Ann: Letter to Shareholders from the Board of Ave, page-2

re: Ann: Letter to Shareholders from the Boar... A letter has been released from AVX management in response to the letter from the people calling the EGM. The new letter basically argues that the company should do nothing. Sounds a great idea. That's sure to maximise value. The company also puts forward its case for why Isentress is superior to ATC. Why they spend the first page on that is beyond me.

They go on to mention that ' Your board can confirm that, under the tenure of the former management, the search for an international partner for ATC was extensive and included contact with companies other than global pharmaceutical companies, with approaches made to generic pharmaceutical manufacturers, specialty pharmaceutical companies, mid sized biotechnology companies AND REGIONAL DRUG DEVELOPERS.'

I highlight the regional companies bit because they then go on to say that their strategy is that they have " now engaged with a number of regional companies in relation to ATC".

Make up your mind guys. Have you previously exhausted all options or haven't you? You just said that you'd exhausted all possibilities having spoken to regional companies and now you're saying the new and exciting direction is to.... talk to regional companies. Yet still deciding its good idea that they won't bother to talk to the FDA about what exactly is required in terms of getting ATC to market.

Oh, and they've gotten rid of Coates, Cox, and RHodes. Yep, sounds like these guys are really on the ball. I'm for giving the the new guys a go here if this is is the best current management can come up with.

Until we know the options for ATC are gone, we should not let them simply roll over and be eaten in a value destroying 'merger'.