UK Supreme Court rules on the Aimia UK VAT case
MONTREAL, March 13, 2013 /CNW Telbec/ - Aimia Inc, (TSX: AIM) announced that it has been notified of the ruling on its outstanding Value Added Tax (VAT) litigation. The ruling was issued this morning by the UK Supreme Court.
Whilst the ruling is in our favour, the Supreme Court has asked for further submissions from both Aimia and the HMRC (the Commissioners).
The judgment as per the press summary of the Supreme Court is as follows:
The Supreme Court by a majority of three to two (Lord Wilson and Lord Carnwath dissenting) is minded to dismiss the Commissioners' appeal, but invites the parties to file written submissions as to the precise form of the order to be made. Lord Reed gives the lead judgment for the majority.
We are reviewing this with our advisors and are unable to make a final determination of the effect on Aimia at this time and therefore we are not in a position to provide any further comment.
Aimia Inc. ("Aimia") is a global leader in loyalty management. Employing more than 4,000 people in over 20 countries worldwide, Aimia offers clients, partners and members proven expertise in launching and managing coalition loyalty programs, delivering proprietary loyalty services, creating value through loyalty analytics and driving innovation in the emerging digital, mobile and social communications spaces.
Aimia owns and operates Aeroplan, Canada's premier coalition loyalty program and Nectar, the United Kingdom's largest coalition loyalty program. In addition, Aimia owns stakes in Air Miles Middle East, Nectar Italia, Mexico's leading coalition loyalty program Club Premier, Brazil's Prismah Fidelidade, and i2c, a joint venture with Sainsbury's offering insight and data analytics services in the UK to retailers and suppliers. Aimia also holds a minority position in Cardlytics, a US-based private company operating in transaction-driven marketing for electronic banking. Aimia is listed on the Toronto Stock Exchange (TSX: AIM). For more information, visit us at www.aimia.com