Aimia’s largest investor says dissident shareholders’ board picks ‘well-suited’

Aimia’s largest investor says dissident shareholders’ board picks ‘well-suited’
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NEW YORK — Aimia Inc.’s largest investor called the board nominees put forward by dissident shareholders at the company “qualified and well-suited” based on an initial review.

Mittleman Brothers LLC says it will “seek to engage” with the nominees as soon as the dissident shareholders’ information circular is mailed, to hear their ideas, share its views and determine the extent to which they might support them.

The investment manager says it is not part of the group that requisitioned the special shareholder meeting set for January, but is committed to assisting the company in improving the value of Aimia for all stakeholders.

Mittleman Brothers, which owns about 23.1 per cent of outstanding shares, says Aimia’s board should not assume continued support from the New York-based investment manager ahead of the meeting.

A coalition of shareholders announced last month they aim to overthrow half of the eight-member board, which presided over the sale of Aimia’s flagship Aeroplan rewards program earlier this year as well as months of turmoil around control of the company.

In September, Mittleman filed a counterclaim against the Montreal-based company and six current and former members of the board — including three directors that the shareholder group also wants out. The showdown in an Ontario court rebuts Aimia’s July lawsuit accusing the dissident investor of violating a contracted truce, part of a drawn-out battle over control of the board of directors.

Mittleman says it has asked the Toronto Stock Exchange to “closely monitor” the loyalty company’s dealings and require that “any acquisition, financing, issuance of securities, or other defensive tactic…be approved by shareholders.”

This report by The Canadian Press was first published Oct. 15, 2019.

Companies in this story: (TSX:AIM)

The Canadian Press

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