Decision in brief: Mithaq, Transactional Proceeding, Motion for a cease trade order, December 6, 2023

Citation and CanLII link
Timothy Moseley (chair of the panel), James D. G. Douglas and Dale R. Ponder
Date of Reasons:
File Number:
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Applicants / Respondents:
Mithaq Canada Inc., Aimia Inc. and Toronto Stock Exchange

Mithaq Canada Inc. has offered to buy all the shares of Aimia Inc. that it does not already own. Mithaq is Aimia’s largest common shareholder. Mithaq asks that the Tribunal make orders about a financing announced by Aimia. Aimia announced that it would issue new securities, including Aimia shares and rights to buy Aimia shares from Aimia, to a group of investors. Mithaq says that the financing is meant to block Mithaq’s offer and is improper.

Mithaq asked that the Tribunal halt the financing until the hearing of the merits of Mithaq’s request unless Aimia agreed to do certain things relating to the financing.  Aimia had already agreed to limit the use of the securities issued through the financing, and to reverse the financing if the Tribunal ultimately decided that the financing is improper.

The Tribunal decided that it would halt the financing unless Aimia agreed that the securities issued through the financing could not be bought by another offer for Aimia, and to publish this agreement in a news release. Shortly after the Tribunal’s decision, Aimia agreed to that. As a result, the financing was not halted.

Decisions in brief are prepared by Governance & Tribunal Secretariat staff to help the public better understand Tribunal decisions. They do not form part of the Tribunal’s reasons and are not for use in legal proceedings.