The note holders actually lost protection here - before the conversion they were guaranteed 3.5%/yr plus the converts at $2.86/shr - now they've not only lost the interest payments, but they'll own common stock and have to take the risk of it going up or down like the rest of us common shareholders. As far as who actually owned the notes, from IHUB:
Corsicanto: As a fully owned subsidiary, was the issuer of the 2012 and 2014 Notes (Amarin was a guarantor). Legally it is a different entity, but technically it does not matter. Corsicanto = Amarin. It is not a news, isn't a surprise.
Holders of the Notes (will receive the shares) are different Co.s (not Corsicanto). eg.
- AMERIPRISE FINANCIAL INC
- ARISTEIA CAPITAL LLC
- Baker Brothers Life Sciences, L.P.
- 667, L.P. (Baker Brothers Life Sciences, L.P. related)
- CITIGROUP INC
- DEERFIELD MANAGEMENT COMPANY
- FRANKLIN RESOURCES INC
- HIGHBRIDGE CAPITAL MANAGEMENT LLC
- PIONEER INVESTMENT MANAGEMENT INC
- TEKLA CAPITAL MANAGEMENT LLC
- TENOR CAPITAL MANAGEMENT COMPANY ., L.P.
- WHITEBOX ADVISORS LLC
The exchange was initiated by the Co (Corsicanto / Amarin) wasn't by the Holders, they do not have a choice other than accept the exchange. (Does not indicate confidence by the Holders).
The exchange is app 61M shares (57.7M as basic + app. 3.3M increase due to PPS & timing)
Total outstanding will be app. 270M.
Fully diluted (inc. option, RSU, Series A, 2012 Notes) will be app. 340-341M.
You can see the list here - the "PRN" means they hold some notes - some own the 2012 notes, so it's the complete list of note holders: