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Mittleman Investment Management, LLC Announces Early Warning Report in Respect of Aimia Inc.
Toronto, Ontario--(Newsfile Corp. - June 22, 2020) -  Mittleman Investment Management, LL...
About this update from Aimia Inc.
[{"type":"text","content":"Mittleman Investment Management, LLC Announces Early Warning Report in Respect of Aimia Inc.Toronto, Ontario--(Newsfile Corp. - June 22, 2020) -  Mittleman Investment Management, LLC (\"Mittleman\") will be filing an early warning report pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (\"NI 62-103\") in respect of the common shares (\"Common Shares\") of Aimia Inc. (the \"Issuer\").On June 19, 2020, the Issuer successfully closed its previously announced acquisition of Mittleman Brothers, LLC (\"MB\"), the parent company of Mittleman (the \"Transaction\"). On closing of the Transaction, certain officers and employees (\"Designated Persons\") acquired 1,014,927 Common Shares. In addition to the Common Shares issued to the Designated Persons on closing of the Transaction, 452,603 Common Shares may be issued to Designated Persons in connection with the Transaction, which will be held back for earnout and performance related targets, namely a significant increase in Mittleman's assets under management and/or the Issuer's share price trading at a weighted average of $6.00/share or higher over a consecutive 20 day trading period.Mittleman exercises control or direction over Common Shares (but is not deemed to have beneficial ownership of such Common Shares) through its discretionary investment authority over managed accounts (the \"Accounts\"). Furthermore, Mittleman may be deemed to exercise control or direction over the Common Shares beneficially owned by the Designated Persons in accounts over which Mittleman does not exercise control or direction (and Mittleman disclaims any beneficial ownership thereof). On the closing of the Transaction, with regard to the Accounts, Mittleman gave up its discretionary investment authority over 2,619,822 Common Shares held in retirement accounts thereby resulting in a loss of control or direction by Mittleman of more than 2% of the outstanding Common Shares of the Issuer since May 27, 2020 (such date being the date Mittleman last filed a Form 62-103F1) (the \"Last Reporting Date\").As of the date hereof, Mittleman owned or exercised control or direction over 13,554,228 Common Shares on behalf of the Accounts, representing a security holding percentage of approximately 14.07% of the 96,347,167 outstanding Common Shares o...