CAMBRIDGE, England and WALTHAM, Mass., May 17, 2023
/PRNewswire/ -- Abcam plc (Nasdaq: ABCM), ("Abcam," "Company,"
"Group") (Nasdaq: ABCM), a global leader in the supply of life
science research tools, today notes that its founder and former
director Dr. Jonathan Milner has
indicated he will take steps to call an extraordinary general
meeting ("EGM") of the Company's shareholders to elect himself to
the Company's Board of Directors as Executive Chairman.
The Company was surprised that Dr. Milner has decided to make
this public statement, given the ongoing discussions with him
regarding his appointment to the Board.
Dr. Milner first formally requested to be re-appointed to the
Board on 28th April 2023, less than
three weeks prior to the Company's Annual General Meeting ("AGM")
and after the date he could have requisitioned a resolution at the
AGM to achieve his aims. The Board moved quickly to consider him
returning to the Board including having him meet with all
non-executive directors within 10 days.
Dr. Milner's request was thoroughly considered by the Nomination
Committee and the full Board of Directors. It was determined
today that Dr. Milner would be offered the opportunity to be
appointed to the Board subject to a customary relationship
agreement, the terms of which were to be discussed and agreed upon.
After informing Dr. Milner that the Board was inclined to appoint
him, he immediately rejected such invitation and then requested to
be named Executive Chairman, replacing the current Chairman.
The Company notes that Dr. Milner has issued a press release
with respect to this request, even before the Board had time to
respond. The Company is disappointed that despite the Board's clear
and consistent efforts to engage constructively with Dr. Milner, he
has instead pursued aggressive tactics as he seeks to force the
Company to agree to his demands.
Today, the Company's AGM concluded with shareholders voting
overwhelmingly in support of all resolutions, with directors
receiving on average 95% support of the shares voted.
About Abcam plc
As an innovator in reagents and tools, Abcam's purpose is to
serve life science researchers globally to achieve their mission
faster. Providing the research and clinical communities with tools
and scientific support, the Company offers highly validated
antibodies, assays, and other research tools to address important
targets in critical biological pathways.
Already a pioneer in data sharing and ecommerce in the life
sciences, Abcam's ambition is to be the most influential company in
life sciences by helping advance global understanding of biology
and causes of disease, which, in turn, will drive new treatments
and improved health.
Abcam's worldwide customer base of approximately 750,000 life
science researchers' uses Abcam's antibodies, reagents, biomarkers,
and assays. By actively listening to and collaborating with these
researchers, the Company continuously advances its portfolio to
address their needs. A transparent program of customer reviews and
datasheets, combined with industry-leading validation initiatives,
gives researchers increased confidence in their results.
Founded in 1998 and headquartered in Cambridge, UK, the Company has served
customers in more than 130 countries. Abcam's American Depositary
Shares (ADSs) trade on the Nasdaq Global Select Market (Nasdaq:
ABCM).
For more information, please visit www.abcam.com or
www.abcamplc.com
Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
some cases, you can identify forward-looking statements by the
following words: "may," "might," "will," "could," "would,"
"should," "expect," "plan," "anticipate," "intend," "seek,"
"believe," "estimate," "predict," "potential," "continue,"
"contemplate," "possible" or the negative of these terms or other
comparable terminology, although not all forward-looking statements
contain these words. They are not historical facts, nor are they
guarantees of future performance. Any express or implied
statements contained in this announcement that are not statements
of historical fact may be deemed to be forward-looking statements,
including, without limitation, statements
regarding Abcam's portfolio and ambitions, cost refinement and
efficiency initiatives, and our future results of operations and
financial position such as our outlook for FY2023 and performance
goals for FY2024 are neither promises nor guarantees, but involve
known and unknown risks and uncertainties that could cause actual
results to differ materially from those projected, including,
without limitation: challenges in implementing our strategies
for revenue growth in light of competitive challenges; the
development of new products or the enhancement of existing
products, and the need to adapt to significant technological
changes or respond to the introduction of new products by
competitors to remain competitive; our customers discontinuing or
spending less on research, development, production or other
scientific endeavors; failing to successfully identify or integrate
acquired businesses or assets into our operations or fully
recognize the anticipated benefits of businesses or assets that we
acquire; the ongoing COVID 19 pandemic, including variants,
continues to affect our business, including impacts on our
operations and supply chains; failing to successfully use, access
and maintain information systems and implement new systems to
handle our changing needs; cyber security risks and any failure to
maintain the confidentiality, integrity and availability of our
computer hardware, software and internet applications and related
tools and functions; failing to successfully manage our current and
potential future growth; any significant interruptions in our
operations; our products failing to satisfy applicable quality
criteria, specifications and performance standards; failing to
maintain and enhance our brand and reputation; ability to react to
unfavorable geopolitical or economic changes that affect life
science funding; failing to deliver on transformational growth
projects; our dependence upon management and highly skilled
employees and our ability to attract and retain these highly
skilled employees; and as a foreign private issuer, we are exempt
from a number of rules under the U.S. securities laws and Nasdaq
corporate governance rules and are permitted to file less
information with the SEC than U.S. companies, which may limit the
information available to holders of our American Depositary Shares
("ADS"); and the other important factors discussed under the
caption "Risk Factors" in Abcam's Annual Report on Form 20-F for
the year ended December 31, 2022
("Annual Report") with the U.S. Securities and Exchange Commission
("SEC") on March 20, 2023, which is
available on the SEC website at www.sec.gov, as such factors may be
updated from time to time in Abcam's subsequent filings with the
SEC. Any forward-looking statements contained in this announcement
speak only as of the date hereof and accordingly undue reliance
should not be placed on such statements. Abcam disclaims any
obligation or undertaking to update or revise any forward-looking
statements contained in this announcement, whether as a result of
new information, future events or otherwise, other than to the
extent required by applicable law.
Abcam plc
Tommy Thomas, CPA
Vice President, Investor Relations
+1 617-577-4205
152 Grove Street, Building 1100
Waltham, MA 02453
FTI Consulting (media enquiries)
Ben Atwell / Pat Tucker
Abcam@fticonsulting.com
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SOURCE Abcam PLC