TORONTO, April 6,
2023 /CNW/ - Aimia Inc. (TSX: AIM) ("Aimia" or the
"Company") today provided the following statement in response to a
press release issued earlier today by Mithaq Capital SPC
("Mithaq").
Over the past month, Aimia has been investigating the misuse of
confidential information belonging to the Company and one of its
affiliates. The misuse involved an insider who was a former member
of the Company's board of directors and a senior officer of the
affiliate in breach of his legal obligations. The investigation
also uncovered what Aimia believes to be undisclosed joint actor
conduct relating to the acquisition and voting of Aimia
securities.
Upon uncovering this misconduct, Aimia's affiliate recently
terminated the insider and Aimia reported its concerns about
breaches of securities legislation to the relevant securities
regulatory authority. The Company is considering all legal options
available to it to protect shareholders and the integrity of the
market.
Mithaq and the terminated insider have previously lobbied the
Company to invest in public securities, including some in which
they hold an interest. Many of the investments they recommended
would have resulted in substantial losses to Aimia (including one
target that subsequently filed for bankruptcy) and an erosion of
value to shareholders. Instead, Aimia has continued to execute on
its strategy of making investments in companies with long track
records of EBITDA growth and free cash flow generation. This
includes our two recently announced acquisitions, which generated
over $72 million in adjusted EBITDA
in their most recent fiscal years.
Although Mithaq purports to not be engaging in solicitation
activities, Aimia understands that Mithaq has retained the services
of a proxy solicitation firm and that the terminated insider is
attempting to influence shareholders' votes in breach of his
obligations.
Aimia cautions shareholders about engaging with the terminated
former insider or Mithaq at this time.
Phil Mittleman, CEO, commented:
"It is unfortunate that a shareholder would pursue a change in
Aimia's strategy in this manner. We are proud to continue to
execute on our stated strategy to acquire control stakes in
high-quality companies that will generate significant cash flow and
growth for Aimia's shareholders for years to come. Consistent
with this strategy, Aimia remains focused on generating value
through targeted investments rather than speculating in public
securities that are often highly leveraged or in which a
shareholder already holds a significant interest.
We will remain vigilant in ensuring that Aimia's resources are
utilized for the benefit of all shareholders and not to the
exclusive benefit of some. Our strategy has already begun to bear
fruit, and the future for our shareholders has never been
brighter."
Advisors
Kingsdale Advisors is acting as strategic shareholder advisor
and communications advisor to Aimia. Norton Rose Fulbright
Canada LLP and Kramer Levin Naftalis
& Frankel LLP are acting as legal counsel to Aimia.
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: 100% ownership of
Tufropes, a global leader in the manufacturing of high-performance
synthetic fiber ropes and netting solutions for global aquaculture,
maritime, and other various industrial customers, a 10.85% stake in
Clear Media Limited, one of the largest outdoor advertising firms
in China, a 48.8% equity stake in
Kognitiv, a B2B company enabling global brands to redefine loyalty
with solutions for multi-enterprise collaboration, a 11.8% equity
stake in TRADE X, a global B2B cross-border automotive trading
platform. Subject to transaction closing, Aimia's investment
portfolio will also include Bozzetto Group, one of the world's
largest ESG-focused providers of specialty sustainable
chemicals.
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 the Company's
investigation of and response to Mithaq's and the terminated
insider's conduct. 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.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 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.