In This Article:
TORONTO, Feb. 26, 2025 /CNW/ - Aimia Inc. (TSX: AIM) ("Aimia" or the "Company") announced today that it does not intend to exercise its right to redeem its currently outstanding Cumulative Rate Reset Preferred Shares ("Series 1 Shares") (TSX: AIM.PR.A) on March 31, 2025.
The Company also announced that due to the results of its Substantial Issuer Bid completed on January 30, 2025, where an aggregate of 4,528,157 Series 1 Shares were tendered in consideration for 9.75% senior unsecured notes, there are currently 606,658 Series 1 Shares outstanding. In accordance with the terms of the Series 1 Shares, as there are less than 1,000,000 Series 1 Shares outstanding, none of the Series 1 Shares will be eligible for conversion into Cumulative Floating Rate Preferred Shares, Series 2 ("Series 2 Shares") on March 31, 2025 (since any such conversion would result in less than 1,000,000 Series 2 Shares being outstanding).
As a result of the foregoing, the quarterly dividend rate for Series 1 shares will be reset for the 5-year period from March 31, 2025 to March 30, 2030 based on the sum of the 5-year Government of Canada bond yield on the 30th day prior to start of the fixed rate period plus 3.75%.
The reset dividend rate applicable to the Series 1 Shares will be announced by a news release on or about March 3, 2025.
Holders of Series 1 Shares are entitled to receive quarterly fixed cumulative preferential cash dividends as and when declared by Aimia's Board of Directors.
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, enhancing the value of our core holdings, and returning capital to its shareholders.
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 Aimia's current expectations, estimates, projections, assumptions and beliefs. All information that is not clearly historical in nature may constitute forward-looking statements. Forward-looking statements are typically identified by the use of terms such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would" and "should", and similar terms and phrases, including references to assumptions.