Ann: Letter to Shareholders, page-57

Been here ten years.
Good to see a letter.
I interprete it as IMU say;

1. No real results planned for 2 years.
2. Board has no control over current share price - Not true
3. Salaries - there is some misinformation here about salaries being necessarily high due to market.s requiring IMU to pay higher salaries However, When LC started she started on about $340k. Its now over $2m and her salary increased due to share price rising. Salary was set on share performance not what market would pay. The market has not said LC is worth 7 times more now. The share price has gone down but salary stays same. The remuneration committee and the second strike on a NO vote for remuneration could see board spill at next AGM.
Someone like Monil Shah was on over $800k a year and had no results in creating value.
Glover is on over $1.4.
Lets not mention the airport advertising .It strikes me as egos running wild at their own importance promoting all the wonderful work but nothing to show for it. Harsh but true.
The salaries cannot be justified given the funds available.

The costs are set at a $3b company and even directors salaries remain at the level of a $3b company. I think their egos are stuck on this myth but we are paying for it. This management is not worth what we are paying them as they have failed to deliver.


Trial time lines. - Time lines blew out as resources were spread too thin on too many prospective trials. Management must take responsibility for this. Its not true that trials are just expensive as an excuse. Its complete mismanagement. IMHO The time lines were flawed and were made optimistic for IMU benefit to entice more retail investors to pump share price. Now that air is out of share price balloon, truth comes out and now Hopper is cutting and running from retailers and onto Institutional investors .`
IMU management knew that before they started how long trials will take on rare diseases .This is all within management control.

I recall the exuberance of buying a manufacturing facility in North Carolina only to divest themselves of it six months later and try and now sell it to shareholders as a somehow well managed cost reduction when all it was was a stuff up of huge financial proportions.

There is a trait here IMU management should not be proud of. They are not taking responsibility for their actions including costs control and share price.

I do hope in the end IMU have some success. I have traded and invested in IMU for ten years now. This shareholder letter out of the blue is encouraging but does not plaster over poor management performance.

Good luck to all as we anticipate at least a USD $30m raise by year end with only 6 months cash left according to the quarterly.
I suspect a trail announcement for azercel on one hand with a cap in the other asking an Institutional to invest at a discount share price for PH mates to detriment of retail shareholders who got us this far.

Hope we get lucky and sell something to keep the lights on and share price increases a little. Otherwise noodles for Christmas dinner.

I am holding what I have and hanging on with my white knuckles for the ride. Good luck.