Ivan and Geo, the lingering issue for me with Ronin has had a "light shown on it" in the context you are raising.
Consider:
- Unfamiliar (to me) investment groups (Ronin, then Tappan) have established > 5% positions in PPHM on an average cost basis that is (much) lower than mine after I have accumulated a long positionin PPHM over many years. Their presence as shareholders appears to be less than six months.
- Timing of Ronin position initiation about aligns with when a hearing date is being set at the Delaware Chancery Court where PPHM directors are having a proposed settlement agreement heard that should substantially reduce the BOD compensation.
- Replacement Directors with whom I have no familiarity or trusted vetting are proposed by Ronin fo receive a proxy vote leading into to October ASM, with public announcements citing how the current BODs overcompensated themselves and need to go. The July 27 Delaware hearing transcripts have excerpts posted on a public message board that affirm the rationale behind the claims of BOD overcompensation.
- PPHM proprietary technology rooted on Dr. Thorpe's (now deceased) pioneering research has shown prospective value in PPHM collaborations and in applications being forwarded by other Pharma, while Ronin affirms in a letter to sharehokders that funding for PPHM research needs to stop, to be redirected into Avid development.
- Avid development has been announced to have unsubscribed Avid production capacity for new customers, just as Avid's primary customer (Halozyme) has announced delayed orders.
- Avid revenue combined with PPHM cuts in costs makes PPHM self funding or reduced scale research realistically achievable within the next year. Avid sales growth or curtailment places boundaries on how much research can be self funded.
Turning reins over to an unknown party makes me very uncomfortable and questioning prudency. I need to wait and see what new developments arise and will decide my vote just before the ASM. There is much investors don't know about whi's who and alternatives.
Best wishes and IMO.
KT
