Sarissa Capital Warns of Amarin’s Expensive Attempts to Switch Votes by Inundating Shareholders With White Proxy Cards
February 13 2023 - 08:00AM
Business Wire
If You Already Voted a Proxy Card “FOR” the
Sarissa Nominees and “FOR” the Removal of Chairman Per Wold-Olsen,
There is NOTHING Else for You to Do
If You Have Any Questions or Have Not Yet
Received a BLUE Proxy Card, Please Contact Sarissa’s Proxy
Solicitor, D.F. King, by Calling (800) 331-7024 or
Emailing AMRN@dfking.com
Sarissa Capital Management LP (“Sarissa”) today issued the
following statement regarding Amarin Corporation plc (NASDAQ:
AMRN):
Amarin continues to waste precious shareholder capital in its
self-serving attempts to keep shareholders out of the board room.
Amarin has indicated that it will spend in excess of $7 MILLION to
prevent Sarissa Capital, its largest shareholder, from obtaining
representation on the board. This amount is a whopping ~6X more
than what Sarissa intends to spend in this proxy contest. The most
recent waste of money comes in the form of several expensive and
duplicative mailings of white proxy cards to shareholders in an
attempt to sway votes away from Sarissa.
Although Sarissa is outraged by the Amarin board squandering
shareholder capital for its own entrenchment, we are not surprised
as there has been a history of reckless spending and self-serving,
unjust enrichment at Amarin. Notably, compensation has been
insensitive to shareholder returns. In 2021, when the stock
declined >31% and shareholders lost >$560 million in value,*
the board gave CEO Karim Mikhail over $5.8 million in total
compensation. Similarly, we doubt CEO Karim Mikhail’s 2022
compensation will fully reflect the poor performance under his
watch last year. In late 2022, the year in which the stock declined
>64% and shareholders lost over $840 million in value,† new
directors were gifted $540,000 in stock and option grants on
joining. Chairman Per Wold-Olsen alone was granted approximately $1
million of stock, options and cash in 2022.‡
Do not be misled by Amarin’s tactics to switch votes and do not
be confused by the multiple mailings. If you already voted a proxy
card “FOR” the Sarissa Nominees and “FOR” the Removal
of Chairman Per Wold-Olsen, there is NOTHING else for you to do.
But any subsequent vote you make will revoke
your prior vote. Only the last vote you submit will
count.
We urge all shareholders to vote the BLUE proxy card
“FOR” the Sarissa Nominees and “FOR” the removal of
Chairman Per Wold-Olsen.
If you have not received a BLUE proxy card, you can vote
the white proxy card but you must vote “FOR” all proposals
on the white proxy card to have the same effect as a vote
“FOR” all proposals on the BLUE proxy card. Voting
“FOR” on the white proxy card has the same effect as voting
“FOR” on the BLUE proxy card. But if holders want to
fully support Sarissa, they must make sure that all “FOR”
boxes are marked on your proxy card before you submit it. If you
have any questions on how to vote, we recommend that you contact
Sarissa’s proxy solicitor, D.F. King, by calling (800) 331-7024 or
emailing AMRN@dfking.com
Amarin is in dire need of change. Sarissa believes the current
regime is wasting a uniquely valuable opportunity. Vascepa is a
highly attractive asset that can not only meaningfully improve
patients’ lives by reducing cardiovascular events but also save
significant money for health systems worldwide. The board, led by
Chairman Wold-Olsen, has failed shareholders and takes no
accountability for its failures. Sarissa urges shareholders to act
now to support change so that the current leadership does not
continue its misguided stewardship of shareholder capital.
#FreeAmarin
Visit our website at www.freeamarin.com for helpful information
about Sarissa and the need for change at Amarin.
Vote “FOR” the Sarissa Nominees and “FOR” the
removal of Chairman Per Wold-Olsen.
The General Meeting of Amarin shareholders is scheduled for
February 28, 2023, BUT TO MAKE SURE YOUR VOTE COUNTS,
SUBMIT YOUR VOTE ON OR BEFORE TUESDAY,
FEBRUARY 21, 2023.
Shareholders should have received the BLUE proxy card. If
you have not received your BLUE proxy card or have any
questions on how to vote, please contact:
D.F. King & Co., Inc. 48 Wall Street New
York, New York 10005 Shareholders call toll-free: (800)
331-7024 Banks and Brokers call: (212) 269-5550 By
Email: AMRN@dfking.com
* 2021 stock performance calculated from end of day December 31,
2020 – December 31, 2021. Source: Bloomberg † 2022 stock
performance calculated from end of day December 31, 2021 – December
30, 2022. Source: Bloomberg ‡ Calculated based on corporate
filings
Additional Information
Sarissa Capital Management LP (“Sarissa Capital”), together with
other participants, filed a definitive proxy statement and an
accompanying blue proxy card with the SEC on January 31, 2023, in
connection with the solicitation of shareholders of Amarin
Corporation plc (the “Company”) at the general meeting of the
Company for the election of Sarissa Capital’s slate of
highly-qualified nominees (the “General Meeting”). Shareholders are
advised to read the definitive proxy statement and other relevant
documents related to the General Meeting as they contain important
information.
The definitive proxy statement and other relevant documents are
available at no charge on the SEC’s website at www.sec.gov and at
www.freeamarin.com. The definitive proxy statement and other
relevant documents are also available at no charge by directing a
request to Sarissa Capital’s proxy solicitor, D.F. King & Co.,
Inc., 48 Wall Street, New York, New York 10005 (Shareholders can
call toll-free: (800) 331-7024).
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version on businesswire.com: https://www.businesswire.com/news/home/20230213005211/en/
Jean Puong Sarissa Capital Management LP info@sarissacap.com
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