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Aimia Announces Sale of Village Roadshow Securities

·4 min read

TORONTO, Dec. 29, 2020 /CNW Telbec/ - Aimia Inc. (TSX: AIM), an investment holding company, announces that it has successfully completed the sale of its entire equity stake in Village Roadshow Limited (VRL.AU), resulting in a substantial gain for stakeholders.

Subsequent to the end of the third quarter of 2020, Aimia invested approximately $25 million in Village Roadshow (VRL.AU) and received approximately $31 million in proceeds from the sale of the stake, realizing a tax-sheltered gain of approximately $6 million.

Aimia's CEO, Phil Mittleman, commented, "We are pleased to have further utilized some of the company's sizeable cash balance to generate tax sheltered gains for our stakeholders, capitalizing on the unique opportunity presented by Village Roadshow's go-private transaction. While our primary focus is to acquire long-term investments in public and private companies with a well-established track record of substantial free cash flow generation, we will continue to evaluate all potential investments opportunistically. It is worth noting that in 2020, a year when PLM's airline partner and majority shareholder, Aeromexico, entered bankruptcy proceedings, Aimia nonetheless generated $31 million in distributions and realized gains, including $18 million in PLM distributions, $7 million from the sale of the public securities portfolio, and $6 million from tendering into the improved takeover bid for Village Roadshow."

About Aimia

Aimia Inc. (TSX: AIM) is an investment holding company with a focus on long-term investments in public and private companies, on a global basis, through controlling or minority stakes.

The company operates an investment advisory business through its wholly-owned subsidiary Mittleman Investment Management, LLC, and owns a diversified portfolio of valuable investments including a 48.9% equity stake in PLM Premier, S.A.P.I. de C.V. (PLM), owner and operator of Club Premier, the coalition loyalty program in Mexico that operates the Aeromexico Frequent Flyer program, a 49.3% equity stake in Kognitiv, a B2B technology and services company with a collaborative commerce technology platform, a 20.0% equity stake in BIGLIFE, the operator of BIG Loyalty, one of the largest loyalty programs across Asia, a 10.85% stake in Clear Media Limited (100.HK), one of the largest outdoor advertising firms in China, as well as a minority stake in JCDecaux (DEC.FP), the global leader in outdoor advertising.

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 our current expectations, estimated, projections, assumptions and beliefs. All information that is not clearly historical in nature may constitute forward-looking statements. In some cases, forward-looking statements are typically identified by the use of terms such as "outlook", "guidance", "target", "forecast", "assumption" and other similar expressions or future or conditional terms such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and "should". Forward-looking statements in this press release include, but are not limited to, statements with respect to our current and future plans, expectations and intentions.

Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in our current Management Discussion and Analysis and Annual Information Form (each of which have been or will be filed on SEDAR and can be accessed at www.sedar.com), that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein.

SOURCE Aimia Inc.


View original content: http://www.newswire.ca/en/releases/archive/December2020/29/c7071.html