TORONTO, Feb. 14,
2024 /CNW/ - Aimia Inc. ("Aimia") announced today
that it has filed an application ("Application") with the
Capital Markets Tribunal ("CMT"), a division of the Ontario
Securities Commission, requesting an order declaring that Mithaq
Capital SPC ("Mithaq") breached Ontario securities law and directing Mithaq to
comply with National Instrument 62-104 Take-over Bids and Issuer
Bids.
As set out in Aimia's Application, as a result of prior trading
activity by Mithaq and its joint actors, Mithaq ought to have made
a take-over bid to all holders of common shares of Aimia
("Common Shares") at a price of $4.13 per Common Share, well in excess of the
$3.66 offered in the hostile tender
offer commenced by Mithaq on October 5,
2023.
A preliminary hearing of the CMT has been scheduled for
February 15, 2024, at 9:30 a.m. to discuss scheduling of the
Application.
The special committee of Aimia's board of directors has not yet
made a determination on the adequacy of any offer that Mithaq may
be required to make as a result of the Application. Aimia's board
of directors continues to recommend the rejection of Mithaq's
undervalued offer of $3.66 per Common
Share. Any subsequent offer to acquire Aimia shares will be
evaluated if and when it is received.
Advisors
Norton Rose Fulbright Canada LLP is acting as legal counsel to
Aimia. Kingsdale Advisors is acting as strategic shareholder
advisor to Aimia.
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 or 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 the application
filed by Aimia with the CMT and related matters. 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.
While Aimia considers these factors, expectations and assumptions
to be reasonable, actual events or results could differ materially
from the results, predictions, forecasts, conclusions or
projections expressed or implied in the forward-looking statements.
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.sedarplus.ca. Aimia cautions
that the list of risk factors included in such Management
Discussion and Analysis is not exhaustive. 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.