Amarin Corp Plc (AMRN)

[Tatsumaki]

Lizzy, Can you explain how using that method of financial engineering could be used to bring his cost basis from nearly $5.00 down to $1.29?

He's been transparent in his 13F. The math works. Ignore the 13D. You cant tell in that document what Sarissa actually owns vs. shares he just controls the vote. For example, if DiPaolo (could be anyone, I just threw Denner's partner thief in for no particular reason) anyway, if he personally owns 8 million shares and has committed those shares to vote with Sarissa, Sarissa doesnt own those shares, but they count towards his overall controlled interest on the 13D.

The dates below are the effective date for the 13F only. Dont have exact dates and prices, but you can get a decent estimate for the purposes of this exercise by using the closing share price around that date. Bottom line, easy to show how he pushed his CB down to $1.3 CB today just with his public filings. I would bet it's much much lower with other activity that's not accounted in the public filings.

Denner's opening position held in Sarissa LP
9-30-21 8,500,000 $5.1
12-31-21 10,750,000 $3.3
3-3-22 4,750,000 $3.5
Total 24,000,000 $4.03 <<< CB of his initial holdings.

Denner's big sell...
12-31-22 -19,191,000 Share price was around $1.20 at that time. They went into smaller funds he controlled so they kept showing up on his 13D, probably owned them in other accounts. But for todays' cost basis none of that matters cause all of those shares got sold from those accounts at a lower basis back into Sarissa LP eventually.

This leaves Denner with 4,807,000 shares at $3.30. Im assuming he sold off the highest cost shares and kept the lowest. Who wouldnt?

Denner rebuys shares into Sarissa LP
Starting 4,807,000 $3.3
3-31-23 103,000 $1.5
9-30-23 5,532,453 $0.86
12-31-23 14,408,170 $0.86
Total 24,850,623 $1.33 <<< Close to today's actual CB for Sarissa LP's holdings. Few cents off from what you report, likely due to the estimations I explained above.

Yes, Denner lied about selling. I believe his short activities are independent of the activity above. It's not an either-or... do this or that situation. He's shorting this like crazy for a reason. While he's doing that, he wants to keep his CB close so this is what he does as a result, especially if he can do this for tax advantages in a given year. And a few people have been saying he's been doing this for years on this board.