Deja vu?
Another letter less than a month later.
Dear IMU (in reply),
The lipstick on the obvious pig you were lining us up for was not convincing at the beginning of the month. Putting eyeliner on said pig now front and centre, a month later is not the appropriate action. Get the consolidation (metaphorical fattening of shareholders) done and then get the pig of a raise done. The animal (IMU share price and mkt cap) is stressing away to nothing whilst you stand above it with the butchers knife telling it everything is alright, it won't hurt....
"We would like to reassure shareholders that this initiative will have no impact on the value of your existing shareholding."
What planet are you on? The stock has plummeted 35% since you announced the consolidation on 16 May (on understandable fears of a following raise). Just get it done already. Terrible execution with a dumb Board/executive understanding of capital mkt sentiment effect on capital markets that the company still very much relies on to remain a going concern.
If Lesley has not announced an Azer-cel partnership with upfront and milestone payments as one of those "multiple key catalysts anticipated in the coming months" by the next AGM, she needs to go after a decade of promise and still zero commercial/partnership revenue returns from a hell of a lot of (shareholder) capital expenditure, and forward liability on any that does eventuate, in that same time.
(bar one atrocious US stock, IMU is the ugly sore in my portfolio - actually a growing ugly boil)
(20min delay)