Aimia Announces Appointment of Thomas Finke as Chairman of the Board
Aimia announces the appointment of Thomas Finke as chairman and also faces a takeover bid by Mithaq Capital. Find out more about these developments.
Aimia, the Canadian investment management company, has recently appointed Thomas Finke as the chairman of its board. In order to support its operations over the next two years, Aimia plans to raise up to 32.5 million Canadian dollars ($23.7 million) through a private placement. This strategic move will involve issuing up to 10.5 million shares and an equal amount of warrants to select investors, including current and former CEOs and executives of Fortune 500 companies.
To ensure the successful execution of its strategic investment plans and any potential contingencies, Aimia intends to utilize the raised capital. The private placement will provide the necessary financial resources for Aimia's operations over the next 12 to 24 months. Each common share and accompanying warrant will be issued at C$3.10, with each warrant exercisable at a price of C$3.70 a share.
Although shares have experienced a 4.6% decline year-to-date, closing at C$3.52 on Thursday, Aimia remains optimistic about its future prospects. The decision to initiate the private placement follows a thorough evaluation of available financing options and extensive negotiations with potential investors.
Aimia is excited to have Thomas Finke on board as the new chairman and looks forward to leveraging his expertise in advancing the company's strategic goals. With the additional funding secured, Aimia is well-positioned to drive growth and navigate any challenges that may arise in the coming years.
Aimia, a Canadian investment management company, has announced the appointment of a new chairman, Finke. With a strong background in finance and governance, Finke previously served as chairman and CEO of Barings from 2016 to 2020. In addition to his role at Aimia, Finke is also involved in various organizations such as the National Math and Science Initiative and Davidson College.
Currently, Aimia is facing a takeover bid by Mithaq Capital, the office of the Al Rajhi family, and the company's largest investor. Mithaq has initiated an all-cash bid to acquire Aimia, offering C$3.66 per share for the remaining stock it does not already own.
The relationship between Mithaq and Aimia has been tense for several months. Aimia has expressed concerns that Mithaq and its affiliates are attempting to gain control of the company for their own interests. In response, Aimia has filed a lawsuit against Mithaq, alleging breaches of the Securities Act in Ontario. The trial for this lawsuit is scheduled to commence in early January.
To address the takeover bid, Aimia's board has formed a committee consisting of independent directors. This committee will carefully consider the options available to Aimia, including alternatives that had been actively pursued prior to the bid.
Despite these ongoing developments, Aimia remains focused on navigating this challenging period and making decisions that align with the best interests of its shareholders.
Please direct all inquiries and communications to Adriano Marchese.