Ann: A$100 million fully underwritten equity raising, page-3

Positives:

• Market confidence to chip in $100m.
• Likely confirms the intent to go it alone until such time as the big event is on the table.
• Probably actually helps the IMM negotiating position with Big Pharma -i.e. not needing to take low ball interests and the longer they wait the bigger the price (assuming continued successful data)

Negatives:

• Jobs for the boys - appreciating a public or SH CR would have cost a bit and be drawn out whilst the SP inevitably dropped.
• Retailers diluted - again. at the end of the day though, we own a pittance of the company so the decision from a pure business perspective is sound.
• Likely extended the already extended timeframe for retail return (if like me you are waiting for the multiplier to sell).

Overall, I get it, in the past we have complained about raising at lows. For me, i just want to delete my Comsec app and daily updates and check back in 5 years down the line and realise I am millionaire.