Ann: Issuance of Convertible Notes & Warrants for up to $46m, page-18

I don't think the future price of IMU is really going to come down to Heights Capital. It's really going to depend on the results we get for readout on our programs, especially Azercell. Overall, seems like PH is learning (albeit slowly) and not just raising cash through Bell Potter at a 25% discount. At least with a convertible note they can't short it, although I understand them taking this approach to cover themselves on the downside. And we also get an institutional holder who's unlikely to go all Henny Penny when the market sneezes and sell (and complain endlessly). it's good to see a named institution on the register finally.

Overall it's a better outcome than what I was expecting. I also think we're closer to a finding out just how well our science works - specifically how durable the response is. I'm tipping Q2 25 (not long) for the interest to pick up as we get more results out.

Merry Xmas all!

YS