We are quickly approaching the one year anniversary of Radoff and Torok's letter citing concern over the declining value at Amarin. They mentioned the absence of the promised share buyback and a recommendation of a strategic review to increase or unlock shareholder value. Well they go the appointment of a banker for a strategic review but still silence on the buyback. With Torok on the board, he has been muted.
Without knowing for sure, I assume there are a couple of reasons the buyback has not commenced. Either they are still worried of depleting cash if scripts don't pick up or even drop (which really shouldn't be that much of a concern since the Recordati deal really reduced expenses going forward) or they think they may need the cash either for some dumb acquisition or possibly depending on what the FDA might require to bring the new formulation to market, funds to pay for that.
I will say that I would be surprised if a year from now we are still in this limbo-land. By then I would have to think they would have either decided to spend the cash on a venture, new formulation, or started the buyback.
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