Aphria announces special committee to review governance processes related to LATAM acquisition

Twitter icon

Aphria Inc. ("Aphria" or the "Company") (TSX: APHA and NYSE: APHA) today announced its Board of Directors has appointed a special committee (the "Special Committee") of independent directors to review the Company's previously completed acquisition of LATAM Holdings Inc. (the "Acquisition"), which closed on September 27, 2018, and confirm the Company's belief that it conformed with all Company policies and generally accepted corporate governance practices. 

The Company's Board reiterated its confidence in the process leading to the Acquisition, as well as in its Latin American operations and strategy.  However, in the face of inaccurate and misleading accusations by certain short-sellers, whose sole interest is in profiting from a decline in the Company's shares, it is undertaking a comprehensive review, led by a Special Committee of independent directors of these, and any other, allegations in the interest of protecting Aphria shareholders.

The Special Committee is composed of John M. Herhalt, Shlomo Bibas and Tom Looney.  Mr. Herhalt, who is the lead independent director and the Chair of the Audit Committee, will serve as Chair of the Special Committee.  Each of these members is independent and joined the Board following the closing of the Acquisition. The Special Committee is authorized to, and expects to, retain independent advisors to assist in its review.

Story Continues Below

Vic Neufeld, Aphria's Chief Executive Officer, said, "We are committed to protecting our shareholders and restoring market confidence by confirming all the facts through an independent process to rebut innuendo and deception.  Until then, it is business as usual at Aphria, as we continue taking significant steps to solidify our position as a premier global cannabis company."

Click here to view the rest of the article. 

e-mail icon Facebook icon Twitter icon LinkedIn icon Reddit icon
Rate this article: 
Regional Marijuana News: