By Adriano Marchese
Aimia has appointed Thomas Finke as chairman of the board and said it plans to raise up to 32.5 million Canadian dollars ($23.7 million) in a private placement to fund its operations over the next two years.
The Canadian investment management company said Friday that it will issue up to 10.5 million shares and an equal amount of warrants in a private placement to strategic investors.
Among the investors are current and former Fortune 500 company CEOs and executives.
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.
Shares are currently 4.6% lower year-to-date, closing on Thursday at C$3.52.
Aimia said that it plans to use the new money to fund its operation over the next 12 to 24 months, and to support its strategic investment plans and other contingencies.
It said the decision to launch a private placement comes after six months of considering its available financing options and a period of negotiation with potential investors.
Additionally, Aimia said that it has appointed Finke to be its new chairman. He brings with him a wealth of expertise in finance and governance to the Canadian investment management company, having served as chairman and chief executive officer of Barings between 2016 and 2020.
He is also a director of the National Math and Science Initiative, a Trustee of Davidson College, and also serves on the board of investment firm Invesco.
Aimia is currently the target of an all-cash takeover by Mithaq Capital, the office of the Al Rajhi family and the company’s largest investor, which began its bid last week. Mithaq is offering a price of C$3.66 a share for the stock it doesn’t already own.
Mithaq and Aimia have been at odds for several months, with Aimia warning its shareholders in April that Mithaq and its affiliates sought to control Aimia out of self-interest. Aimia is currently suing Mithaq for various alleged breaches of the Securities Act in the province of Ontario with a trial scheduled to begin in early January.
Later in the week, the board of Aimia said it has formed a committee of independent directors to consider the takeover bid, and it has options that include alternatives that were actively being pursued prior to the bid.
Write to Adriano Marchese at [email protected]
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