@rmoss I’ll have a crack a more optimistic take on the IMU cap raise.

Positives

• Ability to raise cash in this environment, take it while it’s there (CR’s could get harder going forward for unprofitable companies)
• Options vested at .33, providing the SP improves, there is upside here for current shareholders and an injection of cash in the future.
• Dilution is not that significant
• A lack of a SPP reduces, costs, time etc to access funds. While “frustrating” for small shareholders it is much more efficient way to raise capital for the company. (Recent CR’s have been undersubscribed, this is a waste for everyone, eg. PAR)
• Cash on hand covers expected outflows easily with room to move
• Shareholders have had the opportunity to buy shares in the recent past around the current Cap Raise price
• Potentially, there is more behind the move we are unaware of

Negative

• Cap raise at a higher price would have been preferably re dilution
• Too much cash, could lead to wasteful cap allocation.
• Net loss doubled last year, if that happens again, they will need the cash.

Cynical

• IMU need to pay for the OTT results presentation, very “glossy” and well produced for a loss-making company, but I guess you have to keep the story alive

Personally, I didn’t feel frustrated by the CR, I am a small shareholder, I’m happy to have the business cashed up, and think there is probably a bit more to this that we will find out in time.