|Bid||3.6000 x 0|
|Ask||3.6200 x 0|
|Day's Range||3.5150 - 3.6200|
|52 Week Range||2.9900 - 4.5800|
|Beta (3Y Monthly)||2.71|
|PE Ratio (TTM)||0.55|
|Earnings Date||Aug 14, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||4.38|
MONTREAL, Sept. 12, 2019 /CNW/ - Loyalty and travel-focused consolidator Aimia Inc. (TSX:AIM.TO - News) today announced that Charles Frischer and other parties, claiming to own not less than 5% of the company, (together, the "Frischer Group") has requisitioned a special meeting of Aimia's shareholders to consider several proposed resolutions, including the election of four new directors to replace four existing directors.
MONTREAL — A group of shareholders at Aimia Inc. is seeking to overthrow half of the board, which presided over the sale of its flagship Aeroplan rewards program earlier this year as well as months of turmoil around control of the company.The group, dubbed Aimia Shareholders for Accountability, filed a formal requisition with the company Thursday demanding a special meeting to replace the four longest-serving directors "in the interest of long-suffering investors."Charlie Frischer, a Seattle-based investor who speaks for the group, is calling for himself and three others to take the place of chairman Bill McEwan, chief executive Jeremy Rabe and directors Thomas Gardner and Robert Kreidler, all of whom came on board within the past three years.Aimia has lost about 70 per cent of its stock value since Dec. 1, 2016, when McEwan and Gardner joined the board, Frischer noted. He also pointed to its money-losing loyalty businesses, which saw a net loss of $74.9 million last year."Canadian shareholders deserve better. All shareholders deserve better. What we're offering is a more sensible, sane plan of not investing more money in loyalty, which has never shown an ability to profitably over time be a viable business," Frischer said in a phone interview.He said his first move would be to sell, spin off or downsize the loyalty business and work to boost the stock price through share buybacks before any further acquisitions, relying for income on Aimia's 48 per cent stake in Aeromexico's loyalty program, PLM, and its 20 per cent share of AirAsia's loyalty program, Think Big.Frischer said he is "highly optimistic" shareholders will be able to repopulate the board.“I’ve probably heard from people that have 15 to 20 per cent of the shares that have said, ‘We support what you're doing...The course that management is taking is not acceptable to us. We do not believe in their skill set and we don't believe in their strategy.'"Frischer said he and another of the would-be directors have a combined stake in the beleaguered company of at least five per cent, enough to request the meeting.Aimia acknowledged the requisition and said it will respond after reviewing it, stating that shareholders "are not required to take any action at this time.""Aimia, under the leadership of a strong and renewed board of directors, has undergone significant positive change over the past 12 months with the input of its shareholders and other stakeholders, and is making good progress with its new strategic direction," the company said in a press release.The call for a boardroom overhaul comes as the latest development in an ongoing battle over control of the Montreal-based firm.Last summer, Frischer demanded a redo of the annual general meeting in June, which he characterized as "plagued with irregularities."Earlier this week Mittleman Brothers LLC, Aimia's largest investor — which had "observed the same irregularities" — filed a countersuit against the loyalty company and six current and former members of the board.In its lawsuit in July, Aimia accused Mittleman, which owns more than 23 per cent of the company, of continuing to advocate for radical change during a "standstill agreement" and attempting to orchestrate a covert campaign to encourage other shareholders to withhold their support for Aimia's nominees at the 2019 annual meeting.Aimia sold the Aeroplan rewards business to Air Canada earlier this year for $450 million, leaving it with significant cash on hand but also questions about its future.Aside from Frischer, Aimia Shareholders for Accountability nominated three would-be board members: Joel Schachter, a retired Goodmans law firm partner; David Rosenkrantz, co-founder of merchant banking firm Patica Corp.; and Michael Lehmann, founder of private partnership LARC Capital Holdings LLC. Companies in this story: (TSX:AIM, TSX:AC)Christopher Reynolds, The Canadian Press
New board will revitalize Aimia. Fully independent nominees bring superior capital allocation skills, public company, financial and legal expertise to work in the interest of long-suffering shareholders who have lost over 80% of the value of their investment over the last five years. This proposed slate includes four new directors and four existing directors on the Aimia Board. The new directors include Joel Schachter (proposed Chairman), David Rosenkrantz, Charles Frischer and Michael Lehmann.
Mittleman also filed a counterclaim today with the Ontario Superior Court against Aimia, as well as against current and former directors William G. McEwan, Jeremy Rabe, Thomas D. Gardner, Robert C. Kriedler, Emma Griffin and Robert E. Brown, seeking, among other remedies, an aggregate of CAD$125 million in compensatory and punitive damages for breach of contract and defamation as well as CAD$30 million in compensatory damages from current and former directors Jeremy Rabe and Robert E. Brown for tortious misrepresentations in connection with the sale of Aeroplan to Air Canada. Mittleman will vigorously pursue its defence and counterclaims against Aimia and its current and former directors.
MONTREAL — Aimia Inc. has sold roughly half of its investment in Cardlytics Inc. for about $59.8 million as the loyalty rewards company tries to accrue more cash for bolt-on acquisitions following the sale of its Aeroplan business.The company announced Monday it sold 1.5 million shares for net proceeds of roughly US$44.9 million.Aimia still has 1.478 million shares in Cardlytics which uses purchase data from financial institutions to help banks and marketers. The Atlanta-based Cardlytics, whose stock hit new highs topping US$34 this month, went public in February 2018 with an IPO price of US$13.Aimia said it will continue to evaluate its remaining investment in Cardlytics against its strategy as a consolidator in the loyalty and travel business as it charts a post-Aeroplan course.The deal comes as Aimia continues to quarrel with its largest shareholders.The company filed a statement of claim last month against Mittleman Brothers LLC accusing the dissident investor of violating a contracted truce, the latest move in a battle over control of the company's board of directors.Aimia said Mittleman continued to push for change at the company throughout the truce and tried to orchestrate a covert campaign encouraging other shareholders to withhold their support for Aimia's nominees at the 2019 annual meeting.Those board members backed a strategy to buy up loyalty analytics firms with the windfall from the sale of Aimia's flagship Aeroplan program to Air Canada earlier this year.Chief executive Jeremy Rabe said earlier this month that the company is "in active discussions with a number of potential companies," adding that it was too early to predict whether any would result in purchase deals.Christopher Mittleman, Mittleman Brothers' chief investment officer, has said the legal claims are baseless and the lawsuit is "appalling in its wastefulness and reprehensible for its falsities."Aimia's assets include a 48.9 per cent stake in PLM, the loyalty program for Aeromexico — which threatened to cut ties with Aimia last month — and a 20 per cent share of AirAsia's loyalty program, Think Big.The company continues to face questions about its future, as its two main loyalty segments lost $74.9 million in core adjusted earnings last year, resulting in a net loss of $72 million. Companies in this story: (TSX:AIM, TSX:AC)The Canadian Press
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES / MONTREAL , Aug. 26, 2019 /CNW Telbec/ - Aimia Inc. (TSX: AIM) today announced the sale of approximately half of ...
Every investor in Aimia Inc. (TSE:AIM) should be aware of the most powerful shareholder groups. Generally speaking, as...
MONTREAL — The head of Aimia Inc. says its legal battle against its largest shareholder has not hampered the loyalty company's hunt for bolt-on acquisitions as it charts a new course after the sale of its Aeroplan business."We continue to be focused on executing M&A strategy. We've seen robust deal flow since we announced the strategy. We continue to see that," said chief executive Jeremy Rabe on a conference call with analysts, responding to a question about whether Aimia plans had "been impacted by the noise that led to the lawsuit."Last month the company filed a statement of claim against Mittleman Brothers LLC, which owns 23.3 per cent of Aimia shares, accusing the dissident investor of violating a contracted truce, the latest move in a battle over control of the company's board of directors.Aimia says Mittleman continued to push for radical change at the company throughout the truce and tried to orchestrate a covert campaign encouraging other shareholders to withhold their support for Aimia's nominees at the 2019 annual meeting.Those board members backed a strategy to buy up loyalty analytics firms with the windfall from the $516-million sale of Aimia's flagship Aeroplan program to Air Canada earlier this year."While it's too early to say whether any of these targets will make it through the robust capital allocation process that we've established, we are in active discussions with a number of potential companies," Rabe said.Christopher Mittleman, Mittleman Brothers' chief investment officer, has said the legal claims are baseless and the lawsuit is "appalling in its wastefulness and reprehensible for its falsities."Last quarter, Aimia signed a multi-year contract to deploy its loyalty program at ISS, an Asian retailer that operates supermarkets and health and home furnishing stores. Aimia also inked consulting and analytics contracts in Australia with a spa company and a fashion retailer as well as a fashion outlet in Canada, Rabe said.The past two years have been turbulent for the Montreal-based company.Former CEO Rupert Duchesne stepped away from the job in January 2017, replaced first by David Johnston and then in May 2018 by Jeremy Rabe. A bitter mediation battle broke out last year between the company and former president and chief strategy officer Nathaniel Felsher, who left in November less than three months after he took the job.A separate group of shareholders has raised objections to how the company conducted its annual meeting last month, calling unsuccessfully for it to be held again.The group, dubbed Aimia Shareholders for Accountability, said the chairman refused to conduct votes or take questions and allowed security guards to intimidate shareholders who attempted to speak, with one being "forcibly" removed.Rabe said Wednesday he continues to aim for core adjusted profits "during 2020."Analyst Drew McReynolds of RBC Dominion Securities said both revenue and adjusted core losses last quarter were worse than expected, but noted Aimia is in a "transition year."In its latest quarter Aimia earned $43.5 million, boosted by gains related to investments.The company said the profit amounted to 29 cents per share for the quarter ended June 30, compared with a profit of $11.1 million or four cents per share a year ago.Revenue from continuing operations fell to $31.0 million compared with $42.8 million in the same quarter last year.On an operating basis, Aimia reported a loss of $21.7 million from continuing operations for the quarter compared with an operating loss of $39.5 million a year earlier.The company had a negative free cash flow of $56 million from continuing operations, compared with negative cash flow of $28.2 million in the second quarter of 2018.Aimia sold the Aeroplan program to Air Canada in January, leaving it with significant cash on hand but also questions about its future.The company's other assets include a 48.9 per cent stake in PLMA, the loyalty program for Aeromexico — which threatened to cut ties with Aimia last month — and a 20 per cent share of AirAsia's loyalty program, Think Big. Companies in this story: (TSX:AIM, TSX:AC)Christopher Reynolds, The Canadian Press
MONTREAL , Aug. 14, 2019 /CNW Telbec/ - Loyalty and travel-focused consolidator Aimia (TSX: AIM) announced today that the Board of Directors has declared quarterly dividends on all three series of its ...
MONTREAL , Aug. 14, 2019 /CNW Telbec/ - Aimia Inc. (TSX: AIM) today reported its financial results for the quarter ended June 30 , 2019. Chief Executive Officer, Jeremy Rabe , commented: "The second ...
NEW YORK, July 23, 2019 /CNW/ -- Mittleman Brothers LLC ("Mittleman" or "we" or "our"), a value-oriented investment firm which through subsidiaries and with affiliates is the largest shareholder of Aimia Inc. (TSX:AIM.TO - News) ("Aimia" or the "Company") owning or exercising control over approximately 23.2% of its outstanding shares, today commented on the recent action by Aimia's board (the "Board") to entrench themselves.
Aimia Inc. has filed a lawsuit against its largest shareholder that accuses the dissident investor of violating a contracted truce, the latest move in a battle over control of the company's board of directors. The loyalty rewards company said in the lawsuit filed Monday that Mittleman Brothers LLC agreed in March 2018 to a number of terms, including to refrain from seeking control of the board. However, it claims the New York investment firm, which owns 23.3 per cent of Aimia shares, began violating the terms almost immediately.Aimia board chairman Bill McEwan said in an interview that the lawsuit provides a way to tell shareholders the full story about what Aimia's board sees as an attempt by Mittleman to take over the company."We think the statement of claim is legitimate, appropriate, the right time, and provides us with a platform to illuminate all of the shareholders on the real intentions of the Mittleman agenda that we strongly believe do not represent the interests of all shareholders."Mittleman began to accumulate shares of Aimia in 2017 after Air Canada said it would not renew its partnership with Aimia's Aeroplan business. Aimia sold the Aeroplan business to Air Canada earlier this year for $450 million, leaving it with significant cash on hand but also questions about its future.The 2018 "standstill" agreement, which expired at the start of July, saw Mittleman agree to support Aimia's board slate in 2018 and 2019 and refrain from advocating publicly for changes. In exchange, Mittleman was given two board seats at Aimia. In the lawsuit filed with the Ontario Superior Court of Justice, Aimia accuses Mittleman of continuing to advocate for radical change at Aimia throughout the truce, and attempting to orchestrate a covert campaign to encourage other shareholders to withhold their support for Aimia's nominees at the 2019 annual meeting.Christopher Mittleman, chief investment officer of the investment firm, said in an emailed statement that the legal claims were baseless and the lawsuit is "appalling in its wastefulness and reprehensible for its falsities.""The only damaged parties here are Aimia's shareholders as ever more cash is diverted by this board from operations to frivolous lawsuits to counter legitimate shareholder concerns, protecting no stakeholder except for the directors and CEO."He said the firm will vigorously defend itself and respond more fully soon.A separate group of shareholders has raised objections to how the company conducted its annual meeting and have called for it to be done again.The group, dubbed Aimia Shareholders for Accountability, said the chairman refused to conduct votes or take questions and allowed security guards to intimidate shareholders who attempted to speak, with one being "forcibly'' removed.At the time of the meeting, Mittleman Brothers was subject to the standstill agreement with Aimia that required it to vote in favour of Aimia's director nominees and all other matters recommended unanimously by the board, the investment firm said. However, it noted that without its assent, nominees aside from Phil Mittleman would not have received support from the majority of shares voted.Mittleman warned that Aimia should not assume continued support following the standstill agreement, which ended July 1.Aimia's legal action seeks to prevent Mittleman from taking steps to remove or replace directors at Aimia that were elected at the 2019 annual meeting, as well as asking for $50 million in damages.The lawsuit comes days after Mittleman publicly objected to how Aimia appointed two board members just weeks after the annual meeting, where new board members are routinely elected.Mittleman said the company did not consult it on the appointed directors, who increase the board size by a third, seemingly at odds with the company's previously stated goal of reducing the board from nine members to six to cut costs.McEwan said the late appointments were simply a result of not having enough time to vet all board candidates before the meeting."There was no effort to get around shareholder democracy," he said.Aimia also launched a lawsuit in U.S. court earlier this year against its former president, alleging Nathaniel Felsher emailed trade secrets to his father, a New York-based investment adviser.The past two years have been turbulent for the Montreal-based company. Rupert Duchesne, Aimia's previous CEO, stepped away from the job in January 2017, replaced by Jeremy Rabe in May 2018. Former president and chief strategy officer Nathaniel Felsher left in November, less than three months after he took the job.Aimia's other assets include a 48 per cent stake in Aeromexico's loyalty program, PLM, and a 20 per cent share of AirAsia's loyalty program, Think Big. -With files from Christopher Reynolds Companies in this story: (TSX:AIM)Ian Bickis, The Canadian Press
MONTREAL, July 22, 2019 /CNW Telbec/ - Loyalty and travel-focused consolidator Aimia Inc. (TSX:AIM.TO - News) today announced that it has commenced legal action in Toronto before the Ontario Superior Court of Justice against the New York City-based hedge fund Mittleman Brothers, LLC and related parties (collectively, "Mittleman") (Docket Number: CV-19-00624108-0000), in the interests of defending the company and shareholders from continued breaches of contract, other unlawful and destructive interference and ongoing, self-interested proposals to seize control of the company and its assets. In addition, the Statement of Claim sheds light on Mittleman's self-interested agenda, evidenced by numerous proposals from Mittleman including to merge Aimia with Mittleman, have Mittleman take control of Aimia's cash and use Aimia's cash to acquire other Mittleman investments.
Grupo Aeromexico is reviewing its partnership with Aimia Inc., the latest problem for the loyalty analytics company which is facing a fight with a group of its shareholders. Aeromexico holds a 51.9 per cent stake in PLM Premier which runs Club Premier, the airline's frequent flyer program. Aimia holds the remaining stake.
MONTREAL , July 17, 2019 /CNW Telbec/ - Aimia Inc. (TSX: AIM) will issue its second quarter 2019 financial results at 6:00 a.m. EDT on the morning of Wednesday, August 14, 2019 , and hold its quarterly ...
MONTREAL, July 17, 2019 /CNW Telbec/ - Aimia Inc. (TSX:AIM.TO - News), a loyalty and travel-focused consolidator, today responded to statements made by Grupo Aeromexico S.A.B. de C.V. ("Aeromexico") regarding Aimia's 48.855% stake in PLM Premier, S.A.P.I. de C.V. ("PLM"), the owner and operator of Aeromexico's Club Premier frequent flyer program. Aimia notes that PLM Premier has been a highly successful partnership. Aimia's involvement in the development and execution of the PLM program has been critical to the program's management and profitability leading to the increase in distribution to both Aeromexico and Aimia announced earlier this year.
Aimia Inc. has launched a lawsuit in a U.S. court against its former president after Nathaniel Felsher allegedly emailed "trade secrets" to his father, a New York-based investment adviser. The lawsuit claims Felsher sent emails that included confidential drafts of a bid from a potential buyer to his father last October, six weeks after Aimia announced a tentative deal to sell its flagship Aeroplan rewards program to Air Canada. Aimia dismissed its former president last November, after he was in the position for less than three months.
Investor Charles Frischer, on behalf of a group of concerned shareholders (the "Aimia Shareholders for Accountability") of Aimia Inc. ("Aimia" or the "Corporation"), today thanked the many shareholders who have reached out to express support for the Aimia Shareholders for Accountability’s actions in making public their concerns with respect to the current board of directors’ (the “Board”) lack of respect for the rights of shareholders.
The largest shareholder of Aimia Inc. raised objections Tuesday regarding how the company went about appointing two new directors in the latest escalation of tensions between management and investors at the loyalty rewards company. Mittleman Brothers LLC, which owns or controls about 23.3 per cent of Aimia's outstanding shares, said the company did not consult it on the directors it appointed Monday. The investment firm says its representative on the board — Phil Mittleman — was only told of the proposed appointments on Sunday and formally dissented.
Aimia Inc. has named two new independent directors with investment banking experience to its board. The loyalty rewards company says it has added Dieter Jentsch and Frederick Mifflin to its board, effective immediately. Jentsch is a former Scotiabank executive who most recently served as group head of global banking and markets, where he oversaw the bank's corporate and investment banking business.
MONTREAL, July 15, 2019 /CNW Telbec/ - Aimia Inc. (TSX:AIM.TO - News) announces that it has added two new independent directors, Dieter Jentsch and Frederick Mifflin, to its Board, effective immediately.
Looking for big upside? This group of beaten-down penny stocks, including Bombardier, Inc. (TSX:BBD.B), might provide the pop you're looking for.