A group of shareholders at Aimia Inc. are calling for a redo of last month’s annual general meeting, which they say was “plagued with irregularities” and “outrageous conduct.”
The group, dubbed Aimia Shareholders for Accountability, said the chairman refused to conduct votes or take questions and allowed security guards to intimidate shareholders who attempted to speak, with one being “forcibly” removed.
The company’s stock was over $15 five years ago and is now under $4.
Charles Frischer, an investor who owns 1.6 per cent of Aimia’s outstanding shares, said the June 28 meeting was “plagued by irregularities” including failure to properly conduct votes, refusal to allow shareholders to ask questions and even private security guards who intimidated shareholders, and in one case, forcibly removed an investor in attendance.
“In two decades as an investment manager and having attended hundreds of annual meetings, I have never seen a chair treat shareholders, many of whom had travelled considerable distances to attend, so arrogantly and dismissively at a public company meeting,” Frischer said in a release Monday, while claiming to represent other concerned shareholders. “This is not a board that shows respect for the owners of the business.”