AIMIA PROVIDES RESPONSE TO MITHAQ'S STATEMENTS REGARDING UPCOMING ANNUAL MEETING OF SHAREHOLDERS
Mithaq recently nominated six directors for election at the AGM, representing a majority, and change of control, of the Board of
Conspicuously absent in Mithaq's announcement was any discussion of a strategy or plan for creating shareholder value. Instead, Mithaq retread old ground, revisiting matters previously addressed by
In contrast,
Our strategy presents the best path for delivering value to shareholders and will build on the results from the decisive actions we have taken since the start of the year:
- Eliminated more than
$2 million in annual executive compensation expenses with management changes. - Strengthened our Board and improved our governance.
- Monetized more than
$20 million from our investments in non-core holdings on a year-to-date basis. - Eliminated a
$20 million liability related to carried interest and reduced annual advisory service fees by more than$1 million . - Closed the earn-out of from the PLM transaction and received
$32.9 million . - Pending regulatory approval, we will be launching a Normal Course Issuer Bid in the coming days to purchase for cancellation up to 10% of the public float of common shares or approximately 7 million common shares, the maximum allowed by the TSX.
The stark contrast in vision for generating value for
Mithaq's announcement presented a slate of nominees that is inexperienced in generating returns for shareholders and without meaningful experience sitting on boards of public companies.
In comparison,
The commitment of
Heading into our AGM,
For more information about
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