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Have any of the new board members filed a form 4 showing their compensation? I haven't seen anything, but may have missed it.
JRoon, whomever buys the company will be able to use the tax loss. Have not checked in a while, but it's over $1B.
isaeed, I would love to know what Denner's impetus was to get involved with AMRN in the first place. Was it an institutional owner of shares asking for help, a potential buyer complaining about dealing with management or just Denner scanning the bio world and decided AMRN was ripe to make a move. Compared to his other holdings, he has moved at lightning speed. Let's hope that continues. I think by next summer for sure on the long end, but hope you are right about 6-8 months.
FFS, You are wrong. People keep forgetting that this is an Irish company and even Denner didn't get 80% of the vote with so many backing him. He wouldn't get close to that trying to get people selling out at $3-$4 and he would need at least that 80% to pull it off. He might not even get that at $8. IMO, it will take a double digit price or it won't happen. I posted about Irish takeover laws before, so I am not doing it again, but for the record, there has NEVER been a successful hostile takeover of an Irish company...period!
Capt, what am I missing? It closed at $1.86 and the after hours price is $1.86.
lizzy, if they feel they know, then it's not close and Denner wins. Management is not winning by a landslide.
Johnhancoque, I have seen most of his videos. He uses data to prove a point, the way it should be.
Tasty, he has the rights to almost 6 million shares for 2 years of work. Even at $5/share, that's approaching $30M and that's not counting salary. Unbelievable! We are hoping for north of $10/share in a BO which would be almost $60M. If Denner loses, I expect he will regroup and fight again, but we are losing value to these pigs that we are never getting back! A win by Denner down the road will cost us in our per share price. Of course, these guys are gaining way more shares than they lose in the price per share. Yeah, they heard shareholders concerns alright!...and gave us the middle finger!
Form 4's inbound. Denner better win. In the meantime, bend over!
https://newsfilter.io/a/411f9a963d6781e4b98ce208e07efc45
Lizzy, I would think they have at least one attorney there to oversee the meeting.
DAR, I will add Tim Cook just took a large pay cut. I believe it was 40%.
rosemount, I agree. driller is correct that there could be a lot of shareholders that don't vote. That would make it like a primary in a congressional election where the base shows up and that small group of vocal voters pick the candidate. All those who don't vote don't affect the outcome. Better for us. In the end, it will come down to the institutions. We probably only have to grab 30% of that vote to win...minuses Denner and Stanley Morgan.
Robin, I was wondering the same thing. Is there a meeting where they count the votes? Can Denner attend? You would think the vote results are presented to the board before anyone else, but since Denner is waging the proxy fight, is he there either in person or video link? Anyone who can shed light on this process would have my appreciation.
Pdude, I respect your opinion. I certainly don't agree with it. You fear the unknown that Denner brings. I would agree if AMRN had a record of delivering for the shareholders. They have not. Changes you believe have been made are just putting lipstick on a pig. They have made a host of strategic missteps and continue to do so. This whole proxy battle is a perfect example of that. You keep saying Denner is stoking fear in us. I can tell you my fears were there way before Denner bought a single share. They were warranted.
Over the years of being in business, hundreds of strategic decisions were made by me. I never had all the facts in any of them. I had to make them based on probabilities. Just like those decisions my decision here is based on that. The probability Denner gets me a bigger return than management as it is currently constituted is far greater. I base this on 2 pillars. One, Denner knows that as a stand alone company AMRN can't be successful. AMRN believes they can. That affects a strategic decision like a sale of the company. I agree with Denner on this. Two, I look at track records. Denner has one of overall success. Management has proven to me they don't have what it takes, especially at the top.
Furthermore, Denner doesn't have a track record of going into every company and eliminating all of the top management. Those on the board who can help with the strategy will stay. What will change is the strategy focus.
One last thing. It's not all about price. I am in textiles. I have a history with Fabricland, the largest fabric chain in Canada. I mention them because you are from Canada. I have generally sold them at a 30% discount compared to my normal prices because of the volume. Needless to say I have made more money from them vs smaller customers simply because the volume is so large. Every customer is not the same nor should they be treated as such.
lizzy, I recall KM about a year ago stating 2023 would be the year we get significant revenue from the EU. I agree with you...it's not happening. Definitely not this year. Again, drops in US revenue will be greater than anything we get in the EU for at least 2 years. Pdude can believe the current management. I am sure they believe themselves that they can right the ship. They just don't have the horses. You need capital, human and financial as well as political, which at this juncture is the most important. Pdude states Germany is a lost cause because of austerity measures. Those only apply to little companies like AMRN with zero political influence. No way this happens to a big pharma. Do you think Denner will value Germany at zero? Of course not because he knows a BP will make a deal and get approval there no problem.
Ns, absolutely not true. Denner has a significant activist position. Any 1% change needs to be reported in a couple of days. So you would have seen the entire ride down then back up being reported. That didn't happen! Why do you think Morgan Stanley has 22M shares? If it was Denner, he would have had to report the increases at an accelerated pace which would tip off management. This way management wasn't aware of the position until we were already in the voting period. This was all planned going back months right down to the day the battle would commence. Denner hasn't sold a share period, but was having allies accumulate. From a strategic perspective, he nailed it!
Ns, they will need a new chairman. I hope it's Denner. I have stated previously that I believe he is the leading candidate. Can you think of a better person for the job?
Pdude, I am sure you believe that if it was Pfizer or some other BP pitching V in Germany it would have had the same fate of being rejected. I for one will believe that Pfizer or another politically influential BP would have received a nice reimbursement. The company line is that no BP would want to negotiate pricing. That makes no sense at all. These companies are set up to succeed from the inside. AMRN will always be outside the system.
rosemount, pdude might be right and they might short the stock back down, but that doesn't affect Denner's plan.
Everybody but Pdude, The fact AMRN was to dumb enough not to give Denner a couple of seats almost a year ago is just the latest example that they suck at managing risk. The smart play was to negotiate 2 seats. They were arrogant. Nothing new! So they got played and we should protect them? I hope Denner gets total control!
Someone please explain to me how the Medicines Company was sold prior to reimbursements/pricing/approval anywhere was accomplished? What were sales? Somehow, he sold the company. I wonder how many shareholders walked away pissed off? That's really all that matters. Were the shareholders happy or mad? Everything else is irrelevant. I am betting all my shares that Denner will make me happy!
Capt, I didn't catch the whole presentation, but did catch where they explained the spending on this proxy battle. They blamed it on us. We are retail which means there are a lot of us, so that costs more than engaging a few institutions that could potentially vote on the same amount of shares. I guess someone forgot to explain to Denner that he needs to spend more money to reach us. The amount spent by each party is a perfect example of one side spending other people's money vs the other side spending their own.
raf, I would assume if the advisory board is independent that they're not getting paid for that opinion. Of course anyone who actually believes that is voting with management.
They pay themselves gobs of money but are worried about board size. Board size is so far down the list of problems it wouldn't crack the top ten.
Again, let's focus on fake problems and not talk about 1) 4 years of inventory, 2) dwindling cash, 3)nonexistent EU sales, 4)slow approvals, 5)write-offs of millions in inventory, 6) bloated management compensation, 7)lackadaisical defense of our patents, 8)slow progress on a new formulation, 9)slow progress on a combo pill, 10)failure to get approval in China.
That took me all of 3 minutes and I am sure I could have gone on but let's focus on a bloated board. This is why we need Denner as I gaureentee none of this will be addressed tomorrow or anytime in the future unless he wins.
seve333, I bet it's a whole lot of begging for votes while bashing Denner. People that are dilutional have no real awareness of the situation as it is.
Irishman, if Denner doesn't win this battle, you can count on a massive dilution to either buy a pipeline or build one. If management wins, there is no way they are selling. A dilution gives them money to keep paying themselves big money while diluting us, (an inconvenience for them), to become a non-factor. A reverse split probably proceeds the dilution which would rid them of many of their problems. Remember, it's all about themselves...we are a pimple on their ass. If you think they ignored us before, imagine how bad it will be if they win.
Kgeo, I don't have E trade, so can't comment on that. As for as accounts, one of the kids has a small account with a couple of hundred shares with only a white card. The next smallest account has 2100 shares and that recieved a blue card.
seve333, there was one big thing I got wrong when the last 2 board members were appointed. I was adamant that they must be approved by Denner. Thinking back, I should have known better. What I thought was based on the view you never put yourself in a position to lose and where you have no control. The right play for them was to fight Denner over how many picks...he wants 3, so you give him 2 and maintain control. The decision to fight him shows how out of touch they are. If for this reason alone, it shows that management learned NOTHING after losing the patent case. What is happening here mirrors that case and the results will be the same. Management went all in and lost. The only difference is we won't suffer this time from their utter stupidity.
Capt, I plan on it. I am curious as to their focus, on AMRN or their jobs. Also, how desperate do they come off as and how much do they try to throw Denner under the bus. I expect Per to be the most aggressive as he will be losing his job. The others though, they will have to work with him, so how aggressive will they be.
Per wants to speak...now that's comical! Let's do another poll. How much time is spent talking about the company vs how much time is spent focusing on the vote? I am going with the majority of the time is spent focusing on the proxy vote and why Denner is bad for me. If Denner is bad...that's better than what we have been getting which is death by a thousand cuts!
Duke...exactly. Assuming Denner is successful, the 8 holdover directors will dictate what happens if they vote as a block. The real question is who will be Chairman of the Board? That could have more influence on the company’s future direction than the 7 seats. Is it one of the holdovers or one of Denner's seven? Can somehow Denner be appointed? With the limit of 15 board members, it must be one of them or someone resigns.
Bob, they called my wife on one our kids accounts that is under his SS#, so totally separate from ours with separate contact info. Less than 5000 shares.
Newman, I just don't see a deal at all. Denner has put the centerpiece of his strategy being to remove Per Wold-Olsen. He can't back down from that and Per won't be agreeing to step down voluntarily. This goes to the cards.
Tat, that's the argument you are going with? I would consider what you are saying based on a US company that would only require a little over 50% approval. Irish companies are very different. So far, there hasn't been a successful takeover of a contested company under Irish laws...EVER!
Tat, let's just take sentiment here on this board. I realize this is by no means the float. Do you think 80% of people here would accept $5? Personally I think we can hit $4 on Denner having success in his battle, so everyone is happy with $5 and calling it the day? That's just not happening under any scenario that I can even think of that could play out in the next couple of years. No way do institutions get 80% to sell here on the way to $5...if anything people here will probably add if Denner wins and that add will be significantly higher than we are now. If anything, Denner's success makes it harder to accept a low offer as the price will be starting at a higher base level. The exact opposite of what management as well as some hesitant posters here assert. We can celebrate a sale together, but again, $5 isn't happening. If someone wants to make an argument based in some factual context, I am all ears, but conjecture isn't going to cut it for me.
Lemmiwinks, IMO MS is definitely with Denner. Probably done this way as to not alert AMRN before he took action. If he aquired more shares, he would have had to make multiple disclosures. Doing it this way here...surprise! As far as for AMRN?...how would they know this was coming? Denner didn't have to wage a proxy right now. Considering the timing, it's definitely in conjunction with Denner's move as an allie.
Tat, that's not happening. This isn't a US based company where you need just over 50% for a buyout. Read Irish takeover laws. It's a minimum of 80% of the vote and could be 90% based on an EU directive on takeovers. So you can laugh and crack a beer, but it won't be because Denner took the company private.
https://content.next.westlaw.com/practical-law/document/Ia59cb640643d11e38578f7ccc38dcbee/Public-mergers-and-acquisitions-in-Ireland-overview?viewType=FullText&transitionType=Default&contextData=(sc.Default)#:~:text=Under%20the%20Takeover%20Rules%20a,voting%20rights%20of%20the%20target.
I heard the are working on Gilligan's Island!
Bradyisgoat, I am not sure about anybody else, but my proxies actually say "Blue Card". I do have 2 smaller accounts where I didn't get any cards yet, but expect them today. I didn't even look at the white cards...all blue for me.
Ns, at best Denner gets 7 board seats. That doesn't give him control. The board would increase to 15. Denner put in 7. How is that control? It's is not. Actually, if AMRN's 8 directors that are left vote as a bloc, they will be calling the shots, not Denner or his people. 2 or 3 or even 7 seats will be meaningless. The bigger question is who will be the new chairman? Make your guesses now! Raf needs to do another poll!
Rosemount, I have Fidelity also, so will be voting later today.
Insync, only this...Denner asked for people to vote the Blue card as this gives him an idea of how the vote is going. A vote for the White card looks to Denner like you are voting for management. Ok, you are voting for him, but he doesn't know this.
Why does it matter?
1) we want Denner to win.
2) we don't want Denner to lose.
If it looks like he might lose, it's more likely that he tries to make a deal. The Blue gives him real time feedback. I am voting Blue. I will wait another day or so then become proactive because personally, I don't want a deal. Denner winning only gets us close to 50% representation, so even that isn't control. All the fear from management is fantasy. In one of my partnerships, I owned 51% of it. That's all I needed to call the shots. The 49% rode my coattails. I didn't care what they thought.