One more musing from meabout this before I let it go. Taking the...

One more musing from meabout this before I let it go.

Taking the announcement onface value. $1,200,000 (approx.) value of shares were sold to pay a tax bill. Seemsinnocuous on the surface. Though digging a little deeper, a couple points Iwould like to call out.

In Australia, we pay tax onincome not a percentage of your net wealth. To incur a tax bill of $1,200,000.You have earnt income of > $2,400,000 (assuming top marginal tax rates).

The question should then beasked, where did that money go?

For one, it was not used tobuy Imugene shares on market otherwise we would have seen it via announcements.To be left with an unfunded liability its either gone into other assets(property, shares, managed funds etc). Or it’s been spent supporting lifestylechoices, (car, boat, travel, shopping etc).

The ATO does not like largetax bills and having money owed to it. As such, as one’s tax affairs becomemore complex than the run of the mil PAYG taxpayer. The ATO requires one to self-report,forecast your expected tax liability in a given year, and lasty pay quarterlyPAYG instalments - so when your tax bill is due, there is no liability. If you forecastincorrectly and under report your tax liability, plenties and interest arepayable to the ATO.

If one has a $1,200,000 taxbill. That is not a surprise, and one knows that is coming.

Firstly one can assume thedecision was made to under report income, and use the ATO as a pseudo financer/ overdraft as a deliberate strategy (Any plenties and interest was acceptable costto have continued use and access to that money).

Secondly instead of redirecting$1,200,000 from its true source. Substituting the sales proceeds of Imugeneshares was decided to be a better option for the shareholder.

Lastly by reporting to the ASXyou are selling shares to fund a tax bill. You are occluding the true purposeof where the funds actually went. As one does not incur any tax liability byowning Imugene shares.

Granted Paul is not our CFO.But as a professional banker who sees some customers behave in this manner.This does not fill me with any confidence.

IMO, DYOR, Not Advice