Let’s be real. Handing over 200 million shares to a bank isn’t a...

Let’s be real. Handing over 200 million shares to a bank isn’t a casual move. So what are the possibilities?

Margin Loan:
Most likely. He wanted fast cash and used his IMU shares as collateral. If that’s the case, he’s now sitting on a fat pile of cash while holders sit on a 60 percent haircut. The risk is, if the share price keeps dropping, the bank starts selling.

Structured Sell-Down:
He may be quietly exiting using swaps or forward sales. It avoids a sudden dump but has the same result. He is getting out, and we are footing the volatility.

Convertible Note Deal Collateral:
He pledged shares to sweeten the deal with the private equity fund. That’s ironic, because now retail is getting diluted while he protects the lender.

Personal Liquidity Crunch:
Maybe he needed funds for something big. Property, legal costs, divorce, other investments? Considering his Wife reportedly purchased a 35 million dollar Sydney Harbour mansion, it’s fair to ask whether some of those “encumbered” shares helped fund the view.

Tax or Estate Planning:
Less dramatic, but possible. Though it’s hard to imagine this kind of structuring being done without any buying to show conviction in the company.

Bottom line: Whatever the reason, he is not exactly signalling belief in Imugene’s future. No buying. No defending the price. Just dilution, silence, and disappearing shares.

We as investors should watch what directors do, not what they say!!!