Intellipharmaceutics International Inc. (IPCI)

[AngeloFoca]

How does the Board of Directors define a "serious offer"? After losing the Sandoz litigation and deferring Fusilev revenue in the first quarter earnings release, the market said SPPI was worth $5.68 per share. Even at that price 1/3 of the shares were sold short. In our meetings it became clear that you believe my reference to a 40% premium, or $8 per share, is too low a purchase price for the Company. Why should your biased view outweigh an efficient market? As a long-term shareholder, I am positively biased, too. And I believe that the Company will fetch more than $8. But I recognize that the market is the ultimate weighing machine. To ignore it is both irresponsible and indefensible.

I want to be clear. Our interest in selling the Company is not driven by short-term thinking. It is the logical conclusion to years of unfulfilled promises. To your credit, you have amassed a collection of valuable assets. However, you have demonstrated an indifference to execution that puts the value of these assets at risk.

Read most of it... I am very familiar with SPPI as it was at one time by far my biggest holding... also interesting is that the letter was written in 2015... history is on our side and we can see what results would have been and what results have in fact been.

So June 3 2015, SPPI valued at $5.68 and Mr. Boyd thought that $8.00 would have been an acceptable offer.

FACT: SPPI today is $17.27... after hitting a high of $23.50 on Jan 29, 2018.

What I will say though is that Mr. Boyd's mannerism is preferable to those I've witnessed on this board... He didn't even once accuse Raj... SPPI's CEO... of selling snake oil... although he did allude to nepotism.

As an aside... many years ago (10????) while SPPI was trading at $2.50 someone put up 100 $5 leaps (~ 2 year exp. date) for 10 cents each - I bought them for $1,000 total - he right away put up another 100 so I bought those also... my total cost for 200 $5 leaps was $2,000.

Fast forward a year later... those 10 cent leaps became $4.40 options... and then worth $88,000 .

I sold half for around $44,000... fast forward again and those remaining 100 10 cent leaps expired worth 5 cents.

So I made 4,400% profit on half of those $5 leaps and lost 50% on the other half of those $5 leaps.