RE:RE:RE:Formal Valuation Posted In SedarThis is the reason they gave in the Valuation:
"Given that the Preferred Shares are perpetual in nature and not retractable by the investor, it would be inappropriate to deduct their par value (or redemption value) when determining the value of the Shares. Alexander Capital has therefore compared the trading values of the Preferred Shares to similar perpetual preferred shares traded in the market by examining their Running Yield, defined as the stated dividend (typically fixed for the next five or fewer years until the next Reset Date) divided by the market price per share. The Running Yield of the Preferred Shares, as shown in the table below, is observed to be in the range of 7.5% – 8%. Alexander Capital reviewed approximately 250 other preferred shares similar to Aimia’s and identified several issues which exhibit Running Yields in the same range as the Preferred Shares but which carry significantly better credit ratings, typically in the Pfd-3 (low) to Pfd-2 (low) range. Given the Preferred Shares carried weaker credit ratings of Pfd-5 and P-4 (low) from DBRS and S&P, respectively, before such ratings were withdrawn, the Preferred Shares could be viewed as being fully valued in the current market."