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TORONTO, April 14, 2025 /CNW/ - Aimia Inc. (TSX: AIM) ("Aimia" or the "Company") announced today that as a result of Milkwood Capital's purchase of 5.9 million Aimia common shares held by Eagle 1250 Investment Group Inc ("Eagle") in a private transaction, the Company has terminated an Investor Rights Agreement ("Agreement") signed with Eagle, the lead investor of a private placement that closed in October 2023. The shares purchased by Milkwood represent approximately 6.2% of Aimia's issued and outstanding shares as at March 31, 2025. Aimia was informed of the closing of the private transaction earlier today.
Mr. Summerton was appointed Aimia's Executive Chairman on March 27, 2025. He is the founder and investor at Milkwood Capital, a fundamental value-driven asset manager based in Windsor, UK.
In October 2023, Aimia closed a private placement by a group of strategic investors of 10,475,000 Aimia common shares together with 10,475,000 common share purchase warrants for total gross proceeds of $32.5 million. The common shares were issued at $3.10 per share with the purchase share warrants at a $3.70 exercise price. The lead investor, Eagle, acquired 5,905,980 common shares and 5,905,980 purchase share warrants through the private placement.
With the termination of the Agreement, all rights granted to Eagle, including the right to nominate directors to Aimia's Board of Directors, are no longer in effect.
About Aimia
Aimia Inc. (TSX: AIM) is a diversified company focused on enhancing 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 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 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.