Ann: Letter to Shareholders, page-256

Genuine question, does this 'letter' enrage other LT SHs also?

This letter tipped me over the edge, such promise, such potential, wasted by a management that now makes the whole outfit look like a lifestyle company. LC and co were held in high regard, by myself and many others here.. but time has proven we were mistaken. The only winners.. them, with their huge salaries, mountains of free performance rights and shares, and PH's infamous share sales 3000% higher than the current share price to fund his $5m property purchase... and what do we get, a shoulder shrug and hands in the air, "how could our share price be so low?!"

This whole play-dumb act, like the absolute implosion of the share price and Market Cap is inexplicable and a mystery to LC & PH, is utter horse manure

To send out this letter- straight-faced, explaining how its a great idea to consolidate, as the SOI is laughable (it is) and the market doesn't take
it seriously (it doesn't). How's the Gaslighting of this bunch... like this SOI issue is some curious accident, and not a DIRECT result of management issuing heavily discounted or free shares and options, like confetti. Incompetence, mismanagement, or worse. More CR (Cap
Raises) than CR (Complete Responses) does not make for a great investment journey in Bio.
And for LC to claim this won't impact the value of our investment/holdings? More manure. Out of touch on her $2.5m salary and mountainous pipeline of free shares

SH holders are down over 30% since they announced the proposed consolidation (2 weeks ago), down 60% YTD, down 77% in 12 months, or 97.6% from its highs in 2021

Unfortunately, to compound the magnitude of the losses, look no further than those punters who exchanged a considerable holding to leverage into the IMUOE release. The rhetoric at the time, "following the science", quoted timelines, fast track FDA, registrational trials and all that jazz made them seem like a sound wager with a 3 year time to expiry. Reality is..just over a year left until they expire, and an 11.8c
exercise price - IMU has to rally 800% before they are worth even 0.2 of a cent.

Compound this with the 34X consolidation, the new IMUOE exercise price will be.. drumroll please **** $4.01

So a quick back of the envelope summation, when the IMUOE are consolidated, even at current minimum price of 0.001, they
will be theoretically be trading at 3.4c each, so will likely get sold down again relentlessly from there, as $4 is a pretty lofty hurdle even for the most bullish of rusty battle-worn holders

Thanks LC, PH and co. All you have been effective at delivering loyal shareholders... a staggering capital loss to lodge with the ATO. Perhaps at the EGM you can hand out some free lube, so those still holding can prepare for the next series of company announcements