Avid Bioservices Inc (CDMO)

[bidrite]

SHAREHOLDERS PLEASE READ WITH AN OBJECTIVE MIND AND DECIDE FOR YOURSELVES

As of right now we have two choices as to who will lead this company going forward. Option #1 is a slate of candidates from the current nominating committee of CJ, ES, and DP or Option #2 a slate of candidates as put forth by Ronin Capital Management. I think we can all agree that we are in the most pivotal time in the company's history. As such, it's not surprising to see so much emotion and passion from supporters of either option. This passion has turned into a daily bombardment of voting one way or the other. Since I am a strong anti-BOD, pro-Ronin supporter it was very important for me to acknowledge why I am against the white card. I thought long and hard about what the pro-BOD team is wanting us to believe and is presented here:

Quote:
I say we CIRCUMVENT all the ASSUMPTIONS and TAKE NO RISK in either putting RONIN in full control OR allowing PPHM to have an inner majority (DP, ES and CJ) controlling the PPHM BoD and we do it by steering to a MIXED BoD by UNBALANCING the PPHM WHITE CARD VOTE


SO, WHAT DO WE HAVE TO BELIEVE FOR THE PRO-BOD TEAM TO BE CORRECT THAT RONIN WANTS TO CONTROL COMPLETELY, THUS RISKING KEEPING THE CURRENT TEAM IN PLACE

First, we must believe that Ronin is committing securities fraud when they filed with the SEC that their aim, as an investor, is NOT to CONTROL. As evidenced here:

Quote:
We are NOT nominating ourselves to Peregrine’s Board. We believe the Company’s Board should be composed of high
quality, industry professionals who have records of shareholder value creation and the highest ethical standards. We have
no interest in running Peregrine ourselves


Source: https://www.sec.gov/Archives/edgar/data/704562/000092189517002510/ex1dfan14a11338002_10302017.pdf

Second, we must believe that the following list of individuals are willing to risk their careers, reputations, and possibly criminal activity by accepting a Board of Director position and then secretly take orders from Ronin Capital for some nefarious purpose:

Richard Hancock - a +30-year biologic contract design and manufacturing organization ("CDMO") veteran, serving most recently as Pres./CEO of Althea, a large molecule CDMO

Joel McComb - an entrepreneur and +25-year veteran of life sciences companies, is the CEO, Chairman and Co-Founder of BioSpyder Technologies, an innovative life sciences company that develops molecular profiling assay technology

James Egan - a 30-year biotech veteran, currently serves as a strategic advisor to Numab AG, a Swiss biotech company that develops antibody-based therapeutics

Gregory P. Sargen - former Chief Financial Officer and currently the Executive Vice President of Corporate Development of Cambrex Corp., a $1.9 billion market capitalization contract manufacturing organization

Brian W. Scanlan - Managing Partner of Freedom Bioscience Partners, LLC. also served as President and CEO of Cambridge Major Laboratories, Inc., a leading global chemistry outsourcing provider of integrated drug development and manufacturing services

Saiid Zarrabian - 40 years of board and executive/operational experience in multiple industries, including 23 years experience in the biotech, pharmaceutical & instrumentation industries

Third, we must believe that this same group of individuals having varied backgrounds with reputable companies across the world, have a secret past with Ronin Capital and are willing to collude with Ronin in a nefarious plot against Peregrine even though we have official SEC documentation that proves otherwise, as noted here:

Quote:
Our nominees are all completely independent from us, have no affiliation with our firms of any kind, and have no current
or prior affiliations with each other apart from Peregrine


Source: https://www.sec.gov/Archives/edgar/data/704562/000092189517002510/ex1dfan14a11338002_10302017.pdf

Finally, we must believe that Ronin is doing all of this with the intent to steal from other shareholders, a promising yet unproven IP in order to give it away at breadcrumb prices to a biopharm company who is secretly waiting in the wings to snatch it up for next-to-nothing, providing a small return to Ronin for a "quick-flip" approach.

Once again we have official documentation to the contrary, but we must believe Ronin is committing securities fraud and lying to the SEC

Quote:
We do NOT want Peregrine to sell its main business (and substantially all of the Company’s assets), Contract Design
and Manufacturing (“CDMO”) subsidiary Avid Bioservices, Inc. (“Avid Bioservices”), for a quick “flip.” In fact, when the
Incumbent Board tried to sell Avid Bioservices in 2017, we argued that it was not in shareholders’ best interests. We
believe that managing Avid Bioservices with a long-term outlook is in the best interests of shareholders


source: https://www.sec.gov/Archives/edgar/data/704562/000092189517002510/ex1dfan14a11338002_10302017.pdf

So in conclusion, in order to make the white card a better option than voting Ronin nominees, we have to believe that a BP has secretly colluded with Ronin - forcing them to convince six different industry heavyweights, each having good reputation, to throw entire careers on the line in order to become puppets for a capital management firm that pro-bod supporters call a nefarious hedge fund, so that the unproven yet promising IP, can be stolen at rock bottom prices.

Or - We can believe that Ronin Capital Management sees a promising CDMO being very poorly managed by 3 cronies, who have been found guilty of stealing from shareholders, and decided enough is enough. So they nominated 6 reputable candidates who can build and sustain shareholder value, while having experts evaluate the real value of the IP. I'll let each of you decide what is believable and what isn't.