Aimia announces substantial issuer bid for series 1, 2, 3 preferreds

By Wendy Van Sickle

Columbus, Ohio, Nov. 18 – Aimia Inc.’s board of directors approved substantial issuer bids for three series of its preferred shares, according to a news release.

The company may repurchase for cancellation up to C$31.25 million of its cumulative rate reset preferreds, series 1 and series 2, each at a fixed price of C$17.20.

It may also repurchase and cancel up to C$31.25 million of its cumulative rate reset preferreds, series 3, at a fixed price of C$19.00 a share.

Holders of preferred shares of record at the close of business on Dec. 24 will be entitled to receive on Dec. 31 the dividends declared by the board on Oct. 28 regardless of whether they submit their preferreds for repurchase under the issuer bids.

The total consideration, including accrued dividends is C$17.4813, C$17.5395 and C$19.3757 for the series 1, 2 and 3 preferreds, respectively.

Their Nov. 15 closing prices on the Toronto Stock Exchange was C$17.73, C$18.00 and C$19.83 for the series 1, 2 and 3 preferreds, respectively.

The offers for the preferreds each expire on Dec. 27 at 10 p.m. ET.

The board also approved the company to repurchase and cancel up to C$62.5 million of its common shares at C$4.25 apiece through 5 p.m. ET on Dec. 30. The common shares closed at C$3.63 on the Toronto Stock Exchange on Friday.

BMO Capital Markets is the financial adviser and dealer manager for the offers.

AST Trust Co. is the depository agent.

Aimia is a Montreal-based marketing and loyalty analytics company.

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