TORONTO, June 4, 2024
/CNW/ - Aimia Inc. (TSX: AIM) ("Aimia" or the "Company")
announces that the Toronto Stock Exchange (the "TSX") has approved
its previously-announced normal course issuer bid ("NCIB").
The NCIB represents part of the Company's strategy of unlocking
shareholder value as has been identified as a key priority in
recent shareholder disclosures.
Aimia has received approval to purchase for cancellation up to
7,009,622 of its common shares, or 10% of the public float of
70,096,228 common shares as at May 28,
2024, through the facilities of the TSX and through
alternative Canadian trading systems (such as Alpha ATS), or by
exempt offers or block purchases, during the period from
June 6, 2024 to no later than
June 5, 2025. Purchases made on the open market through the
facilities of the TSX and alternative Canadian trading systems will
be at the prevailing market price at the time of acquisition. Aimia
may also purchase common shares for cancellation pursuant to
exemption orders from applicable securities regulatory authorities,
and such purchases will be at a discount to the prevailing market
price. As at May 28, 2024, there
were 99,679,614 issued and outstanding common shares. Aimia has not
repurchased any of its common shares during the last twelve
months.
The average daily trading volume on the TSX for the past six
months was 47,315 common shares. Under TSX rules, a maximum
daily purchase of 25% of this average may be made, representing
11,828 common shares. In addition, Aimia may make, once per week, a
block purchase (as such term is defined in the TSX Company Manual)
of common shares not directly or indirectly owned by insiders of
Aimia, in accordance with the regulations of the TSX. The common
shares purchased pursuant to the NCIB will be cancelled.
Transactions under the NCIB will depend on future market
conditions. Aimia has entered into an automatic share purchase plan
(the Plan") with the designated broker responsible for the
NCIB, to allow for the repurchase of common shares at times when
Aimia ordinarily would not be active in the market due to its
pre-scheduled blackout periods. Outside of such pre-scheduled
blackout periods, Aimia retains discretion whether to make
purchases under the NCIB, and to determine the timing, amount and
acceptable price of any such purchases, subject at all times to
applicable TSX and other regulatory requirements.
Aimia believes that the market price of its common shares may,
from time to time, not reflect the inherent value of the company,
and that repurchases of common shares pursuant to the NCIB may
represent an appropriate and desirable use of the Company's funds.
Therefore, Aimia believes that it is in its best interest to
proceed with this NCIB, while maintaining sufficient financial
flexibility to execute on the Company's future strategic direction
and capital allocation priorities.
About Aimia
Aimia Inc. (TSX: AIM) is a diversified company focused on
unlocking the growth potential of its two global businesses,
Bozzetto, a sustainable specialty chemicals company, and Cortland
International, a rope and netting solutions company. Headquartered
in Toronto, Aimia's priorities
include monetizing its non-core investments, returning capital to
its shareholders, and efficiently utilizing its loss carry-forwards
to create 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. 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 our current and future plans, expectations and
intentions with respect to the NCIB and Aimia's repurchases
thereunder, including the timing and amount of such
repurchases.
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 statements 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.
SOURCE Aimia Inc.