Like many on HC I also wanted to see more information about the...

Like many on HC I also wanted to see more information about the progress of the trial. Anecdotally the recruitment delay on what was perceived to be a short clinical trial has had a significant impact on SP sentiment. Sadly for SP recovery, the nudge-wink section on clinical progress in the newsletter was a little light on detail. Although having four recruitment sites can't be bad as these sites thought enough of the clinical program to get involved. But that's not being transparent. Shareholders are asked to imply progress. For all shareholders know, these sites could be like a four lane toll road with no cars on it.

Hmm... so is Bob right about the inappropriateness of disclosing progress according to the ASX rules? In looking into it briefly I think there is an argument for non disclosure until a conclusion can be drawn by management from the data that will affect the standing of the company. The ASX examples suggest that it is appropriate to disclose if there is a reasonable expectation that an event will materially affect the present or prospective standing of the company. If the progressive data are up to expectations then the company's prospects have not changed and logically disclosure according to the ASX is not required.

But can the company disclose more than the ASX minimum? The answer is yes and companies do it all the time. There is no problem with keeping the market informed of facts. Facts do not require management judgement. We as shareholders prefer and value transparency. An announcement about the number of participants is something factual that does not expose management to liability other than putting their own performance as managers into the spotlight, favourable or otherwise. Management standing up, being responsible and accountable is good for shareholder relationship and trust. Right now it would appear that management's sense of self interest comes first. Management is probably thinking why have a difficult conversation about our performance when it is easier to say nothing.

Management is required to act in the interest of shareholders and disclosing the progress of a pivotal project is just that. Good management exceeds expectations rather than stopping at the ASX minimum. This is something for Bob and his team to work on.

ImagioBio please convey this to the company officers.