its been a long time since my last IMI post:Im certainly no fan...

its been a long time since my last IMI post:

Im certainly no fan of investment dilution through issuing shares, but i appreciate that a company is typically better off paying for something with shares (in a high market) than paying with cash.

However, i have massive issues with dilution at already low prices, and a bigger issue with management treating share placements as if they were a source of free money.

There is a reason management need to get share holder approval for placing more than 15% per year. I understand that they need to raise capital (and probably feel they cant do it through rights issue) but i will not stand for their use of my shares as their bottomless piggy bank. I am voting AGAINST ratifying any of the placements they have made.

Let them stick to the limits.

If they are insolvent then fold up or give the current investors the chance to decide their fate via a rights issue.

Cheers.

PIB

PS. GLEN, can i use you as my proxy or would you prefer we simply use the chair?