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."
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.
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SOURCE Aimia Inc.
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