Avid Bioservices Inc (CDMO)

[Protector]

hayward, thank you for bringen that phrase from RONIN's letter to shareholders up.

Both publicly and in our private conversations with management, we were shocked that neither Steven W. King nor Paul J. Lytle, Peregrine's Chief Executive Officer and Chief Financial Officer, respectively, could articulate any long-term strategy for addressing the capital needs of the Company, curing the outstanding going concern notice or rectifying the Company's corporate governance shortcomings,

1) The 'long term strategy' at least that is not under dispute.

2) 'long term', that is CERTAINLY behind the reverse split which at the moment these conversations took place (Q1/2017) was SHORT TERM. SO you wrote : I CALL BULL **** ..... maybe the BS is rather the claim it was about the "PLAN FOR NO REVERSE SPLIT". The RS MIGHT have been part of the conversation but RONIN clearly wrote "long term strategy".

3) "for addressing the capital needs" well I think that is what companies do. They say we raise ATM, we take a loan, we will have revenue XYZ, we sell assets, we are at the point of signing a partnership, we have no outcome but Chap 11 or BK, etc, etc, etc. PPHM had and has CASH on their bank accounts, no creditors or depths, 100% owner of its assets, an income revenue from Avid, didn't use the ATM anymore since months now (they have no renewed contact for it with VLC or alikes), etc.

4) The information in #3 is what RONIN wanted to know in a PRIVILEGE MANNER having hands free to OUT-TRADE investors (US shareholders) that would have NO awareness or knowledge about the strategies.

5) The fact that RONIN refused to receive the strategic plan when they were ASKED to sign a NON-DISCLOSURE, which would CLOSE the TRADING DOOR, proofs not only that there WAS a strategic plan but also that RONIN was interested in it for ALL THE WRONG REASONS.

6) "we were shocked that neither Steven W. King nor Paul J. Lytle, Peregrine's Chief Executive Officer and Chief Financial Officer, respectively, could articulate any long-term strategy"

Probably #6 says it all and discloses the sophisticate way of communication RONIN uses. When that sentence appeared we saw on this board statements like : These clown don't even have a strategic plan...or...what plan, there was no strategic plan... etc. This clearly shows how the well constructed phrase has been perceived by the public.


AND THEN...RONIN SUDDENLY SEC FILES THIS:

On April 30, 2017, Mr. White received an e-mail from Mr. King suggesting that the parties enter into a confidentiality agreement to enable the sharing of information regarding the Company’s strategy. Mr. White indicated that Ronin would be willing to discuss entering into such an agreement.

On May 2, 2017, Mr. White received a draft confidentiality agreement from Mr. King.

On May 3, 2017, Mr. White informed Mr. King that, 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.

On May 4, 2017, Mr. King sent an e-mail to Mr. White requesting that Ronin reconsider its position with respect to entering into a confidentiality agreement.

source

So because of US RONIN doesn't want to enter the non-disclosure? In what aspect would RONIN loose the ABILITY to make the needed change if they signed a non-disclosure? It would jeopardize RONIN's ability to effectively TRADE on the information, that at least we are SURE OFF. It would ALSO prevent RONIN to step to ANOTHER party and legally disclose the strategic plan of PPHM (know what PPHM is up-to with PS-targeting), that is SURE too.

And if RONIN was first so concerned about the PPHM strategic plan, because from their initial letter to shareholder it was for SURE importand at an extend they where even shocked: "...we were shocked that..." how come it suddenly lost interest under the generic term "jeopardize" without any explanation at all HOW it would jeopardize while RONIN is otherwise always so precise and concise when it comes to others?

ACTUALLY, the confidentiality draft very probably had stipulations making TRADING impossible.

So you see, as time goes by I start to see more and more things in this sophisticated RONIN language that even for me requires several times of careful read to discover new mistakes RONIN made IMO to hide their real agenda with PPHM.


So understand that I'll help this board to get rid of ES, DP and CJ but that I refuse to give the key to RONIN. A MIX BoD is the only solution. KING+3 NEW PPHM+3 NEW RONIN = CHANGE by 6 NEW on 7 and no more ES, DP and CJ and NO 100% control for RONIN, and NO MORE internal majority by PPHM ES, DP and CJ, no matter what 3rd grade co-notations some try to bind to the nomination procedures 100% outsourced (incl. vetting - see charter + SEC listing on no prior relation) to external 3rd parties.

AIMO