Indivior Shares Edged Higher on Amended Relationship Agreement

The Indivior PLC (LON: INDV) share price edged higher after announcing amendments to its existing relationship agreement (the “Relationship Agreement”) with Scopia Capital Management LP (“Scopia”). The changes will extend the tenure of Mr Jerome Lande as a member of the Board until December 31, 2024.

Scopia Capital Management LP is a long-standing and valued shareholder of the Company. 

After careful consideration of Mr Lande's valuable contributions in his role as Scopia's Representative Director, his continued perspective as a shareholder and his experience in capital markets, the Board has determined that his ongoing service will be in the best interest of the Company and all its shareholders.

In light of these considerations and the advantages that the continuation of specific terms of the Relationship Agreement can bring to the Company, both the Company and Scopia have agreed to extend the term of the Relationship Agreement for an additional year, until December 31, 2024. 

This extension is subject to mutual agreement or termination per the agreement's terms before the specified date. An adjustment has been made to the threshold for automatic termination, which will now occur if Scopia (and its affiliates) no longer hold interests in at least 3% of the Company's issued share capital, reduced from the previous threshold of 5%.

The other provisions of the original Relationship Agreement will remain fully in force and effect. These provisions include customary standstill, voting, and governance clauses suitable for an agreement between a premium-listed company and a significant shareholder. Scopia, and its affiliates, have committed to:

Not exercising voting rights exceeding 15% of the Company's voting rights at any time. Exercising voting rights regarding ordinary course resolutions in alignment with the Board's recommendations. 

They will not exercise shareholder rights in a manner inconsistent with the Board's recommendations, except for specific non-ordinary course resolutions. The individual responsible for making this announcement is Kathryn Hudson, the Company Secretary.

Indivior share price. 

The Indivior share price edged up 0.56% to trade at 1308.25p from Thursday’s closing price of 1301.00p.