TORONTO, June 17, 2022 /CNW/ - Aimia Inc. (TSX: AIM) announces that it has received approval from the Toronto Stock Exchange (the TSX) respecting the establishment of a normal course issuer bid (NCIB).

Aimia has received approval to purchase for cancellation up to 7,780,322 of its common shares, or 10% of the public float of 77,803,228 common shares as at June 7, 2022, 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 21, 2022 to no later than June 20, 2023. 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 June 7, 2022, there were 91,944,936 issued and outstanding common shares.

The average daily trading volume on the TSX for the past six months was 172,851 common shares. Under TSX rules, a maximum daily purchase of 25% of this average may be made, representing 43,212 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 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.

In the past twelve months, Aimia has sought approval for the repurchase of 7,349,638 common shares and, during the past twelve months, repurchased 543,276 common shares by way of a normal course issuer bid on the open market through the facilities of the TSX, and through alternative Canadian trading systems (such as Alpha ATS), including block purchases at a weighted average price paid of $4.86 per common share (excluding commissions).

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: a 48.9% equity stake in PLM Premier, S.A.P.I. de C.V. (PLM), owner and operator of Club Premier, the coalition loyalty program in Mexico that operates the Aeromexico Frequent Flyer program, a 10.85% stake in Clear Media Limited, one of the largest outdoor advertising firms in China, a 48.9% equity stake in Kognitiv, a B2B technology company enabling collaborative commerce, a 12.2% equity stake in TRADE X, a global B2B cross-border automotive trading platform as well as a wholly owned investment advisory business, Mittleman Investment Management, LLC.

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 normal course issuer bid and Aimia's repurchases thereunder and the timing 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 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 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.

Copyright 2022 Canada NewsWire

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