Replies to post #312375 on Avid Bioservices Inc (CDMO)

[bfiest]

The point being he knows you can't vote cross ticket by phone. If I'm wrong I will be happy to be corrected.

[exwannabe]

Sorry bfiest, but that´s your interpretation - that´s not what CP said/wrote. IMO

Phone will work like internet. Most likely you are simple returning a "white" or "blue" proxy card w/o the need to mail it. It is apparently possible, but uncommon, to have mix and match. And only if both sides agree.

So, whatever CP meant, the practice probably would be exactly as CP previously suggests, returning a white proxy with only 4 votes.


Here is an interesting read. Skim down half way to "voting issues". [It is mostly about "short" slates, but does have application here]

A couple take aways:

1) To vote at the meeting other than "White"/"Blue" one must get a "legal proxy" from the broker(s) which is NOT the same as the proxy you get in the mail.

2) Ronin's ability to list a mixed slate on the "blue" card is restricted:

. If he nominates only 3, and that is a "short slate" (less than 50%), he can then also list any of the management candidates he wishes to complete it. Thus he could list his 3 plus SK, Lias , X1 and X2.

. if he nominates a majority then he can only include management candidates if they agree to be listed by Ronin.

SO, he is not free to add 1 to "his" side, AND include SK and Lias and perhaps X1 UNLESS they agree. I had previously thought he would likely do that, but I guess not.

EDIT: An interesting quirk is that if management does add in 2 more, that allows Ronin to do exactly what CP wants. Have the "blue" card list his three plus SK and the newbies. BUT, if they stay at 5, Ronin can not do so.

EDIT2: I (and I think likely several others) are not against CP's mixed slate concept. It is the implementation that is a concern. Far to easy to see the 'partial white' strategy go bad.