MONTREAL — Aimia Inc. says that a previously announced repurchase of its preferred shares expires Friday, a few days earlier than a buyback of common shares that was announced at the same time in November.
The former owner of the Aeroplan loyalty points system, which has been sold to Air Canada, says its offer to buy back $62.5 million preferred shares formally expires at 10 p.m. ET Friday but online transfers will only be accepted to 1 p.m. ET.
A separate offer to repurchase $62.5 million of Aimia common shares will expire Monday at 5 p.m. ET.
The $125 million of buybacks were announced Nov. 18 along with a deal that settled disagreements with two groups of shareholders.
Philip Mittleman, the company’s largest shareholder, and Aimia chief executive Jeremy Rabe will be the only two incumbents to stand for re-election at the company’s 2020 annual meeting.
Charles Frischer, leader of a dissident shareholder group, will be nominated to the board by Mittleman Brothers LLC, which has said it didn’t plan to tender any of its common stock to the buyback.
This report by The Canadian Press was first published Dec. 27, 2019.
Companies in this story: (TSX:AIM)
The Canadian Press