Author Topic: AIM.TO - Aimia  (Read 129232 times)

Cigarbutt

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Re: AIM.TO - Aimia
« Reply #530 on: September 11, 2019, 05:26:55 AM »
Cardlytics goes ahead with a seasoned offering which includes selling shareholders (but not Aimia). It's priced at 34$ and gross proceeds of 51M are expected. At the end of Q2, their net debt was -6.0M.
https://seekingalpha.com/pr/17628300-cardlytics-announces-pricing-public-offering-common-stock

The Mittleman team lines up its defense with a counterclaim and all. While exercising control or direction on 23.5% of shares, they seem to have relatively little influence on the evolving picture. I think it's time these guys come to terms over a beer.
https://finance.yahoo.com/news/mittleman-brothers-file-statement-defence-193200946.html


movys

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Re: AIM.TO - Aimia
« Reply #531 on: September 11, 2019, 09:26:00 AM »
anybody know if the complaints are public?

i don't put much stock in Mittleman's demands for CAD125M, though i'm curious about how they are arriving at that figure.  don't love the idea of Mittleman extracting compensatory damages from Aimia's coffers while the rest of us watch the share price fall...

"It is extremely disappointing that Aimia's board of directors (the "Board") has chosen to waste corporate assets through a campaign of litigation and entrenchment, rather than undertake meaningful engagement with its largest shareholder," said Chris Mittleman, Chief Investment Officer of Mittleman.

sound like Mittleman is open to a deal.

am also surprised we haven't yet heard from the Frischer group.  they are in touch with Mittleman so if Mittleman is making progress with mgmt I imagine they could keep Frischer at bay for the time being.


Cigarbutt

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Re: AIM.TO - Aimia
« Reply #533 on: September 12, 2019, 06:28:16 PM »
nothing stops this train...

https://finance.yahoo.com/news/aimia-shareholders-accountability-requisition-special-151626620.html

https://finance.yahoo.com/news/aimia-acknowledges-receipt-requisition-shareholder-181600146.html
The following excerpt from the 'acknowledgement' was interesting:
"Further, out of concern that the early warning reporting and takeover bid requirements under applicable securities laws, regulations and rules may not have been complied with, to the potential detriment of Aimia shareholders, Aimia sent a letter earlier this week to the members of the Frischer Group, Mittleman and certain other shareholders requesting particulars of any and all coordination activities, contacts and communications among such persons.  The company intends to take any and all appropriate action in the event any or all such persons have not fully complied with the regulatory regime." (my bold)

I guess they're 'concerned' about being ejected also and the comments lately suggest the possibility of take-over bid tactics (hostility vs defense).

Also, the Cardlytics offering may close as early as tomorrow and the underwriters are paying 32.30 per share. Let's see if Aimia can do better.