If I were you, I won't hold my breath. Rupert was in Toronto recently, picthing for Aeroplan as a separate entity and a business partner of Air Canada. He was selling Aeroplan (obviously, but whether the people present buy the idea is something else) and why more business should join and he anticipated the growth to continue. To sum it up, Aeroplan is moving away from being a frequent flyer program to become a 'Loyalty Management' program. To protect my own privacy, I prefer not to disclose the details of the conversation but suffice to say Rupert views the relationship with Air Canada as more like a close partner that they can leverage on. And if Air Canada doesn't like how Aeroplan is treating the SE and E and P, well... I'll shut up here.
Quite honestly, from an institutional point of view, I am not so confident about his plan. But I must admit, I am not exactly the most objective person here. To convince anybody to put money into a future Aeroplan Corp., a more profound study involving more neutral experts would be needed because frankly, some of his assumptions are freakingly shaky, he might not realize it but I have my doubts.
From the perspective of a frequent flyer, I am puzzled by his direction. If he is right about one thing, it's that Aeroplan is trully the first ever frequent flyer program turned 'Loyalty Managemet' (he coined that one, not me). There are other airlines like UA and AA which pretty much do the same thing but none of them is sheding their images as first and foremost, a frequent flyer program. I think this is alarming from the perspective of a FF. Frankly, there is not a bit of concern with the well-being of FF - the foucs has been totally shift and it was very evident. When he talked about customers, he wasn't talking about SE/E/P.
That's why I think I am biased. I have to wonder what kind of impact this approach will have over the long-term. Sure it looks great now and lots of potential for growth but going forward, is this really a sustainable plan? And let's face it, the hint about making this a 'globally recognized currency' was way over the top. If anybody is going to do it, it's not going to come to Aeroplan, there are more popular candidates. Last but not least, he was totally coy about the IPO structure when asked by a RBC trader. Frankly, I am not aware of any frequent flyer program turned IPO and I am not even sure it's wise. Anyhow it's getting complicated to explain as it has to do with remaining private or become public vs. their revenue reporting. Seriously, I think Rupert is going to have a tough sell going forward and it's not because I am a FF. I hope he is not attempting to 'boadly go where no other human being has gone before' because I'll be buying Randy's FF insurance very soon!
Finally, kiss that lifetime status goodbye if you haven't got it yet. Forget about those PR responses that you are getting, mergers between banks are more likely than Aeroplan giving out lifetime status.