Aimia Inc T.AIM.PR.D

$310 Million US in Investments

[nozzpack]

That is excluding current cash from the PLM sales.

These investments, in particular Kognitiv, are not making us any money but declining in value to the value of $15 million US in Q1.

This negative performance by the Mittlrman boys is consistent with both the short term and long term ( 10 years ) negative performance of the Funds managemed by the same chaps.

In my view, what little value ( I see none )  is left in Kognitive will be /should/be written down to zero in the upcoming Q2 in August .

So, what we should do is quickly monetize these Investments and give half the cash to common shareholders as a tax efficient dividend and the remaining 50 % or so consolidated with the PLM cash and invested in solid free cash flowing companies with a wide moat.

To do so with comfort and confidence  that these funds are wisely invested, we need to remove the Mittlemans and those who received 25 % of more dissenting votes in the 2022 AGM from our BOD.

Essentially, a significant reduction in the BOD, removing all those involved in managing our remaining Investment Portfolio which becomes redundant with the monetization of that portfolio.

In essence, we become a hybrid dividend stock, combining growth and dividends in a debt free company.

Lean and mean and, using our tax loss pools, throwing off plenty of free cash flow to sustain dividends and modest funds for bolt on inorganic growth.

All of us need to send this message to management.

We hold the larger balance of shares in any vote..

[Hadituptohere]

I have numerous objections to current board and management decisions and have made those deep concerns known. However, I respectfully disagree with nearly every assertion you make here.  I have no objection to the holding company structure, I do not wish for any dividend of the magnitude you desire, and I do not want the carrying value of Kognitiv to be written down to anything less than a

[nozzpack]

I am not in disfavour with a quasi Dutch auction if the buy out value is above $7 but I don't see that happening. Surely you have looked at the rapidly deteriorating financial metrics of Kognitiv and the very optimistic assumptions on which future fair value is based. Common shares have dropped to just above $1,50 from $19.50 and no hope yet in sight for a turnaround. Growth over the past

[Konaboy]

Have to hang fully with Nozz on this one. These guys do not have any idea how to run a business, and Mr Market obviously thinks the same way. A chimp with cash and darts in 2008 would have tripled.  What have they done since?  Flat to decline.  Post covid?  Flat to decline. We are heading into a very turbulent period, if we wait for your crash-recovery scenario it will be a

[Hadituptohere]

You are each entitled to your viewpoints, but I need to say...your plan (to dissolve the holding company and distribute half of their cash as a dividend) is simply not financially sound and will receive no support from any institutional or professional investors. It is destructive to value to such an extent that it unfortunately calls into question the acumen of anybody proposing it. I do not

[nozzpack]

Hadi Said ..... "It languishes because EVERY Aimia board going back for at least three leadership groups has failed to make sound decisions, leaving behind an eroding asset base and worsening liquidity concerns. Mr. Market fears the  current one is doing the same.\"\\ This is exactly our point. So, waiting until we lose more of our equity investments makes no sence. Common

[Hadituptohere]

We are in the depths of a bear market. This is where all of the long term money is made by successful professional value investors. This money needs to be invested into liquid securities and grown on their balance sheet, not taxed and distributed. I will remain permanently at odds with you on this issue as well. If they issue a $3/sh dividend, the stock will automatically reset to a $3/sh lower

[nozzpack]

What is the point of doubling your net asset value but the market cap remains unchanged....the current situation. We dont own these investments , just equity and CD positions. Those can be liquidated and or sold to those who buy private equities. Why buy into an investment if liquidity is such that you cannot easily liquidate your position.....which is what you are saying. None of these pay a

[Commonguy]

I am glad you are here nozzpack with your honest intuitive explaination of the red flags we are all seeing.  nozzpacknozzpack

[Konaboy]

Hmmm ... the depths of this Bear keep getting ... deeper. https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-premarket-earnings-and-gas-worries-keep-europe-subdued/ And I struggle with the idea of the stock dropping by an amount equal to the dividend, given the current price.   Unless, and here is a thought, that the current price only reflects a

[nozzpack]

No, the problem is that the shorts remain in place with the complicity of management who needs a low share price for various reasons, including share buybacks. Its very easy by daily shorting and wolf pack wash trading to keep the price contained under normal volumes. They obviously read this Board because after my comment that the US Houses have the right to closing price ( code KQ ), there is a

[Konaboy]

Hadituptohere - any comments on the share price suppression??

[Konaboy]

But your second paragraph concisely explains why the disbursement and dissolution option is actually the best for shareholders.  Give away the liquid assets, and sell the shell for the tax loss credits - these are monetizable, not suggesting they be just flushed.  Let someone who actually knows what they are doing take them over, even at 50 cents on the dollar, we eliminate the Aimia

[Hadituptohere]

You cannot exit several hundred millions of dollars in private holdings that have no market.  You cannot distribute all the cash without paying off all of the preferred stock.  You cannot sell tax assets without triggering change of control laws which risk wiping them out.  You cannot do what you are saying, even if it were economically viable which is simply is not

[Konaboy]

All good, I know I sound disgruntled, this is definitely the stock that I love to hate :) I appreciate all of the info you are sharing, and appreciate that liquidation would not be trivial.  All the more frustrating that we are in this hole with the cash that they had, and the impression that we might go further in. Do you truly believe we are at the bottom of the bear now?

[Konaboy]

Hey all - just coming back from a few fun days splashing around in the Oil Patch, some fine returns to be made there!  Not for everyone mind you, only folks that like to make some good coin. I was going back over some of this history, and my Golden Retriever (his name is Kona - and yes, he's a boy, so there's that), pawed me and barked at the screen ... so I'll take a look at

[nozzpack]

Great combination for summer . Haditup felt that a Dutch Auction with a base of $7 would be very desirous and that would suit me fine. However, we have a whack of cash tied up in Investments that is earning us zilch. Unlock the value of those fallow funds by Liquidating  and allocate the funds to spin out to shareholders a wide moat dividend paying venture ( NewCo ) . Man, that would be

[cashworx22]

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