding company with a focus on
making long-term investments in public and private companies, on a
global basis, through controlling or minority stakes.
The company owns a portfolio of investments which include: a
48.9% equity stake in PLM Premier, S.A.P.I. de C.V. (PLM), owner
and operator of Club Premier, the coalition loyalty program in
Mexico that operates the
Aeromexico Frequent Flyer program, a 10.85% stake in Clear Media
Limited, one of the largest outdoor advertising firms in
China, a 48.9% equity stake in
Kognitiv, a B2B technology company enabling collaborative commerce,
a 12.2% equity stake in TRADE X, a global B2B cross-border
automotive trading platform as well as a wholly owned investment
advisory business, Mittleman Investment Management, LLC.
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. In some cases,
forward-looking statements are typically identified by the use of
terms such as "expects" and "expected". Forward-looking statements
in this press release include, but are not limited to, statements
with respect to our current and future plans, expectations and
intentions with respect to the normal course issuer bid and Aimia's
repurchases thereunder and the timing of such repurchases.
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 Discussion
and Analysis and Annual Information Form, each of which have been
or will be filed on SEDAR and can be accessed at www.sedar.com.
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 assumes 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.