RCS - Acacia Research Corp - Director Nominations To The Board Of Arix

Acacia ResearchAnnouncement

26/04/2021 08:10

RNS Number : 5544W
  
Acacia Research Corporation
  
26 April 2021
  
 

PRESS RELEASE
 
 
Acacia Nominates Three Directors to the Board of Arix Bioscience plc
 
 
26 April 2021 - Acacia Research Corporation (Nasdaq: ACTG), a 19% shareholder in Arix Bioscience plc (LSE: ARIX) is pleased to announce that it will today requisition resolutions to be included in the notice of the annual general meeting of Arix (AGM) to nominate three directors to the Board of Arix, whose appointments will be subject to shareholder approval at the AGM.
 
The requisition will include resolutions to be considered at the AGM to appoint Peregrine Moncreiffe, Maureen O'Connell and Isaac Kohlberg as directors with effect from the AGM. Brief biographical details of the nominees are as follows:
 
Peregrine Moncreiffe
After an extensive career in investment management and banking in London, New York and Asia, Peregrine Moncreiffe is currently non-executive Chairman of North Atlantic Smaller Companies Investment Trust plc. (NAS.LN)
 
Isaac Kohlberg
Mr. Kohlberg has had a distinguished career commercializing intellectual property for leading universities and research institutions. He is currently the Senior Associate Provost and Chief Technology Development Officer for Harvard University, and a director of Acacia.
 
Maureen O'Connell
Ms. O'Connell is a distinguished senior executive and company director who has held positions in a variety of industries including media, biotech, pharmaceuticals, education, digital, retail, technology, professional services, homebuilding, real estate and insurance, and is a director of Acacia.
 
Background
 
On March 9, Acacia wrote to the Senior Independent Director of Arix with a plan to improve governance of the company. Acacia recommended that Arix commence a search for a new CEO and restructure the board with individuals who possess the requisite experience and skills. Acacia noted that Arix had been through a period of significant disruption in which 18 different directors have served on its board over five years, and governance instability has precipitated the departure of all key members of Arix's investment team. Acacia believes the change needed at the company can only be achieved by a reconstituted board comprised of directors with a demonstrated record of effective governance.
 
Acacia welcomed the decision by Arix to pause the appointments to the board of two directors that had been made without consulting shareholders, and has worked diligently with the company to support its identification and interview of potential non-executive directors who are suitably qualified. This process included a substantial number of candidates proposed by the company as well as several identified by Acacia. In the course of these discussions, the parties identified Peregrine Moncreiffe and agreed that he is eminently qualified to serve as Chairman of a reconstituted board.  
 
Acacia continues to support and value the expertise of Giles Kerr as an independent director and proposed that Rob Lyne, who currently holds the role of Chief Operating Officer and General Counsel at Arix, join the Board as an executive director.
 
Acacia believes that a reconstituted board comprising Giles Kerr, Rob Lyne and the nominees would enjoy broad based support among Arix shareholders and would end the long period of instability at the company.
 
Regrettably, the board of Arix, which comprises three incumbent directors, has inexplicably changed course with regard to its intentions and Acacia is now compelled to proceed with these nominations. Acacia continues to believe that a reconstituted board can be implemented without further disruption and appreciates the dedication of Giles Kerr in his efforts to complete the negotiations.
 
ENDS
 
 
Media enquiries:
 
Powerscourt
Andrew Clark
Sarah MacLeod
+44 (0) 20 7250 1446
acacia@powerscourt-group.com
 
 
About Acacia
Acacia Research Corporation (Nasdaq: ACTG) has a primary focus on mature technology, life sciences, industrial and certain financial services segments, and pursues opportunities for value creation that leverage Acacia's significant capital resources as well as its expertise in corporate governance and operational restructuring. For additional information, please visit Acacia's website at www.acaciaresearch.com
 

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