Ok let me put it this way. If you are an extremely wealthy CEO of a company and you decide you need a few extra million $. Would you use your own Company's stock as security, which can have negative adverse effects IMU and its Shareholders? Or would you look into other means to source that money that negates the adverse effects on IMU?
Keep in mind he sold Viralytics for half a billion $. How much did he make from that deal personally? He then sold 30million $ worth of IMU stock. Plus his salary and other investments which I assume would be sizeable. So why would he need this loan at all? It is a poultry sum compared to how much money he has earned and his overall net worth is, so why bother when it negatively impacts IMU? That is my point.
In writing this response, something just came to me. Original ANN says "The proceeds of the funding arrangement are to be used to fund taxation and investment commitments."
Maybe this has something to do with the massive tax bills he would have triggered from the Viralytics sale 2020, then the 30million $ sale in 2021. Perhaps he has deferred his Cap Gains bill and is structing this loan as a way to minimise his tax bill? I could be totally wrong here, but it makes some sense.
From the ATO: If you sell an active asset, you can defer all or part of a capital gain for two years, or longer if you acquire a replacement asset or incur expenditure on making capital improvements to an existing asset. You don't include the gain in your income until a change in circumstances causes a CGT event to happen.
IMU Price at posting:
9.3¢ Sentiment: Sell Disclosure: Held
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