Abcam says Milner’s plan ‘puts in jeopardy’ recent momentum

In a letter to shareholders calling for an extraordinary general meeting, or EGM, to be held on July 12, Abcam said, “Having missed the deadline for consideration in proper order at May’s Annual General Meeting, Dr. Jonathan Milner has forced Abcam to hold this EGM so that he can attempt to appoint himself Executive Chairman of the Board of Directors of the Company and to remove three directors from the Board, including the current Chairman and CFO, with no proposed alternative candidates other than himself. The net effect of these changes would be a sudden and significant shift in both operational and executive leadership of Abcam that puts in jeopardy the Company’s recent momentum as well as its day-to-day operations, growth strategy and competitive position. Dr. Milner has thus far failed to articulate to shareholders or the Company what appointing him to an Executive Chairman role would mean in practice or what new strategy he is seeking to deploy. Dr. Milner’s ‘plan’ for value creation is, in reality, not a plan at all. He has promised to review various items and then formulate a plan – this should be alarming to shareholders and only underscores how far-removed from the Company Dr. Milner has become.”