Aphria announces early termination and liquidation of interests in Liberty Health Sciences, Inc.

News for APHA

Alert Sent 2019-02-19 06:29:16 PM ET

Delivery preference: Immediate delivery

Aphria announces early termination and liquidation of interests in Liberty Health Sciences, Inc.

2019-02-19 06:28:00 PM ET (CNW Group)


Cash proceeds of $47 million received, with additional $10 million upon satisfaction of certain conditions


Aphria Inc. ("Aphria" or the "Company") (TSX: APHA and NYSE:APHA) today announced that independent members of its Board of Directors consisting of Shlomo Bibas, John Herhalt, Tom Looney and Irwin Simon, unanimously approved the early termination and liquidation of a promissory note, option and other agreements (the "Early Termination and Liquidation") related to the Company's previously announced divestment of all interests in Liberty Health Sciences, Inc. ("Liberty").


As detailed on September 6, 2018, the Company entered into a share purchase agreement with a group of buyers, wherein it completed the sale of the shares making up 100% of its outstanding interest in Liberty, in exchange for a five-year promissory note due September 6, 2023, bearing interest at 12% per annum and in the amount of $59,097,986. Aphria retained an irrevocable option to repurchase its shares in Liberty from the buyers for a period of up to five years, subject to the satisfaction of certain conditions.


In line with Aphria's commitment to enhanced corporate governance practices and a renewed focus on its strategic plan, the option in the Liberty shares represented a non-essential holding of the Company. Accordingly, the independent members of the Board of Directors unanimously approved the Early Termination  and Liquidation  wherein the Company received  cash  consideration (the "Consideration") of $47.4 million and may earn up to an additional $10 million based on certain value thresholds, if the counterparties monetize the Liberty shares underlying the terminated option within six months. Jefferies LLC acted as financial advisor to the Company.


The Early Termination and Liquidation represents the ultimate conclusion of Aphria's investment in Liberty. From Aphria's first investment in Liberty of $25 million in April 2017 until today's date, Aphria earned a return equal to 3.4 times its cumulative investment in Liberty, an internal rate of return of approximately 167.2% on the initial investment.


We Have A Good Thing Growing


About Aphria

Cron 3 Little Soldiers + Friday Close

This Is Feb 15th 2019 This Was Feb 14th 2019

Anonymous BIGGEST BUYER OF CRON

House Positions for C:CRON from 20190215 to 20190215

House	Bought	$Val	Ave	Sold	$Val	Ave	Net	$Net
1 Anonymous	533,004	15,124,228	28.375	492,386	13,964,938	28.362	40,618	-1,159,290
33 Canaccord	51,100	1,458,846	28.549	20,600	579,330	28.123	30,500	-879,516
87 Beacon	20,100	568,022	28.26	0			20,100	-568,022
14 ITG	19,800	561,673	28.367	0			19,800	-561,673
35 Friedberg	7,600	216,600	28.50	0			7,600	-216,600
85 Scotia	130,519	3,702,984	28.371	124,029	3,524,534	28.417	6,490	-178,450
62 Haywood	6,000	170,950	28.492	500	14,215	28.43	5,500	-156,735
19 Desjardins	34,352	972,738	28.317	29,760	846,469	28.443	4,592	-126,269
9 BMO Nesbitt	74,371	2,103,791	28.288	69,883	1,990,758	28.487	4,488	-113,033
13 Instinet	88,932	2,531,211	28.462	84,500	2,402,118	28.427	4,432	-129,093
72 Credit Suisse	4,310	122,257	28.366	0			4,310	-122,257
90 Barclays	4,200	119,176	28.375	0			4,200	-119,176
28 BBS	5,700	162,279	28.47	2,500	71,313	28.525	3,200	-90,966
53 Morgan Stanley	7,367	208,455	28.296	4,431	126,904	28.64	2,936	-81,551
143 Pershing	1,891	53,525	28.305	964	27,178	28.193	927	-26,347
76 Industrial Alliance	360	10,195	28.319	0			360	-10,195
68 Leede	1,100	31,301	28.455	1,100	31,678	28.798	0	377
56 Edward Jones	172	4,874	28.337	245	6,951	28.371	-73	2,077
57 Interactive	938	26,566	28.322	1,040	29,593	28.455	-102	3,027
65 Goldman	0			166	4,728	28.482	-166	4,728
43 Caldwell	0			400	11,376	28.44	-400	11,376
80 National Bank	24,151	683,844	28.315	24,835	705,462	28.406	-684	21,618
74 GMP	0			1,008	28,579	28.352	-1,008	28,579
5 Penson	36,673	1,041,060	28.388	37,845	1,073,056	28.354	-1,172	31,996
99 Jitney	23,300	660,286	28.338	25,200	715,564	28.395	-1,900	55,278
97 M Partners	0			5,350	152,470	28.499	-5,350	152,470
88 Credential	19,946	563,268	28.24	27,515	780,524	28.367	-7,569	217,256
124 Questrade	45,022	1,274,451	28.307	54,157	1,537,344	28.387	-9,135	262,893
7 TD Sec	317,515	9,000,621	28.347	331,272	9,410,929	28.408	-13,757	410,308
39 Merrill Lynch	55,734	1,586,194	28.46	73,140	2,071,415	28.321	-17,406	485,221
2 RBC	128,801	3,650,940	28.346	150,920	4,291,561	28.436	-22,119	640,621
79 CIBC	1,265,498	35,888,590	28.359	1,344,710	38,099,938	28.333	-79,212	2,211,348
TOTAL	2,908,456	82,498,925	28.365	2,908,456	82,498,925	28.365	0	0

House Positions for C:APHA from 20190215 to 20190215

House	Bought	$Val	Ave	Sold	$Val	Ave	Net	$Net
2 RBC	614,247	7,829,534	12.747	473,247	6,024,745	12.731	141,000	-1,804,789
74 GMP	257,300	3,272,054	12.717	127,000	1,623,060	12.78	130,300	-1,648,994
7 TD Sec	1,321,966	16,829,816	12.731	1,200,771	15,350,612	12.784	121,195	-1,479,204
85 Scotia	496,687	6,339,995	12.765	377,689	4,811,799	12.74	118,998	-1,528,196
124 Questrade	185,462	2,372,627	12.793	108,502	1,379,747	12.716	76,960	-992,880
88 Credential	66,058	842,313	12.751	37,200	473,563	12.73	28,858	-368,750
80 National Bank	104,212	1,317,903	12.646	81,198	1,034,125	12.736	23,014	-283,778
65 Goldman	11,100	140,488	12.657	0			11,100	-140,488
143 Pershing	13,782	175,902	12.763	6,066	77,353	12.752	7,716	-98,549
53 Morgan Stanley	32,600	414,028	12.70	25,990	335,949	12.926	6,610	-78,079
19 Desjardins	49,460	629,206	12.722	43,499	556,522	12.794	5,961	-72,684
25 Odlum	4,000	50,820	12.705	0			4,000	-50,820
76 Industrial Alliance	2,053	26,366	12.843	1,000	13,120	13.12	1,053	-13,246
22 Fidelity	700	9,023	12.89	0			700	-9,023
35 Friedberg	686	8,924	13.009	0			686	-8,924
56 Edward Jones	449	5,895	13.129	0			449	-5,895
28 BBS	13,619	173,347	12.728	13,311	169,261	12.716	308	-4,086
14 ITG	2,200	28,280	12.855	2,000	25,710	12.855	200	-2,570
72 Credit Suisse	0			373	4,690	12.574	-373	4,690
36 Latimer	4,804	60,941	12.685	5,356	68,248	12.742	-552	7,307
33 Canaccord	12,750	161,343	12.654	13,526	171,898	12.709	-776	10,555
70 Manulife	0			1,505	18,972	12.606	-1,505	18,972
89 Raymond James	0			1,555	20,136	12.949	-1,555	20,136
57 Interactive	823	10,590	12.868	2,422	30,815	12.723	-1,599	20,225
90 Barclays	1,000	12,933	12.933	4,500	56,603	12.578	-3,500	43,670
99 Jitney	131,000	1,660,653	12.677	135,800	1,726,545	12.714	-4,800	65,892
101 SG Capital	600	7,592	12.653	14,000	180,830	12.916	-13,400	173,238
94 Hampton	494	6,224	12.599	29,103	367,771	12.637	-28,609	361,547
9 BMO Nesbitt	350,062	4,453,855	12.723	379,919	4,829,466	12.712	-29,857	375,611
13 Instinet	87,700	1,125,699	12.836	137,300	1,750,174	12.747	-49,600	624,475
39 Merrill Lynch	312,975	4,018,190	12.839	388,786	4,925,663	12.669	-75,811	907,473
79 CIBC	2,506,325	31,903,797	12.729	2,671,146	34,007,953	12.732	-164,821	2,104,156
1 Anonymous	1,033,480	13,157,367	12.731	1,335,830	17,010,375	12.734	-302,350	3,853,008
TOTAL	7,618,594	97,045,705	12.738	7,618,594	97,045,705	12.738	0	0