Avid Bioservices Inc (CDMO)

[Protector]

jakedogman, this clear show how RONIN is playing. They CANNOT keep saying "no strategy" once the strategy is provided to them under non disclosure.

Furthermore HOW ON EARTH could he know what needs to be changed and whether PPHM itself doesn't already has such change prepared if he claims not to have the information and even refuses to get it.

Indeed the non-disclosure (confidentiality agreement) would have been HARMFUL for RONIN's agenda IMO because they would have to op-out out of the nonsense they have been selling to us in those letter.

1) CDMO indeed mentioned more then 18 month ago as the new path for AVID, not just a recent development under RONIN stress.

2) RONIN says no SK/PL have offered no future strategy. Then they write that he COULD HAVE GOT IT if he entered a non-disclosure agreement (which they refused). So technically RONIN didn't lie, they just presented the facts to us in a raw way saying SK/PL did not offer any strategy and let us ASSUME that they didn't have one RATHER then that RONIN didn't get it because they refused to sign a non-disclosure agreement.

3) RONIN wanted to harm PPHM by keeping them busy. He first waits for PPHM to invest in the drawing of a non-disclosure then, and only then, says he reconsidered and doesn't want it giving up a reason that already existed when they decided to make the non-disclosure. That is OUR money RONIN wasted!

4) RONIN first accuses 3 directors and then finds out that he needs to write to them to discuss board changes and find themselves amazed when said BoD members refuse to engage in any change discussion.

IMO RONIN knew that ones he receives information under confidentially agreements he would not be able to TRADE whatever is coming our way (and that RONIN might be expecting - hence their aggressive hostile approach) because they would be trading on insider information as of that moment.

I CANNOT see why any information PPHM could provide would make it impossible for RONIN to suggest changes:

due to Ronin’s serious concerns regarding the Company’s corporate governance and its strong belief that changes are required to the composition of the Board, Ronin is unwilling to enter into a confidentiality agreement that could jeopardize its ability to effectively seek to make the changes that it believes are necessary to improve Peregrine for the benefit of all stockholders.

What would have become way more difficult would have been his letter to shareholders from which he would have to omit the theatrics 'no future strategy offered' part because with hindsight we know know that RONIN REFUSED the strategy with their MAY 3 message to SK.

So, one may say things about the current BoD but one this that surfaces now details become available is the RONIN fabricates lie-less messages that make people believe something they didn't say by omission of data. Furthermore it has been proven that RONIN build its position up AFTER the talks of JAN 2017 with PPHM rather then leaving us alone. So he has an agenda that has NOTHING TO DO WITH THE GOOD OF THE OTHER SHAREHOLDERS.

AIMO