Aimia to hold special meeting in January on request to replace directors

MONTREAL — Aimia Inc. says it will hold a special meeting of shareholders in January to vote on the removal of four current directors as demanded by some unhappy investors.

The meeting will take place Jan. 24 with shareholders as of Dec. 23 being allowed to vote.

The attempt to overthrow half of the board, which presided over the sale of its flagship Aeroplan rewards program earlier this year for $450 million as well as months of turmoil around control of the company, was requested by a group dubbed Aimia Shareholders for Accountability that holds at least five per cent of shares.

Charles Frischer, a Seattle-based investor, has called for himself and three others to replace chairman Bill McEwan, chief executive Jeremy Rabe and directors Thomas Gardner and Robert Kreidler, all of whom came on board within the past three years.

Aimia has lost about 70 per cent of its stock value since Dec. 1, 2016, when McEwan and Gardner joined the board, Frischer has noted.

He has also pointed to its money-losing loyalty businesses, which saw a net loss of $74.9 million last year.

Last summer, Frischer demanded a redo of the annual general meeting in June, which he characterized as “plagued with irregularities.”

This report by The Canadian Press was first published Oct. 2, 2019.

Companies in this story: (TSX:AIM, TSX:AC)

The Canadian Press