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qwert0

552 Posts.

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12/10/22

13:22

Post #: 64158277
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Originally posted by fourdollars: ↑

Hi Zior,

You also said this in one of those posts:

"I'm not going to loose (sic) money here, I'm going to make bucket loads with the institutions who know more than I. Anyone who thinks they can make better decisions than either the large investors or the board are simply delusional."

I guess it settles the debate about whether TA or FA is the approach you favour. Turns out its neither. Apparently all that's required is a good dose of blind faith.

The Board regularly issues discounted shares and free options to large investors. The large investors provide money for huge Board and executive management salaries. Not sure how retail investors get a cut of that action.

The delusion on these boards is to believe that the SP action is removed from this practice.

If I was a new investor assessing IMU, I might also draw the following conclusions:

1. Its hard to believe in Paul Hopper's announcements. At the very time he is issuing a Chairman's report about the cash sufficiency of the business he is simultaneously negotiating to raise more cash.

2. With respect to corporate action, Leslie appears to be just a figurehead. Again, while she is doing interviews touting IMU's strong cash balance, the company is negotiating to issue discounted shares and free options to new shareholders.

3. There may be tension between the Chairman and CEO. It might explain why Leslie has failed to do any interviews since the last capital raise. She doesn't really want to be questioned about it as she may not have agreed with it, and it made her previous statements look misleading.

4. The Board treats existing retail shareholders with disdain. As I've noted before had existing shareholders been offered discounted shares and free options, a 6% equity issue would have (IMO) been easily achieved. Instead, nameless new institutions were favoured for the second year in a row.

5. The huge cash runway apparently required by the Board, may indicate that commercialisation events are further off than had been anticipated.

The cheersquad come up with ridiculous rationales. Some say we should be pleased because we can buy more shares at a lower rate. Let that settle in - shareholders pleased with the Board for reducing the SP. Others blame the situation in Ukraine - yet biotechs that have commercialised drugs have not suffered the same fate as IMU over the past 12 months

Recent "positive" announcements have been small steps in progressing Phase 1 trials. Nothing confirming efficacy. Their significance is dwarfed by the negative capital raise.

Too much blind faith, not enough holding Board and Exec Mgt to account IMO.

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Excellent post mate.

I agree with all of your points but number 5 was the one that pushed me over the line to exit my position. No way management would have negotiated the deal that they did last month if they believed that any kind of 'breakthrough' was just around the corner.

IMU Price at posting: 16.5¢ Sentiment: None Disclosure: Not Held
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IMUGENE CHART. TA only, page-18999

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