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Aimia discloses preliminary results of substantial issuer bid

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Aimia discloses preliminary results of substantial issuer bid

Aimia Inc. expects to purchase for cancellation 34,883,716 common shares for C$4.30 each, recording a total purchase consideration of roughly C$150 million, in its substantial issuer bid that expired at 5 p.m. ET on May 21.

Based on the preliminary report, around 57,116,401 common shares were validly tendered. As the offer was oversubscribed, shareholders who made auction tenders at or below the purchase price of C$4.30 are expected to have around 77.2% of their tendered shares to be repurchased and those who made proportionate tenders will have the requisite number of shares to be repurchased.

Aimia said the common shares expected to be repurchased represent around 22.9% of its outstanding shares at the time the substantial issuer bid was announced.