Ann: Change of Director's Interest Notice - PH, page-12

Well the 110m given to Paul were part of the Vaxinia deal, so that's covered by IMU's original acquisition.

The "10m disposed for nil consideration", that's not so clear. And of course, what's a lousy 10m shares in IMU's lack-of-transparency environment anyway ($4m finders fee for CHM anyone ...)? They fit in perfectly with Paul's "never complain (shareholders), never explain (me)" mantra.

Here I was stupidly believing the SMSF Auditor who told me you weren't allowed to transfer shares off-market unless the transfer is done at market value. Otherwise someone could transfer shares from an entity with no carry-forward capital losses to an entity with carry-forward capital losses and avoid CGT. But it's IMU, it's Paul, it's the vibe ...

The good news is that absent an explanation, we are free to speculate. So, lets spin the wheel ... (all speculation of course dear HC monitors):

1. Paul transferred the shares to friends and family for zero consideration as a gift?

2. Paul had an off-piste arrangement with somebody requiring him to give +/- 10% of his Vaxinia proceeds as some sort of commission or fee?

3. Paul found an investor willing to pay for the true value of IMU?

What we do know for certain is that:

1. Paul won't proffer an explanation.

2. The ASX won't ask for one.

3. TB will be along presently to remind us that its only our own lack of intelligence that stops us from understanding how beneficial this is for all of us.