An anonymous director reports

AIMIA PROVIDES UPDATE REGARDING ONGOING LITIGATION

Aimia Inc. has obtained leave to amend its statement of claim in respect of its litigation against Mithaq Capital SPC and other alleged joint actors, including a former insider and officer of Aimia.

Aimia alleges that Mithaq, a former insider and officer of the company and other Aimia shareholders unlawfully conspired to take control of the company and engaged in various breaches of Ontario's securities laws.

In addition to Aimia's previously filed allegations, the amended statement of claim pleads the following, among other things: (i) in their efforts to accumulate ownership, Mithaq and another Aimia shareholder co-ordinated the timing of their purchase of shares; (ii) Mithaq and its alleged joint actors prepared a draft press release detailing an "action plan" to reconstitute Aimia's board of directors and acquire up to a 30-per-cent stake in Aimia, an intention that was never disclosed to the market; (iii) Mithaq and its joint actors interviewed and prepared a slate of nominee directors to stand for election at Aimia's April 18, 2023, annual meeting of shareholders; and (iv) Mithaq and its alleged joint actors shared and co-ordinated draft press releases encouraging Aimia shareholders to vote against Aimia's board of directors.

Aimia's amended statement of claim also alleges that Mithaq was required to make a takeover bid at an earlier date than the bid it announced on Oct. 5, 2023, and that Mithaq is required to ensure that an independent valuation is obtained. Aimia is requesting that the court declare that Mithaq cannot proceed with any takeover bid until it rectifies its deficient public disclosures and Mithaq and its alleged joint actors sell any Aimia shares they obtained unlawfully.

A copy of Aimia's second fresh as amended statement of claim is available on Aimia's website.

Mithaq unsuccessfully: (i) resisted Aimia's amendments; and (ii) requested that if Aimia's amendments were permitted, the trial should be adjourned. The court ordered that the trial remain scheduled and will start on Jan. 8, 2024. Aimia intends to proceed with the trial as planned on Jan. 8, 2024, but anticipates that Mithaq may make further attempts to delay the trial.

The company will continue to protect the interests of all stakeholders, including by seeking to uphold applicable securities laws.

About Aimia Inc.

Aimia is a holding company that makes long-term investments in private and public businesses through controlling or minority stakes. Aimia targets companies with durable economic advantages evidenced by a record of substantial free cash flow generation over complete business cycles, strong growth prospects, and guided by strong, experienced management teams. Headquartered in Toronto, Canada, Aimia is positioned to invest in any sector, wherever a suitable opportunity can be identified worldwide. In addition, the company seeks investments that may efficiently utilize the company's operating and capital loss carry-forwards to further enhance stakeholder value.

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