Avid Bioservices Inc (CDMO)

[keep_trying]

Hayward, I wrote in my last post about how I view the poison pill issue to be a red herring, as it might relate to election of the Ronin Board candidates.

Why? For starters, there would not likely even be this attempt to win favor of the existing long investor proxy vote if the poison pill did not prescribe limits on percentage ownership by aligned parties. Keep in mind that, if Ronin's candidates win Board control, that would have Ronin/the new BOD holding the reins as to whether the PP gets implemented or not. That is because, by my understanding, the BOD has to trigger the PP, since the 15% hostile ownership threshold only makes the PP ripe for BOD action and the PP action is not automatic.

Being big picture pragmatic, the introduction of the PP discussion suggests a third column interest could emerge that sets aside both what the current BOD would seek and the value Ronin says they want to deliver. Whichever Board makeup ends up in charge, the PP improves the prospects of their business plan delivery being accomplished without it being redirected by hostile interests. I would hope that long investors, including Ronin, recognize that Ronin's success and subsequent business plan could be easily swept away by another interest, absent the PP. As long as we have a BOD that is acting in the best interests of "long time long investors", I see the poison pill to be a good thing.

Best wishes and IMO.
KT