The convertible notes in the first tranche of CR with CVI was issued on 29th Jan 2025.
Given the folowing, IMU could be in coma for at least 2 to 3 years 1. convertible note maturity is 5 years, which is quite standard (2 to 5 years as per information on net) 2. Potential semi-annual conversion to ordinary shares at a premium to the company's market price
under above circumstances, 1. The conversion of 1st tranche of notes will be somewhere around end of July, by then cash position of IMU would have depleted.
Even a dim-witt will not pay/convert at higher price. SP, the SP must be kept as low as possible at the time of conversion as the announcement from 28th Jan 2025 suggests "conversion to ordinary shares at a premium to the company's market price".
At the same time IMU will dip into remaining ~AUD26mil from CVI
Not knowing what the other arrangements are between the parties, in the form of share lending, hedge for share lending, there could be a good chance to enter or AVG down the holdings in the near future.
IMU is a lifestyle company, IMO
AIMO DYOR No advice
IMU Price at posting:
2.4¢ Sentiment: None Disclosure: Not Held
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