Another article from Seeking Alphahttps://seekingalpha.com/article/4081287-ready-aimia-sell
Basically, I don't understand how a change that takes place in 3 years should yield a company with a $300-million market cap if there is $556 million in cash and liquid investments, with only $450 million in debt, while the company will earn $220 million (guidance) for the next 3 years. Even if it misses the number badly, there's still a huge margin of safety here. That is, before considering the other programs outside of Aeroplan that are likely worth more than the entire enterprise value. There has been talk in the media of an increase in redemptions hitting liquidity - I'm sure that's happening to some extent and the redemption liability is a true liability - but the increased pace of redemptions is not enough to impair the company. In summary, in a situation with limited transparency in earnings over the next few years, along with a change-over in the C-suite, most investors have chosen to sell rather than actually evaluate the situation. Aimia is simply cheap and you get paid 40% a year to wait for others to realize this fact.