Avid Bioservices Inc (CDMO)

[Protector]

exwannebee, I had hoped that by know everybody understood that WHITE wins or RONIN wins BOTH are no options.

WHITE needs to loose ES, CJ and DP that had the power. I do not go after CEO King as RONIN clearly stated something we know to be true for years (and chck my posts because I said it a couple of times over the past years) that ES alls the shots and that with DP and CJ as side-wheels (that is the term I used to indicate that those two do exactly what ES tells them to do) CEO King or any OTHER person on that BoD that cannot break that so called (by RONIN but is is a goot term) Internal Majority has no means against it.

So WHITE LOOSES by not having the probable engineers of 'whatever' (ES, CJ and DP) not re-elected and thereby we close the chapter on those 3 because we CANNOT change the past. CEO King might not have reacted to things some claim he should or he might have without success given said inner majority above. SO I will not hack on him.

As for CFO Paul Lytle, I don't know how it is in the US, but here a CFO makes propositions that must be cleared by the CEO for the daily management matters and which must be presented to the BoD when it concerns things that have an impact on the shareholders (raising capital on open markets, FS,RS, ASM, Q/CC, etc, etc). I will agree that a number of things could CERTAINLY have been timed better BUT ES, CJ and DP are responsible because if they decide in the BoD that we announce an RS, or a dose switching or any other thing in a consistent way BEFORE market open then the CEO and CFO better do so or see themselves gone. I cannot prove it, so it remains speculation, but I am almost sure that Lyttle raises ATM money AFTER BoD approval of an amount and that this comes with instruction on when and at what rate. The same will go for deals such as the one with Eastern Capital.

So I am not going on a witch hunt like RONIN. My reasons for no longer wanting ES? DP and CJ were triggered by another reason (the total non-defence against the hostile RONIN accusations) but the above responsibilities and those made often on here are with the inner majority ES? CJ and DP.

And for RONIN I have the SAME kind of concerns. First it is clear that they are activists, I believe CEO King now (I didn't in the very beginning but I can indeed not find ONE SINGLE example where RONIN did bring value to shareholders and the example I find is Stafford III sitting 10 years on a BoD himself before stepping out with a profit).

Furthermore they clearly misinform us in a SOPHISTICATED WAY. There first letter to us say King & Lyttle have no strategic plan (and saying that to shareholders after a fresh RS doesn't bode well) and then they SEC list that they exchanged letters with PPHM in which their legal advisers refused to receive the strategic plan because PPHM asked to sign a non-disclosure first. And there is more, as there is probably more with ES, DP and CJ too, but I leave it at this because both have given sufficient reason to not want them in a MAJORITY control.

So PPHM nor RONIN can win. I am not going to discuss Mederex because a PPS is WORTHLESS to mention when not related to OUTSTANDING SHARES at that moment. 6 Month ago 100$ for a PPS share would have been 7 times more then 100$ today because we had a RS /7.

My solution is NOT THE OLD team in control with an INNER MAJORITY (DP, ES and CJ) and NOT THE NEW team in control with a new INNER majority, and NOT RONIN in control with a TOTAL 6 on 7 majority...BUT... a MIXED BoD.

3 PPHM and 3 RONIN with the CEO (even if that isn't King anymore) as the arbitrator. Propositions are made and if you get a majority that finds it good for PPHM/Avid and the shareholders the plans goes else it is blocked. Within a logic where BOTH parties claim they have no control over the candidates (and we either believe them both or none) we have the opportunity to achieve the following:

- 6 new blood members, new ideas, contacts, etc. Done with old traditions.
- If RONIN delegates the right members will have 6 experienced people.
- No more ES, CJ and DP, no more inner majority by them.
- No 100% control of PPHM by RONIN
- Mutual audit between team-PPHM and team-RONIN
- Common goals: Extend AVID
- No QUICK monetising of PS-Targeting but a FAIR sell/licensing/partnering under the MUTUAL audit
- A CHANCE for each BoD member to PROVE themselves and WORK for their seat.
- Done with the said HIGH remunerations of DP, CJ and ES (the others are under the NEW system already).
- No threats to existing Management (RONIN wants them all gone BUT with a mixed boards that will not happen).
- No removal of the team that got Avid 2+6 Awards the past years, extended it and put down 5 consecutive revenue record years.

So you understand that I am saying that UNBALANCING the PPHM WHITE CARD VOTE by voting it BUT NOT vote for ES, CJ and DP is the way to achieve this mixed BoD and not give control to ANY PARTY. And if some may be under the impression that in a King +3 PPHM + 3 RONIN there is a PPHM majority, then that may well look so but it is NO LONGER the OLD PPHM majority because ES, DP and CJ are not part of it and the 3 New PPHM candidates have NO PRIOR CONTACT or RELATIONSHIP to honour.

So we get a NEW democratic steering of PPHM at the Top where ONE SINGLE person can make the difference. It can be ANY of the 7. In that aspect it would be good that the bylaws FORCE PPHM to disclose BoD voting behaviour at the moment that they disclose a decision of the BoD so that we can see WHO was for or against. This would allow us to see if these, and which, BoD members are really steering in the companies and shareholders best interest (in that order) and correct at the NEXT ASM.

That is the balance and transparency we need. But NO PPHM or RONIN defacto or total control.

AIMO