Ann: IMUGENE ANNOUNCES A$80 MILLION INSTITUTIONAL PLACEMENT, page-30

I love IMU and believe in their company.

But I am disappointed by this latest raise at the low price for the following reasons:
* I was expecting a raise at a PREMIUM price given that progress that has been made and that it is hard to pick up large volumes of shares on market. Wanting in now after so much progress since the last large capital raise should attract a premium.
* 1 for 2 options at 33c in 2026. IMU not showing confidence in what they thinks IMU's share price will be in 4 years.
* No vesting requirement for the new shares
* No chance once again for small shareholders to participate on such favourable terms. I am sure we would all like some cheap long term options.

On the positive side in this announcement is this quote:


Sounds like IMU may have already identified a new asset(s).

I am still positive about IMU's future and intend holding for the long term.

GLTAHs