Ann: Placement and Share Purchase Plan Update, page-110

Agreed Matt. We could be looking at a 25% dilution, or quite a bit more due to Hopper's wicked formula. As Steini has pointed out, a sensibly sized capital raise could have been done at 12 cents, with few if any attaching options and existing shareholders would not be massively disenfranchised. The question is has Hopper done this so that he and his mates will control the company totally, so a) there is no possibility of a successful 2nd strike and b) if they so wish, they can look to take IMU private at an obscene discount to its near term future worth? A sophisticated, deep pocketed North American private capital group would be able to do wonders with Imugene over a 3 to 5 year investment time frame. It is common place for such enterprises to generously incentivise senior management so they have complete "buyin". I think we may need an Imugene Shareholders Action Group to be formed to look at legal strategies to frustrate Hopper and the Board if they are not prepared to change course. Sadly, due to work and family commitments, I am not the person to initiate or lead such an organisation, but I would be prepared to tip in my $1,000 to a financing kitty......
My opinion only, DYOR...