9th Mar 2021 21:21
Arix Bioscience PLC - focused on investing in biotech companies - Acacia Research Corp, a 19% shareholder in Arix asks for meeting with company's board before starting date of recent appointed directors James Noble and Axel Wieandt, which is April 1.
Acacia has made claims of a history of governance instability at Arix, pointing to shareholder opposition to the Directors Remuneration policies at the 2019 and 2020 annual general meeting, and also claims that the board is indifferent in shareholder views "in all aspects".
As a result, Acacia has proposed that Executive Chair Nassem Amin be replaced with immediate effect, and that Acacia Chair Maureen O'Connell and Director Issac Kohlberg join Arix's board.
"In announcing Arix's interim results on 8 September 2020, you announced your intention to invest our capital on the following basis: 'We have a highly seasoned leadership and ambitious team, supported by a high calibre Scientific Advisory board and board, and close relationships with pharmaceutical and academic partners. These give us a unique platform and competitive advantage to execute our strategy', " Acacia Research stated.
"We disagree. To be absolutely clear on this point, as your largest shareholder, we caution the board against taking any steps to make further investments until a suitably qualified team of experienced investment professionals has been retained to the satisfaction of shareholders," the group added.
Current stock price: 192.50 pence
Year-to-date change: up 4.1%
By Dayo Laniyan; [email protected]
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