$5.60 per share addition in net Cash on July 18/22 The Definitive Agreement reflects the terms and conditions of the binding letter of intent as previously announced by Aimia on February 8, 2022. Separately, the Mexican antitrust authorities "COFECE" approved the transaction on June 16, 2022. The PLM transaction is expected to close on or about July 18, 2022, upon satisfaction of the remaining closing conditions, including finalization of the closing documentation set forth in the Definitive Agreement.
Upon closing of the PLM transaction, Aimia Holdings UK Limited and Aimia Holdings UK II Limited will receive approximately $531 million in net cash proceeds, subject to certain adjustments to be made post-closing pursuant to the Definitive Agreement.
In addition, an earn-out in an amount of approximately $27 million on a net basis, is payable to Aimia Holdings UK Limited and Aimia Holdings UK II Limited in cash should the PLM loyalty program achieve certain targeted annual gross billings amounts by 2024.
The terms of the transaction are in US dollars. The Canadian dollar amounts have been translated at the Bank of Canada USD/CAD exchange rate of 1.286 as of June 29, 2022.
Approximate consideration per common share is calculated on the basis of 91,944,936 common shares outstanding as of June 7, 2022.