Ann: Q1 Quarterly Activity Report & Appendix 4C, page-26

This business is a real conundrum for me.

I still hold some, but I sold down quite a few when the 4C for 31/12/19 came out.

The positives IMO are that it appears that the products are excellent, they are growing the product offerings into a number of different areas, their ACV figure is impressive, they have a high level of recurring SaaS revenue, and this is a great space for a company to operate (think PME & VHT).

The negatives IMO are that they haven't won a significant sales contract for a while, their current contracts are largely from South America, from what I understand the largest $ contract was done with a hospital group owned by the current CEO, they are paying really high interest on their loans, from memory they issued a stack of options on favourable terms to the current CEO, their cashflow reporting has been "all over the shop" (read the 4C from end of January 2020 & make your own conclusions on their ability to forecast), and they are still losing money each quarter.

The last 4C was definitely an improvement, but if you "add up" the last 2 x 4C's, then there is still a long way to go before IME is cash flow positive.

Obviously another large recurring contract would make a huge difference, and maybe Doug Flynn can see that happening in the near future - hence all the significant on market purchases last week?

Sorry for the lengthy post, but as I said at the start, IME is currently a real conundrum for me - so be interesting to see what happens going forward.