How's the Capital Raise Going to Work?, page-31

Hi Steini,

In all seriousness, the EV is rightly approaching zero. If (when?) CHM runs out of cash, it can't progress its clinical trials and can't retain its key employees. Doesn't matter if you have a Rolls Royce - if you have no petrol, its worthless.

I'm surprised Hopper has let it get this bad. Whether it was done in the right way or not, he always raised capital at IMU before it was needed. Maybe he's tried the same here, but no one in interested.

It would be a token move, but at a minimum he should reduce the salaries of Directors and Executive Management. At the moment, he's coming of a strike against the IMU remuneration report - continuing to pay these high salaries in the face of massive SP erosion across IMU and CHM may not be endearing him to the investment community.

And we haven't heard a peep out of CHM's insanely-well-paid CEO.

The CHM SP continues to tumble on tiny volumes, but as we all know, most capital raises at this end of the market are done at a discount to VWAP, so the upcoming dilution (assuming he can even get a cap-raise away) is going to be massive and getting bigger everyday.

I might be missing something, but my understanding of clinical trial progress at CHM doesn't have a game-changing efficacy announcement happening before cash runs out.

Very brave for anyone hanging on at this stage.