Aimia Inc. AIM-T has signed a deal to settle its dispute with Mithaq Capital SPC, its largest shareholder, that will see the appointment of two Mithaq nominees to its board of directors.
The company has also agreed to pay Mithaq US$1.5-million as reimbursement for third-party fees, costs, and expenses it incurred in connection with its litigation.
Mithaq, which had voiced concerns with the strategic direction of the company, failed in a hostile takeover attempt for Aimia earlier this year.
Under the settlement agreement Thursday, Muhammad Asif Seemab and Rhys Summerton will join the Aimia board.
Aimia, which is required to have 25 per cent of its directors as Canadian residents, currently has seven directors of whom two are Canadian residents.
Seemab will be appointed as a director effective immediately, while Summerton will serve as an observer until a special meeting of shareholders is held to approve changes to expand Aimia’s board and add Shahir Guindi as another Canadian resident director.
