Mithaq Capital SPC plannig to vote against re-election of Aimia’s entire board of directors
is seeking to fend off a revolt from its largest shareholder in a dispute that erupted into a war of words on Thursday.
Hours later, the company fired back, alleging what Mithaq really wanted was for Aimia to support its own investments. All eight Aimia directors – including chief executive officer Phil Mittleman and president Michael Lehmann – will need to win majority shareholder support at the company’s annual meeting on April 18 to remain on the board, according to recent amendments of the Canada Business Corporations Act. With Mithaq now opposing the entire slate, the incumbent directors will need support from close to two-thirds of Aimia’s remaining shareholders.
Mithaq made no mention of any plans to nominate replacement board members and a spokesperson for the family office declined to comment on its motivations or on the company’s allegations. The timing of its opposition is nonetheless noteworthy, as Aimia has recently made its two largest acquisitions since pivoting away from loyalty programs.
In 2020, Aimia paid $76-million for an 11-per-cent stake in Chinese outdoor advertising firm Clear Media Inc. That was the company’s first major transaction after the sale of its Aeroplan loyalty program.
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