07:44 AM EDT, 05/17/2024 (MT Newswires) -- Aimia ( AIMFF ) on Friday said it has terminated agreements with Paladin Private Equity at a cost of $22.9 million.

The agreements related to rights and obligations due to Paladin in Aimia's ( AIMFF ) subsidiaries, Bozzetto Group and Cortland International. These amounted to $12.6 million and $7.4 million in non-cash expenses in Aimia's ( AIMFF ) financial statements for the year ended December 31, 2023, minority governance rights, and the payment of certain advisory service fees.

In exchange for Paladin's carried interest in Bozzetto, Aimia ( AIMFF ) issued 5 million common shares priced at $2.50 per share for a total value of $12.6 million. Aimia ( AIMFF ) also made a total cash payment of $10.3 million as consideration for the Cortland carried interests and for the termination of the advisory agreements with Paladin.

"Among the benefits our decision will deliver include retaining our current ownership interests in Bozzetto and Cortland, eliminating all future carried-interest payments upon the exercise of put options or monetization of our anchor investments, removal of minority governance rights and ending all related advisory service payments," said Tom Finke, Aimia's ( AIMFF ) executive chairman.