Avid Bioservices Inc (CDMO)

[Protector]

Blackrock International

The fact that Blackrock has 6,065,421 PPHM shares is as such not exceptional. For us 6Milj shares may seem a lot but for Blackrock it is a drop on a hot plate. And the same is probably true for Barclays, Vanguard, State Street and other of those II's that hold multi million PPHM shares.

However what is to be monitored is the increase of Blackrock since PPHM paid them a visit and the fact that they must have had some internal communication about PPHM. We now find PPHM stock in 5 of Blackrock's world wide divisions with Japan being a recent addition.

On 03/31/2014:
BLACKROCK FUND ADVISORS.................4,874,832
BLACKROCK ADVISORS LLC........................684,524
BLACKROCK INVEST. MANAGEMENT.........483,227
BLACKROCK JAPAN CO. LTD.........................17,794
BLACKROCK INC................................................5,044

So what exactly is it that Blackrock communicated through its channels for the managers of its divisions to open PPHM positions.
I do not believe in coincidence by saying they suddenly woke all up, realized that the mother house was quite loaded (4.8 Milj shares is about 2.8% of outstanding stock - assuming 170 Milj shares outstanding). So Blackrock now owns 3.5% of PPHM all divisions combined.

Our current 16% II investors, plus Dart, should bring us somewhere about 21-23% large investors. I have a hard time keeping track how much stock dart currently holds.

We have to put that into perspective. We had around 25% II's in the Sept 2012 period but on only 110K Outstanding common stock. So the current 21-23% is relatively bigger since we have 170Milj outstanding common stock.