MONTREAL — An Aimia Inc. shareholder is calling for a redo of last month’s annual general meeting, which he says was “plagued with irregularities” and “outrageous conduct.”
Charles Frischer, who says he speaks for a group of shareholders and holds 1.6 per cent of the company’s outstanding shares, says 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.
Frischer also questions whether chairman Bill McEwan held enough discretionary proxies to govern votes on all matters. He argues the board’s recent decisions have “destroyed shareholder value,” and that the future of the loyalty analytics company is “at risk.”
Aimia says in an email that the June 28 meeting was conducted by the book and that directors and executives took questions from shareholders afterward.
A spokeswoman says a do-over would be “redundant,” and that directors continue to act in the best interest of stakeholders.
In January, shareholders voted to approve the $450-million sale of Aimia’s Aeroplan loyalty program to Air Canada, leaving the Montreal-based company with more than $1 billion in cash but also questions about its future.
Companies in this story: (TSX:AIM, TSX:AC)
The Canadian Press