TORONTO, May 29, 2024 /CNW/ - Aimia Inc. (TSX: AIM) announced today that it has received $32.9 million in cash related to the earn-out associated with the sale of its 48.9 percent stake in PLM Loyalty to Aeromexico in 2022.
"Receiving the earn-out proceeds from the PLM transaction provides additional liquidity to return capital to our shareholders in line with of our recently announced strategic direction," said Tom Finke, Aimia's Executive Chairman. "We will now proceed with the planned launch of a normal course issuer bid with an amount and timeline to be finalized pending appropriate approvals."
Aimia's sale of its minority interest in PLM Loyalty for $537 million closed in July 2022. Proceeds from the transaction were used by the Company to launch a normal course issuer bid in 2002 and complete the acquisitions of its core businesses, Bozzetto Group and Cortland International, in 2023.
About Aimia
Aimia Inc. (TSX: AIM) is a diversified company focused on unlocking the growth potential of its two global businesses, Bozzetto, a sustainable specialty chemicals company, and Cortland International, a rope and netting solutions company. Headquartered in Toronto, Aimia's priorities include monetizing its non-core investments, returning capital to its shareholders, and efficiently utilizing its loss carry-forwards to create shareholder value.
For more information about Aimia, visit www.aimia.com.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" within the meaning of Canadian securities laws ("forward-looking statements"), which are based upon our current expectations, estimates, projections, assumptions and beliefs. All information that is not clearly historical in nature may constitute forward-looking statements. In some cases, forward-looking statements are typically identified by the use of terms such as "expects" and "expected". Forward-looking statements in this press release include, but are not limited to, statements with respect to the approval of the NCIB, the timing and size of the NCIB, the number of common shares that can be purchased under the NCIB, our current and future plans, expectations and intentions with respect to the NCIB and Aimia's repurchases thereunder and the timing of such repurchases.
Forward-looking statements, by their nature, are based on assumptions and are subject to known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the forward-looking statement will not occur. The forward-looking statements in this press release speak only as of the date hereof and reflect several material factors, expectations and assumptions. Undue reliance should not be placed on any predictions or forward-looking statements as these may be affected by, among other things, changing external events and general uncertainties of the business. A discussion of the material risks applicable to us can be found in our current Management Discussion and Analysis and Annual Information Form, each of which have been or will be filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and we disclaim any intention and assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Aimia Inc.
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