Replies to post #277199 on Amarin Corp Plc (AMRN)

[HinduKush]

So BB are trying to transfer into ordinary shares for liquidity of trade and then increase voting rights also?
Hk

[Triple88]

HDG

Thank you for the fast response and great info !!

To All (about BB's holding) &

Invest83838 / 277177

Quote:I think that your great info that they obtained 23MM+ more common shares is a great sign

I see it differently. I see it as a sign that they would like to sell (IIRC the Series A is not tradable) … we will know by 08/15.

Whalatane / 277183

Quote:If the Baker Bros now own 15% of AMRN ( up from 9.8% ? ) does that now make them an "activist " investor or do they need a representative on the BOD.

Dunno … but IIRC "activist" status is not automatic based on %.

Quote:I'm using simple language here so feel free to correct ...but from memory the reporting requirements are different once a fund owns more than 10% of the outstanding shares and 13 D ? filings need to be made to report any change in ownership ...vs the quarterly 13 F

Not necessarily … see below

Triple88 / 277188

Quote:Are the voting rights for Series A and common shares both the same? or is there an advantage for either one ?

As I know the differences are:
(i) Series A is not tradable, meanwhile common is
(ii) Series A Preference Shares have no voting rights meanwhile commons have

HinduKush / PM

Quote:Where do you find this data

See below

- - - - -
Baker Brothers's holding:

(I) Series A

On March 5, 2015, the Company entered into a subscription agreement with four institutional investors, or the Purchasers, including both existing and new investors, for the private placement of 352,150,790 restricted American Depositary Shares. For each restricted American Depositary Share, the Purchasers paid a negotiated price of $0.15 (equating to $1.50 on an as-if-converted-to-ordinary-shares basis). BB bought 289,317,460 (see Exhibit A)
As of March 31, 2020, the Company had issued 6,283,333 ADSs upon consolidation and redesignation of these Series A Preference Shares at the request of holders, such that a maximum of 28,931,746 ordinary shares remained issuable upon future consolidation and redesignation of the remaining Series A Preference Shares as of March 31, 2020, subject to certain adjustments for dilutive events … fair to assume that the 6,283,333 ADSs belong to Stonepine Capital, LP and Broadfin Healthcare Master Fund … BB & 667 did not convert anything prior March 31, 2020.

During April 2020, at the request of certain holders, 237,713,680 Series A Preference Shares were consolidated and redesignated, resulting in the issuance of 23,771,368 ordinary shares. As a result, a maximum of 5,160,378 ordinary shares remain issuable upon future consolidation and redesignation of the remaining Series A Preference Shares, subject to certain adjustments for dilutive events. … Based on above: it was the BB (and 667) conversation.

(II) Common

Most of their "original" common are a result of Notes conversation.

e.g.: (I do not have the files about the exact, all details anymore)

2016 Q3: from 801,860 to 20,630,477 … meanwhile Amarin Announces Mandatory Exchange of Exchangeable Senior Notes Issued in May 2014 and November 2015

2017 Notes: "aggregate amount of 7,716,048 ADSs, subject to certain adjustments" … 8,523,315 (2018 Q4: 34,069,509 -> 42,592,824) … Amarin Announces Mandatory Exchange of Exchangeable Senior Notes Issued in January 2017

They sold 7,047,603 in Q4.

Best,
G

[Will Lar]

HDG - regarding your comment below on Baker Brothers' holdings. Can you please elaborate on why you think they're likely planning to sell? My gut feeling is that you may not be wrong here. But I would like to know how you analyze this. Thanks.

I see it differently. I see it as a sign that they would like to sell (IIRC the Series A is not tradable) … we will know by 08/15.