I’ll come back to that later.I move on rapidly to the strategy execution progress here. And here, we repeat the targets we talked about at the Capital Markets Day in November in New York, and you all remember that, with the key number here being the operating margin above 10% by 2020. We see increased stability in road maps.

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iPhone Cases Aside from an estimated $35 million in cash on the balance sheet, we believe the rest of the company is likely too early stage and too speculative to have any meaningful economic value.Despite the lack of material assets, immediately after its listing, Nuuvera heavily promoted itself through a flurry of press releases announcing numerous preliminary initiatives such as non binding letters of intent and a “blockchain” partnership with a company run by one of Nuuvera’s own directors.On January 29, 2018, less than 3 weeks after the company began trading, Aphria announced an offer to acquire the company for $826 million in cash and stock, representing a premium of about 21% over Nuuvera’s trading price at the time.The deal price was later lowered from $1 in cash plus 0.3546 Aphria shares to $0.6 in cash plus 0.3546 Aphria shares. Given Aphria’s current share price the current deal value stands at about $470 million, which we believe is still massively overpriced.While the economic rationale for the transaction is hard for us to fathom, the strategic rationale similarly strikes us as totally nonsensical.Despite that stated key rationale for the transaction, the Globe and Mail reported less than a week later that Aphria planned to launch a new business in February called “Aphria International” which would be spun out into a separate public company. Per the article originally published on February 1st:Mr iPhone Cases.

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