Exwannabe, yes the BOD change in this case had Ronin start out proposing that three PPHM board members be displaced by three Ronin proposed board members. A Ronin statement to shareholders summarized plan changes the new board members would try to implement, if elected. If the vote favors all three of Ronin's candidates, a four member board would have a Ronin 3-1 majority that would be free to displace the current PPHM business plan with the Ronin business plan. Some might suggest that this is a hostile take over attempt because it is seeking to avoid the PPHM poison pill, considering how Ronin kept his ownership below the triggering percentage.
However, PPHM countered the Ronan Board proposal by announcing in an SEC filing they are increasing the Board count to seven. That is in tandem with PPHM proposing that they will offer three new PPHM managment friendly Board members to supplement the current four. That gambit would leave PPHM with anywhere from a 7-0 to a 4-3 majority. In turn, Ronin indicated through a poster on this IHub Board that if PPHM actually proposes three more candidates, Ronin intends to propose three more, as well, again attempting a Board majority. I don't know if either party can propose more Board candidates in the way indicated, but it is entertaining.
Absent something of substance coming from Ronin or an undisclosed third column initiative, I expect I will just need to hold my shares until current PPHM BODs and management bring forward Avid sales growth or some realization of PPHM proprietary value in order to realize the shareholder value I have been awaiting. Current Avid sales at just under $60 million per year would maybe value at a 4X P/S ratio. An Avid sales valued $240 million market cap with 45 million shares places current PPHM value with zero PPHM tech valuation at about a pps of $5.5, which by coincidence, about aligns with the peak pps run up while Ronin was establishing a >5% SEC reportable position in PPHM. By that rationale, current trading has PPHM a bit under valued, relative to Avid sales. Yet, PPHM is using the net revenue from Avid to fund PPHM tech development, which is a point of challengecraised by Ronin.
Now if Avid sales go to where the third mabufacturing facility can support production, the analyst target of around $12 to $14 pps comes back in focus, considering a OS ratio of 4, more if PPHM can start sales for biomarking or other tech valuation mechanisms. We shall see what happens next. All this is in play without valuing the halted Phase 3 trial result, subgroup findings reported at recent conferences.
Best wishes and IMO.
KT
