Aimia Inc. (TSX: AIM), a global holding’s company that focuses on long-term investments in both public and private companies, today announced that it has been granted approval from the TSX to issue a normal course issuer bid, which is more commonly known as a share buyback program.
The share buyback program will see the company acquire up to 7.35 million of its common shares for cancellation. As a result of the firms average trading activity, the company is permitted to repurchase up to 30,723 common shares per day.
Additionally, Mittleman Investment Management, a subsidiary of Aimia, may act jointly or in partnership with Aimia by purchasing common shares on the TSX or other trading systems. The purchase of these common shares are to be held by MIM on behalf of its clients, for investment purposes.
Aimia carries the belief that the market price of its common shares may not show the inherent value of the company from time to time, and that repurchases of common shares through the NCIB may represent an appropriate use of the company’s funds benefiting both the company, and their shareholders.
Aimia Inc. last traded on the TSX at $4.84.
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