Mittleman Brothers LLC Responds to Actions by Board of Aimia Inc. to Entrench Themselves
AIMIA INC (GAPFF)
Company Research
Source: PR Newswire
NEW YORK, July 23, 2019 /PRNewswire/ -- Mittleman Brothers LLC ("Mittleman" or "we" or "our"), a value-oriented investment firm which through subsidiaries and with affiliates is the largest shareholder of Aimia Inc. (TSX: AIM) ("Aimia" or the "Company") owning or exercising control over approximately 23.2% of its outstanding shares, today commented on the recent action by Aimia's board (the "Board") to entrench themselves.On July 22, 2019, Aimia commenced legal action (the "Entrenchment Action") against Mittleman to, among other things, enjoin Mittleman from taking any steps to remove or replace the directors of Aimia that were elected at its June 28, 2019 annual general meeting (the "AGM"). If successful, the effect of the Entrenchment Action would be to entrench, for the foreseeable future, a Board comprised of directors:who presided over the loss of approximately C$844 million in market value from December 1, 2016, when current Chair William (Bill) McEwan and director Thomas D. Ga
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