Avid Bioservices Inc (CDMO)

[Protector]

ITF, absolutely true.

Posters... What an absolute joke because NOTHING to increase shareholder value has ever come from Posters.

Posters-shareholders (I assume) also NEVER had a REAL opportunity to affect changes. Some PPHM shareholder propositions have been shot down in the past (for instance attempts to let shareholder participate in Q/CC calls - unfortunately linked to other terms that one could predict would be unacceptable for PPHM IR).

Poster-shareholders have also been placed out of the loop for many votes because the broker non-votes, except for BoD election, are considered votes in the direction of management advice.

And Poster-shareholders have also been kept out of the loop for BoD election because the number of candidates was always equal to the number of available BoD seats and all candidates where up for re-elections and hence could be voted in with ONE SINGLE vote.

So, assuming that if poster-shareholders would have been able to change the BoD that could have generated VALUE it is corect that they were never able to do so.

BUT THIS CHANGES NOW:

1) Next ASM there are 13 BoD candidates for 7 BoD seats.
2) NOBODY can be elected by ONE SINGLE VOTE
3) The candidates are spread over TWO voting cards a RED (RONIN) and a WHITE (PPHM)
4) Only the LAST vote counts if one votes multiple times.
5) There are NO candidate overlaps between the cards.
6) 7 most voted for candidates go to the BoD

- Almost all shareholders, even RONIN, agree that ES, DP and CJ must leave the BoD for various reasons different for many.

- ES & Cie only control LESS then 1% of the outstanding shares (3% voting power of the % number of broker non-votes remains the same as last year).

- RONIN controls 9.6% of the oustanding shares (about 30% of the voting power with comment above)

- The other shareholders control the rest of the shares (includes PPHM employees, Brekken, Garnic, etc) for about 67% of the voting power.

THEREFORE POSTER-SHAREHOLDERS JOINTLY CAN FORCE (approx).:

- King 67%
- Lias 67%
- Walsh 67%
- Bamforth 67%
- ES 1%
- DP 1%
- CJ 1%
- RONIN 7: 30% EACH

If we retail shareholder would vote the PPHM white card but withhold on ES, DP and CJ. The resulting BoD would have 6 new members and be:

CEO King, Dr Lias (NEW), Waslh (NEW), Bamforth (NEW), RONIN 3 (NEW).

It is indisputable that this change would create VALUE for PPHM because it holds 6 NEW CDMO and/or R&D candidates with their experience, address books and new ideas.

It would also create value in NOT LOOSING VALUE by seeing our assets sold out in a quickie by RONIN to maximise the profits on their PPHM position that currently is already profitable because RONIN is here only since Q1/2017 and has a LOW average (see SEC listings).

It would even more create value by, as many believe, remove ES, DP and CJ and so doing removing a POSSIBLE break on PPHM value creation by either unwillingness (some say they sit here for their salaries - a valid assumptions), there incompetence (some they they have no clue in running a company like PPHM - also a valid assumption), by their perceived reputation (I am in that camp after the non-defence on RONIN's hostile attack on their reputation), etc. If such VALUE creation handicaps are removed then poster-shareholders have indirectly created value again.

So we have a UNIQUE OPPORTUNITY here with this UNBALANCE the PPHM WHITE VOTING card by voting all but ES, CJ and DP on it. Let's grab it.
And it pleases me to see that some poster-shareholders start to see the VALUE proposition in it compared to blindly giving the keys to RONIN that are claimed to be activists which is NEVER good for poster-shareholders

AIMO