(All figures in Canadian dollars unless otherwise
Net proceeds of up to $564 million or $6.13 per common share, including an
TORONTO, July 15,
2022 /CNW/ - Aimia Inc. (TSX: AIM), is pleased to
confirm the closing of the PLM transaction.
Aimia Holdings UK Limited and Aimia Holdings UK II Limited have
received $537 million in net cash
proceeds, subject to certain post-closing adjustments. In addition,
an earn-out in an amount of approximately $27 million on a net basis, is payable to Aimia
Holdings UK Limited and Aimia Holdings UK II Limited in cash should
the PLM loyalty program achieve certain targeted annual gross
billings amounts by 2024.
Phil Mittleman, CEO of Aimia,
said: "Today is an important day for Aimia stakeholders. Having
weathered a pandemic, Aeromexico's bankruptcy, and the recent
dislocations in world markets, Aimia is extremely well positioned
to deploy these substantial cash proceeds towards the acquisition
of established businesses with long track records of growth and
free cash flow generation. As we carry out these acquisitions, we
intend to utilize over $700 million
in capital and operating losses we have available to enhance our
after-tax returns. In addition, we will continue to
opportunistically utilize our NCIB to repurchase our common
Mr. Mittleman added, "I would like to thank Aeromexico and the
PLM team for our long and successful partnership, their careful
management of PLM and the airline through the most difficult period
in aviation history, and their tireless efforts to structure and
execute this transaction. We wish Aeromexico tremendous
success moving forward with Club Premier as a wholly owned loyalty
The terms of the transaction are in US dollars. The Canadian
dollar amounts have been translated at a USD/CAD exchange rate of
1.309 as of July 15, 2022.
Approximate consideration per common share is calculated on the
basis of 91,944,936 common shares outstanding as of July 15, 2022.
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 the earn-out, post-closing adjustments, the
deployment of the cash proceeds from the transaction, the use and
availability of our tax assets and the use of our NCIB.
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.
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
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
For more information about Aimia, visit www.aimia.com.
SOURCE Aimia Inc.