Amarin Corp Plc (AMRN)

[KCSVEN]

I'd say personally I'm pretty happy with the management team, they've gotten a drug approved with a wide indication. They managed to dilute to get the funds to get to finish line but end with little debt.

However, they are not foolproof and believe they have some things to answer for(which they likely won't)

1) Why a 26 million share raise for $460 million, did not make sense at the time, did not make sense even after ADCOM announced and based on recent 2020 outlook they won't touch a dime of that money in 2020. Maybe 1/2 that amount made sense, have a buffer for some unexpected and take money raise off the pressure of the stock but they have not justified the size of the raise and the additional dilution.

2) The board set option grants at a level that pays management a lot of shares that dilute the stock and also cause selling in the market. I would have preferred more cash payouts and less stock, they clearly have the money to have done that. They always had an out of selling the EU rights to get cash without any dilution.

3) What is going on with Europe, the elusiveness to answer questions on this is disconcerting. Why did it take so long after FDA submit to submit to EU? They said they might partner before FDA approval, might do it after but they were told by investors to wait so they did, so what's the scoop now? If they partner this year and get the cash up front, would be another misstep back to the last dilution becoming completely unnecessary.

4) They mention for awhile willing to settle these suits but trial is next week, if they don't accomplish settling I think is something that can be questioned regardless of outcome. Not knowing where generic stand hard to criticize now but almost ALL of these settle before court and they could only settle 1 out of 3 and left this overhang.

5) I understand they get paid in stock for a lot of compensation so selling what they get at times makes sense but they have not backed the stock with many market purchases, and the appearance that would gives that goes a long way if they would do that sometimes.

Again, stock had 2 good years from Jan-Dec returns and should have another by year end so despite the volatility management is returning shareholder value the last 2 years.

But I believe the above items are areas management should be held accountable and justify the actions.