Malta’s… The Shift News studies that the businessman related with the Aphria Cannabis license deal  Paul Apap Bologna has  additionally lately testified earlier than the general public inquiry board wanting into Daphne Caruana Galizia’s assassination, twice, in which he was rapped a number of instances by the judges warning him he was beneath oath when answering questions on the vitality deal linked to the journalist’s demise.

 

Daphne Caruana Galizia

They report

The first licence issued by the federal government for the manufacturing of medical hashish in Malta has been given to an organization drawn to the island by Paul Apap Bologna, the main promoter of the scandalous Electrogas deal.

 

Paul Apap Bologna

 

The Shift is knowledgeable that Apap Bologna’s pharmaceutical enterprise has already made a killing out of this cope with Canadian agency Aphria Inc. Yet he has stepped down from the board of administrators of the Malta registered firm that will probably be utilizing the hashish licence, Nuuvera Malta Ltd.

 

The solely Maltese now sitting on the board of Nuuvera is Mark Magri, generally known as Il-Giggs, a former promoter at G7 (an occasions firm) and for years a advertising and marketing advisor on the OPM for disgraced former Prime Minister Joseph Muscat.

Research performed by The Shift exhibits the Canadian firm, which purchased right into a Maltese firm some two years in the past, remains to be working from premises owned by Apap Bologna’s organisation – Associated Drugs Company in Mriehel.

 

Asked to substantiate his resignation from the board of administrators of Nuuvera and clarify his departure, Apap Bologna informed The Shift that he has stepped down “for personal reasons”. He insisted that he’s now not “a shareholder of the company or any of its associated companies in Malta”.

 

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Also learn this story at Hindenburg Research because it contains CLR perennial favorite …. Andy DeFrancesco

Could Rampant Red Flags Drown Aphria’s Proposed Nuuvera Acquisition?
Introduction
Aphria’s proposed Nuuvera acquisition is likely one of the worst wanting acquisitions we now have seen, and we imagine its consummation would characterize a close to whole destruction of capital for Aphria’s [TSE:APH] (OTCQB:APHQF) shareholders.
The self-described “architect” of the Aphria/Nuuvera deal is Andy DeFrancesco, founding father of the Delavaco Group. DeFrancesco is credited in his Delavaco executive team bio as being a “founding investor to Aphria, leading all rounds of financing and strategic advisor to the company since inception.”
Despite DeFrancesco apparently representing Aphria as a strategic advisor, we discovered a doc dated lower than 1 week previous to the creation of Nuuvera exhibiting that an entity managed by Ron Schmeichel, Nuuvera’s Chairman and largest shareholder, had entered right into a mortgage settlement with DeFrancesco. Collateral on the mortgage seems to incorporate actual property lately assessed to be value about $49 million, suggesting that the mortgage could possibly be substantial in measurement. We imagine the interrelated nature of those enterprise pursuits may characterize a large battle of curiosity, particularly on condition that Schmeichel stands to personally clear over $71 million from the Nuuvera acquisition (Pg 26). (Also, be aware that Schmeichel beforehand served because the Chairman of Concordia Healthcare, an organization that had parallels to Valeant Pharmaceuticals (VRX) and noticed its share value finally plummet as points surfaced with its enterprise mannequin.)
As to Nuuvera’s operations, Nuuvera is a newly fashioned enterprise that was integrated solely on January 30, 2017, and has generated whole income of $29,770 from inception to September 30th, 2017 (Pg. 56). (That income is in precise {dollars}, not 1000’s). The firm went public through reverse merger by means of a shell company and listed on the TSX Venture Exchange simply months in the past in January 2018.
After reviewing Nuuvera’s restricted historical past, we characterize the corporate’s operations as very preliminary stage. Aside from an estimated $35 million in money on the steadiness sheet, we imagine the remainder of the corporate is probably going too early stage and too speculative to have any significant financial worth.
Despite the dearth of fabric property, instantly after its itemizing, Nuuvera closely promoted itself by means of a flurry of press releases asserting quite a few preliminary initiatives corresponding to non-binding letters of intent and a “blockchain” partnership with an organization run by one among Nuuvera’s personal directors.
On January 29, 2018, lower than three weeks after the corporate started buying and selling, Aphria introduced a suggestion to accumulate the corporate for $826 million in money and inventory, representing a premium of about 21% over Nuuvera’s buying and selling value on the time.
The deal value was later lowered from $1 in money plus 0.3546 Aphria shares to $0.6 in money plus 0.3546 Aphria shares. Given Aphria’s present share value the present deal worth stands at about $470 million, which we imagine remains to be massively overpriced.
While the financial rationale for the transaction is difficult for us to fathom, the strategic rationale equally strikes us as completely nonsensical. The lead bullet level from the acquisition announcement on January 29th underscored the will to capitalize on Nuuvera’s worldwide operations:
https://hindenburgresearch.com/could-rampant-red-flags-drown-aphrias-proposed-nuuvera-acquisition/

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Andy Defrancesco Secret Deals-Promoter Payoffs, Verano Shares pledged : $APHA $SOLCF

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Sol Global Chairman Andy Defrancesco sued for Defamation by Cannabis Research Firm: $SOLCF

 

At the identical time, Apap Bologna confirmed that he’s nonetheless in enterprise with the medical hashish firm as “Nuuvera currently leases premises from one of our companies”.

Apap Bologna’s departure from Nuuvera’s board of administrators signifies a change in his unique plans.

In 2018, when the federal government was being lobbied to alter the regulation and begin permitting the manufacturing of medical hashish in Malta, the Electrogas director had confirmed his intention to take a seat on the native licensees’ board.

 

While Apap Bologna had informed The Times of Malta that trade hypothesis about his lobbying with Joseph Muscat over the medical hashish trade was “all hogwash”, he did verify lobbying for the Canadian firm to come back to Malta and that he can be “serving as board director”.

 

Apap Bologna has lately testified earlier than the general public inquiry board wanting into Daphne Caruana Galizia’s assassination, twice, in which he was rapped a number of instances by the judges warning him he was beneath oath when answering questions on the vitality deal linked to the journalist’s demise.

 

Aphria Inc, the Canadian firm Apap Bologna drew to Malta, is listed on the inventory alternate and as such delicate to any unfavourable publicity in a excessive profile case which will have an effect on its standing and operations.

 

Asked to elucidate why it didn’t want Apap Bologna to proceed serving on the board of its Malta hashish firm, a spokesman for the Ontario-based firm declined to answer.

 

In its announcement final week in regards to the Medicines Authority giving its first ever inexperienced mild to a medical hashish facility in Malta, the federal government prevented mentioning the Malta firm receiving the licence and solely talked about the Canadian firm.

The affiliation between Apap Bologna and Aphria Inc goes again to a couple months earlier than the Maltese authorities began its course of to alter laws and permit medical hashish manufacturing in Malta.

 

Just just a few weeks earlier than parliament handed the required laws, the Canadian agency introduced that it had purchased AGS Pharma Ltd – a Maltese registered firm – to make use of for its native hashish enterprise.

 

The agency was bought for €5 million and it operated from Apap Bologna’s workplaces in Mriehel. Its auditors have been Nexia BT.

 

Source: https://theshiftnews.com/2021/01/02/electrogas-director-linked-to-canadian-company-receiving-first-cannabis-licence/

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