Jonathan Milner urges Abcam shareholders to vore for his proposals

Jonathan Milner, the founder and one of the largest investors in Abcam with ownership of 6.3% of the Company, has issued an open letter to the Company’s shareholders, which read in part, ” I want to draw your attention to tactics the entrenched Abcam Board and management team have employed since my recent efforts to restore financial and operational performance and maximize value for all shareholders. The significant share price rise caused by my recent involvement underlines my view that there is an urgent need for change at Abcam. The Company recently said it has received “strategic inquiries from multiple parties over recent weeks” and implied that I would be hostile to such opportunities. Those contentions about me are utterly wrong. As a 6.3% shareholder in the Company, I would benefit from a sale at a favourable price. If elected, I will seek to create a strategic review committee to explore M&A opportunities. Conversely, the current Board owns almost no Company equity, has a reputation in the industry for rebuffing strategic advances, and I believe its entrenched members are more interested in keeping their seats than exploring strategic options. The Company’s claims about “strategic inquiries” are a blatant and desperate attempt to derail a proxy challenge. If you want the Company to provide return on your investment through a strategic transaction, you should vote FOR the proposals, not against them…My efforts to restore financial and operational performance and plan to maximise value for all shareholders are not only a defence against low M&A offers, but a commitment to act in the best interests of all shareholders. Should an acquisition be the best path forward for Abcam to cement itself as the world leader in antibodies and protein research tools, I will work with the Board to make that happen. Vote to support my plan for value creation: I implore shareholders to not be misled by the entrenched Board and elect me to the position of Executive Chairman and vote for the proposals outlined below. The proposals include: The removal of Peter Allen, Michael Baldock, and Sally Crawford from office as Directors of the Company; The removal of any Director of the Company appointed after the Company’s receipt of the request to convene an EGM and before the occurrence of the meeting; The election of Jonathan Milner as a Director and appointment as Executive Chairman of the Board; A shareholder resolution to the Board to conduct a thorough search for candidates and appoint at least two other independent, highly qualified Directors to the Board promptly after the meeting; Company reimbursement of expenses of Jonathan Milner and affiliates incurred in connection with the foregoing matters.”