Avid Bioservices Inc (CDMO)

[Protector]

JJ, not sure if PPHM can do that. technically all shareholders have the same rights. PPHM cannot use company funds to favour those shareholders that think like PPHM (e.g. believe in PS-targeting) vs the others such as Ronin.

PPHM can however respond to letters, ask OTHER shareholders for support, use the instruments such as the poison pill, etc.

And PPHM can do all that is within it legally delegated power if it does NOT change shareholders value. Splitting PPHM in two companies and having current shareholders participating at an proportional amount according their current shares could be done.

But the MOST SIMPLE way for PPHM is to refuse the Ronin BoD candidates based on the hostile nature that they have been proposed and the total control that would be achieved which is NOT in the best interest of the current shareholders (ALSO NOT IF IT WERE ANY OTHER CANDIDATES e.g. 3 candidates from, say Dart, would be equally unacceptable).

When we came a board of PPHM we KNEW what the situation was and those that invested KNEW the current board was quite 'locked in' and hence could exert big control, thing they are probably currently going to do. But then again, in my case, I saw it as a guarantee that the poison pill would be triggered when hostile attacks would occur.

IMO that is the only way we will get more then breadcrumbs for PS-Targeting.