Loyalty solutions company Aimia Inc. (TSX: AIM) has announced it does not intend to exercise its right to redeem all or any number of the currently issued and outstanding 2,921,275 Cumulative Rate Reset Preferred Shares, Series 1 and outstanding 2,161,865 Cumulative Floating Rate Preferred Shares, Series 2 on March 31, 2020, the company said.
As a result and subject to certain conditions set out in the rights, privileges, restrictions and conditions attaching to the Series 1 Preferred Shares, the holders of the Series 1 Preferred Shares have the right to convert all or any number of their Series 1 Preferred Shares, on a one-for-one basis, into Series 2 Preferred Shares and, subject to certain conditions set out in the rights, privileges, restrictions and conditions attaching to the Series 2 Preferred Shares, the holders of the Series 2 Preferred Shares have the right to convert all or any number of their Series 2 Preferred Shares, on a one-for-one basis, into Series 1 Preferred Shares, in each case on March 31, 2020.
The dividend rate applicable to the Series 1 Preferred Shares for the 5-year period from and including March 31, 2020 to but excluding March 31, 2025, and the dividend rate applicable to the Series 2 Preferred Shares for the 3-month period from and including March 31, 2020 to but excluding June 30, 2020, will be announced by way of a press release on February 28, 2020.
Aimia Inc. operates a loyalty solutions business, which is a well-recognized, global full-service provider of next generation loyalty solutions for many of the world´s leading brands in the retail, airline CPG, travel & hospitality, financial services and entertainment verticals.
