TORONTO, May 30, 2024
/CNW/ - Aimia Inc. (TSX: AIM) announced today that its Board of
Directors has authorized a Normal Course Issue Bid ("NCIB") to
purchase for cancellation up to 10% of its public float of common
shares or approximately 7 million common shares, subject to the
approval of the Toronto Stock Exchange ("TSX"). Aimia intends to
file a notice of intention with the TSX in this regard.
Aimia's decision to approve the NCIB is consistent with its
priorities announced on May 15, 2024,
and reflective of the Company's commitment to return capital to
shareholders.
Subject to the approval of the TSX, it is expected that the NCIB
will begin on or about June 6,
2024 and will end at the latest on or about June 5, 2025. Purchases made on the open market
through the facilities of the TSX and alternative Canadian trading
systems will be made at the prevailing market price at the time of
purchase. 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 Aimia had 99,679,614 issued and outstanding
common shares. The Company's public float for determining the
number of shares available for purchase and cancellation, pending
TSX approval, was estimated at 70 million common shares as at
May 28, 2024. Aimia will only make
purchases under the NCIB once all regulatory approvals are
obtained.
Aimia will retain 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. However, Aimia intends to enter into
a pre-defined plan (the "Plan") with its broker 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. The Plan will be adopted in accordance with applicable
laws and is subject to the approval of the TSX.
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
capital. Aimia believes it is in its best interest of shareholders
to proceed with the NCIB given that its availability liquidity is
sufficient 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 the approval of the NCIB by the TSX, the timing and
size of the NCIB, the number of common shares that can be purchased
under the NCIB, our current and future plans, expectations and
intentions with respect to the NCIB and Aimia's repurchases
thereunder and the timing of such repurchases and the Plan and its
approval by the TSX.
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.sedarplus.ca.
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.