Ann: Issuance of Milestone Shares Under Vaxinia Acquisition, page-22

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Raki

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09/07/21

13:34

Post #: 54396725
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Originally posted by fourdollars: ↑

We all know that if non-billionaires miss a performance deadline, its tough luck. Sick of those with a ridiculous amount of wealth who just won't accept the rules under which the rest of us operate.

We also know that Covid-19 had nothing to do with delaying the FDA submission, but that using it as an excuse was inevitable. They had two years, it shouldn't have come down to the last day.

The technology is owned by IMU regardless of whether it issues the performance shares. The Board has an obligation to represent shareholders, not a single director, so it should be hard-nosed.

It would be counter-productive to de-motivate the research team, so issuing them the 25 million shares makes sense. However, the company is being irresponsible doing this under Listing Rule 7.1. It didn't like the umpires decision, so it has found a loophole to get around this decision. Knowing that it is doing just that, its come up with the "voluntary escrow" rubbish. Poor form.

Issuing the 25 million should be put to shareholders as is the plan for the Hopper shares. If it were done in this way, I'd vote yes to the issuance of 25 million shares to the researchers and no to the issuance of 94 million shares to Hopper. The value of not being diluted by a further 94 million shares is higher to the rest of us than it is to the Hopper clan and Hopper's motivation won't change by not having another 94 million shares. He's got plenty.

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also they should give bonus shares for long term holders

IMU Price at posting: 33.0¢ Sentiment: Buy Disclosure: Held
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