Elan and Amarin
The two companies appear to have a lot of common history. Somehow it almost seems as if Elan in the past has "handled" Amarin as at least an affiliate. Products being shifted between the companies. Elan managers taking up positions in Amarin etc. I am not up to date on that story. Perhaps someone else can fill in the blanks.
As far as the Convertible goes, Elan seems to have converted a little bit more than half of the converts it is holding. From the most recent 20F of Amarin (Dec 31, 2000).
To the Company’s best knowledge, Elan Corporation plc and its subsidiaries currently hold an aggregate of 5,240,000 Ordinary Shares, representing approximately 7.0% of the issued and outstanding Ordinary Shares of the Company.
Elan and its subsidiaries own an aggregate of 4,129,819 preference shares of the Company which are convertible into an aggregate of 41,298,190 Ordinary Shares. These preference shares cannot be converted until December 31, 2001 without the prior approval of the Company.
Upon the conversion of all preference shares held by Elan, Elan and its subsidiaries would hold an aggregate of 46,538,190 Ordinary Shares representing approximately 42.3% of the outstanding Ordinary Shares.
However, to the extent additional Ordinary Shares are issued to the private placement investors if the Company fails to achieve cashflow of US$5.5 million for the 12-month period ending June 30, 2001, Elan’s ownership interest may be significantly diluted. See Item 6 for additional information regarding certain management relationships. |
