Aimia’s issuer bid for series 1, 2 and 3 preferreds oversubscribed

By Angela McDaniels

Tacoma, Wash., Dec. 30 – Aimia Inc. announced the results of the substantial issuer bids for three series of its preferred shares.

The company expects to take up and purchase for cancellation 1,032,090 series 1 preferreds and 784,770 series 2 preferreds at a fixed price of C$17.20 per preferred for aggregate consideration of about C$31.25 million, according to a company news release.

The company also expects to take up and purchase for cancellation 1,644,737 series 3 preferreds at a fixed price of C$19.00 per preferred for aggregate consideration of about C$31.25 million.

The preferreds expected to be repurchased represent 26.3% of the issued and outstanding series 1 preferreds and series 2 preferreds (on a combined basis) and 27.4% of the issued and outstanding series 3 preferreds, in each case at the time that the offers were announced.

After giving effect to the offers, the number of issued and outstanding series 1 preferreds, series 2 preferreds and series 3 preferreds is expected to be 2,921,275, 2,161,865 and 4,355,263, respectively.

Based on the depositary's report, 3,358,838 series 1 preferreds, 2,559,520 series 2 preferreds and 3,970,400 series 3 preferreds were tendered in the offers.

Because the offers were oversubscribed, holders of series 1 preferreds, series 2 preferreds and series 3 preferreds can expect to have 30.7%, 30.7% and 41.4%, respectively, of their successfully tendered preferreds purchased by Aimia. This number excludes odd-lot tenders, which are not subject to proration.

The company said take-up and payment for all preferreds will be made as soon as practicable.

As previously reported, holders of preferreds 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 submitted their preferreds for repurchase under the issuer bids.

The offers began Nov. 18 and expired on Dec. 27 at 10 p.m. ET.

BMO Capital Markets is the financial adviser and dealer manager for the offers, and AST Trust Co. is the depository agent.

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

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