Amarin Corp Plc (AMRN)

[HDGabor]

Few thoughts about vote result (2022 vs 2021, in millions):

(I) The outstanding shares was a little bit higher: 397 vs 395 (+2) … I think / assume the increase was 100% insiders. (I assume a “votes for” by these shares.)

(II) The voting shares* increased to 185 (from 143; + 42 / +29% … +39 / +28% exc. insiders above) … however it was the 47% of the outstanding shares (397).

*Please note: “Broker Non- Votes” was entitled to vote on accounting firm only, as a “routine” proposal … without this agenda point this type of vote does not count as present. Abstentions and broker non-votes counted for determining the presence or absence of a quorum, but will not be counted for determining the number of votes cast on a given proposal.

(III) We “know”:
a) Sarrissa has: 24
b) Baker B has: 21
c) Votes increased by 42 (39 exc. insiders)
d) “Broker votes” increased by 20 (I think fair to assume these are all individuals)
e) Non-individuals, non-insiders increased by 19 (as it is less than what BB has, I assume that BB voted in 2021)

(IV) re-elect Mr. Karim Mikhail (lowest “votes for” among re-election) vs re-elect Mr. Patrick J. O’Sullivan (highest “votes for” among re-election)

For: 93 vs 109: -16 … 91 vs 109 (exc. the +2 belongs to insiders, see I.): -18
Against: 37 vs 29: +8
Abstentions: 55 vs 5: +50 (w/o Sarissa: 31 vs 5: +26)
Against + Abstentions: 92 vs 34: +58 (w/o Sarissa: 68 vs 34: +34)

Who could be behind the change? (Against + Abstentions; w/o Sarissa: 68 vs 34: +34)
(i) +20: “new” individuals (Fair to assume they did not vote “For” and as it less than Sarissa’s 24, fair to assume that Sarissa’s current shares voted in 2021)
(ii) +14: individuals and institutions who voted in 2021 (as it and the decrease of "For" are less than BB’s shares, fair to assume that – at least part, but more likely full – they voted “For”.)

For vs Against + Abstentions: 93 vs 92 … approved
(Just for the record “best” re-election: 95 vs 89)

Altogether, I am not sure Denner is “comfortable” enough with the outcome to initiate a special meeting (especially if the pps will be higher …).
(i) 39 / 28% increase in total votes (exc. insiders 2) … 212 million did not vote.
(ii) all re-election was approved (with a tight margin, but was approved counting “Abstentions” as “Against”) … meanwhile the pps is below $2.

We could see a (one) board membership for him w/o a special meeting ... or (but I am not sure we will know it) he could be an advisor for the Board. ... or everything will be the same.

Best,
G

ps.: vote about Compensation Plan was more favorable “for Denner” but that does not matter
(i) everybody “love” to vote against compensation
(ii) it was a non-binding advisory vote