TORONTO — The largest shareholder of Aimia Inc. says it will vote against the re-election of the company’s board of directors at its annual meeting later this month.
Mithaq Capital SPC says it is disappointed with recent events and has lost confidence in Aimia’s board and management.
Toronto-based Aimia responded by saying its corporate strategy is on track and shareholders should approach the development with caution.
Aimia, which is scheduled to hold its annual meeting on April 18, sold its flagship Aeroplan loyalty program to Air Canada in 2019 and has reinvented itself as an investment holding company.
Mithaq says its decision to vote against the re-election of the board includes concerns regarding capital allocation decisions related to acquisitions.
The affiliate of Mithaq Holding Company, a family office based in Saudi Arabia, says it holds a 19.9 per cent stake in Aimia.
This report by The Canadian Press was first published April 6, 2023.
Companies in this story: (TSX:AIM)
