Sarissa Capital Intends to Vote “Abstain” at the Amarin Annual Meeting
June 15 2022 - 4:50PM
Business Wire
Sarissa intends to "Abstain" given ongoing
engagement with Amarin to add shareholder representatives to the
board
Sarissa Capital Management LP (“Sarissa”) today made the
following statement on Amarin Corporation plc (NASDAQ: AMRN)
regarding how it intends to vote at the upcoming Amarin annual
meeting and the reasons therefor:
Sarissa is a sophisticated, institutional investor with a long
history of shareholder value creation in healthcare companies,
including in the cardiovascular space, such as The Medicines
Company. As Amarin's largest shareholder, we are frustrated by the
performance of Amarin’s stock and believe Amarin should be better
managed to maximize value for shareholders.
Sarissa has discussed with the company our desire to add
directors to the board. Although we are hopeful that the board will
see the value that Sarissa brings as the largest shareholder and
with a track record of creating shareholder value for
cardiovascular disease focused companies, we are uncertain how our
discussions regarding board representation will proceed. We note
that despite a board refreshment process that began last October,
the independent directors never proactively contacted Sarissa
despite us being Amarin’s largest shareholder with a strong track
record of value creation in cardiovascular care, such as The
Medicines Company.
Many shareholders have reached out asking how we intend to vote
at the upcoming annual meeting.
Given ongoing discussions, we intend to vote “ABSTAIN” on all
matters at the annual meeting. We believe this reinforces our
message that change is needed as we give the board the time to add
shareholder representatives to the board.
In addition, we intend to vote “ABSTAIN” at the annual meeting
because even though such a vote will not impact the outcome of the
upcoming election of directors, the United Kingdom, the
jurisdiction in which Amarin is domiciled, contains laws and rights
that protect the shareholder franchise even after the annual
meeting. For example, under UK law and Amarin’s articles,
shareholders, like Sarissa, who own at least 5% of the outstanding
shares can call a special meeting of shareholders to remove and
replace directors AT ANY TIME. Therefore, immediately after the
annual meeting, we could call a special meeting and seek to remove
and replace some or all of the Amarin directors with the
affirmative vote of the holders of a majority of the outstanding
shares.
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version on businesswire.com: https://www.businesswire.com/news/home/20220615006073/en/
Jean Puong Sarissa Capital Management LP info@sarissacap.com
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