Replies to post #231741 on Avid Bioservices Inc (CDMO)

[Protector]

tradero, no it would not be sufficient.

Brokers behave in a consistent way and if the deviate from the behaviour they need instructions and even if it is a simple phone call they would add it to the file, possibly confirm by letter, to avoid all responsibility.

AND the shares will surface BY VOLUME. If the entity theory is TRUE then some broker would suddenly come up with 100Mil PPHM shares (or a few brokers with 30/35Milj each).

With this move PPHM actually implicitly says, either disclose and vote NO or accept that your 100Mil shares will soon not be 50% but only 20% of the outstanding stock.

And surfacing would in this case be traceable and then in all cases of 5%+ comes the issue of listing obligations.

I think PPHM did a masterly move here because in case there is an entity they it will not be happy, just as BCS predicted that there would be something in the proposal that would not make the family happy (if I remember well).

[4OurRetirement]

Tradero, I have included exwannabe's post, But Also...

since number 3 is being treated as a "routine item" on the proxy, we won't see many broker non-votes. Historically, in the general stock market, Brokers always vote yes to support the company in all "routine items"

Assuming the "entity theory" is correct, the only way that call to the broker will get the broker to cast a no vote is if the owners go on record and disclose their identity. Otherwise, as shown in the post below, brokers always vote to support the company in routine items:

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Posted by: exwannabe
In reply to: realist1 who wrote msg# 231574 Date:8/23/2015 7:11:34 PM
Post #231580 of 231605

RE " brokers don't waste their time looking though their clients files to find "routine" proposals they can vote on. "

Not that it really matters, but I would be fairly certain that the US brokers just follow NYSE rules on this (even for NASDAQ stocks, NYSE rule 452 is between the exchange and the members and applies to all proxy votes regardless of exchange).

The NYSE will list what are routine and non-routine votes. Routine votes are always company sponsored votes where the company is asking for the YES vote. If the broker does not receive the proxy back from the client, they will vote with the company on all issues designated routine by the NYSE. On issues deemed non-routine by the NYSE they will broker no-vote.

They put no thought at all into this.

I seriously doubt E-Trade gives a sh** about how they vote the 10M shares or so that they do not get proxies back on. They just follow regs.

Have no clue how it works ex-US, but I doubt that is many shares or is very different.