Member Info for hamila01

Spantrout - Not touchy. Just can’t tolerate posters who twist messages.

By the way, why are you here?

GLA genuine LTH’s!

Mystic - That’s a good point regarding Avion being in the US. Discussions will no doubt be drawn out due to the 5 hour time difference between Avion and IMM and synchronising people’s diaries…. If there are any Asian or European big pharma interested and in discussions with relevant parties, that time difference is even greater and navigating diaries gets more difficult…..

While there are potential communication challenges, they’re not insurmountable and they won’t stop a deal happening.

GLA genuine LTH’s!

Bootnk - You’d better sell up before you get stitched up again…. Poor old OTM with his substantial share holding must be really bricking it now….

No evidence to support that idea whatsoever but a good scare tactic.

GLA genuine LTH’s!

Not only do OTM’s tone of posts change over time but so do the predictions. Which does lend itself to my view that multiple people are making use of the same profile to spread FUD. Please filter the profile if you haven’t already. It’s the only effective way we’ve got to counter their nefarious agenda.

GLA genuine LTHs!

Hope so Laura!

GLA genuine LTH’s!

NoLupus - Freedom of speech hasn't been restrained here. You still get to freely post your FUD but don't expect not to get called out on it.....

By the way, why are you constantly posting regarding a company that you have major concerns about regarding the management and science?

I'm not holding my breath on getting an answer to that question.....

GLA genuine LTH's!

MysticMike/NoLupus - Why are you still posting on this forum if you don't believe in (1) the science (2) the management or both (1) and (2)?

GLA genuine LTH's!

If anyone hasn't got OTM filtered, please do so. The board is a lot nicer when not having to read his written diarrhoea.....

I suspected multiple people were posting under the OTM profile before I finally binned it as the tone and style of writing changed several times. It also didn't help that the profiles alleged trading record wasn't exactly brilliant either.....

GLA genuine LTH's!

Juxta - why are you hanging about on this board if you hate the company and Tim so much? Or is it because you’re getting paid for each post you make?

Genuine questions which will no doubt be ignored just like nolupus, OTM, Roger, bootnk, etc never answer either…. Instead we’ll see massive levels of deflection. Extremely suspicious behaviour on the part of some profiles.

GLA genuine LTH’s!

Professor1 - more importantly than the buys or sells, why do the doubters keep relentlessly posting here despite not believing in the IMM management or the science?

They never answer the question as to why they are still here and then have the temerity to complain about the sincerity of Tim and his team. Hypocrisy of the highest degree…

GLA genuine LTH’s!

Juxta - quite a lot of ignorance there in that post by suggesting a weaker financial position doesn’t make any difference to negotiations. It sends out a clear message to potential partners not to bother low balling any offer.

You know full well that a stronger financial position removes the need to desperately accept a low offer but it just suits your argument to suggest it doesn’t.

GLA genuine LTH’s!

MysticMike - if that’s how you really feel then find another share board to frequent instead.

I’m no Tim fan boy (believing far more in the science) and would have preferred not to have seen another dilution. However, I do think he’s managed to get IMM into a far stronger position now than back in 2018 after that underwhelming phase 3 trial so I give him credit for that.

And in the cold light of day when a deal happens for P140 and Kapiglucagon, we’ll look at some of the decisions and better understand the reasons for why they were done…..

GLA genuine LTH’s!

TCGLOVER - I’ll believe it when I see it…..

Happy Easter and GLA genuine LTH’s!

Pebsi - They also never answer questions such as why are they here and who do they work for? They are also quite adept at deflecting when losing an argument like Roger did earlier today regarding the UK MAR regulations…..

GLA genuine LTH’s!

To the science believers and the downright belligerent IMM supporters challenging unrelenting FUD, thank you for keeping spirits up and also maintaining your faith in the science. I’ve always wanted the science to work so that we can make a profit but also to bring relief to those with autoimmune diseases. We sometimes forget that important point when ‘robust’ debate is going on.

For the good guys and girls on this forum, thanks also for answering questions, providing insight and expanding my knowledge.

I always sign off my posts wishing shareholders good luck and I genuinely mean that.

GLA genuine LTH’s!

Roger - you quite clearly don’t understand the rules around when directors can and can’t buy shares!

You’re embarrassing yourself again…. Not only are you boring, you’re also as thick as a smelly waste product.

GLA genuine LTH’s!!

2/2

### Exceptions and Practical Points

- **Clearance outside closed periods**: Directors can usually deal (buy or sell) after obtaining prior written clearance, provided they are not in possession of inside information.

- **Certain transactions** may be exempt (e.g., gifts, inheritance, or automatic exercises under employee share schemes in some cases), but buying on the open market is not.

- **Company-specific policies**: Many companies impose even stricter internal rules than the legal minimum.

- **Consequences of breach**: Regulatory action by the FCA, fines, reputational damage, possible criminal prosecution, and civil claims.

### Summary

- **Allowed?** Only **outside closed periods**, **without inside information**, and usually **after obtaining clearance** under the company's dealing policy.

- **Not allowed at any time**: No — there are explicit prohibitions and procedures that must be followed.

These rules apply to **all UK-listed companies** (Main Market and AIM) and are enforced strictly to maintain market integrity. Unlisted (private) companies have far fewer restrictions, though directors may still owe fiduciary duties and could face issues if they trade on confidential information.

This is a general overview based on UK MAR and AIM Rules as of 2026. Rules can be complex and fact-specific (e.g., depending on the exact timing or type of transaction). Directors should always consult the company's dealing policy, company secretary, or a specialist lawyer/compliance adviser before any share transaction. This is **not legal or financial advice**. For personalised guidance, seek professional advice from a qualified source.

When did I ever mention closed periods? The answer is I didn’t but you did…..You’re deliberately generating FUD. Readdress the below (taken from grok).

1/2

**No, company directors in the UK are not allowed to buy shares at any time.** There are significant legal restrictions designed to prevent insider dealing and market abuse, even though directors are often encouraged (or required) to hold shares in their company as "skin in the game."

### Main Legal Framework: UK Market Abuse Regulation (UK MAR)

Directors (and other senior managers) are classified as **Persons Discharging Managerial Responsibilities (PDMRs)**. Under UK MAR (retained from EU MAR post-Brexit), PDMRs face two key layers of rules when dealing in their company's shares (or related financial instruments):

1. **Prohibition on Insider Dealing (at any time)**

Directors must **never** buy or sell shares if they are in possession of **inside information** — i.e., non-public information that could significantly affect the share price (e.g., upcoming results, a major contract, regulatory news, or merger talks).

This rule applies **year-round**, not just during specific periods. Breaching it is a serious criminal and civil offence, with potential fines, imprisonment, and disqualification as a director.

2. **Closed Periods (Mandatory Black-Out Periods)**

PDMRs are **prohibited** from conducting any transactions (buying or selling) in the company's shares during "closed periods."

- The standard closed period is **30 calendar days** immediately before the announcement of the company's **annual financial report** or **interim (half-year) financial report**.

- Additional closed periods can apply if the company has inside information that has not yet been announced.

- During these times, even buying shares (which might seem less suspicious than selling) is generally banned unless specific exemptions or prior clearance apply in very limited cases.

### Additional Rules for AIM-Listed Companies

Many smaller UK companies (including many biotechs like ImmuPharma) are listed on **AIM**. AIM Rules require the company to have a **dealing policy** that:

- Defines its own closed periods.

- Requires directors and certain employees to obtain **prior clearance** from a designated person (often the chairman or company secretary) before any dealing.

- Ensures compliance with UK MAR.

Even outside closed periods, directors usually need clearance to deal. The policy must be "reasonable and effective."

### Disclosure Requirements

Whenever a director (PDMR) or a "person closely associated" with them (e.g., spouse, dependent child) buys or sells shares:

- The transaction must be notified to the company **and** the FCA (Financial Conduct Authority) **within 3 business days**.

- The company must then announce it publicly via an RNS (Regulatory News Service) without delay.

Roger. Read up on UK MAR. Directors are not allowed to buy shares at this time because of the information they are party to.

And on another topic, discussions are clearly happening (I’ve deliberately not used the word negotiations as it quite clearly triggers you). Tim would be in serious trouble if he was blatantly lying in an RNS about discussions if they weren’t actually happening.

I’m reporting your original post on the grounds of blatant FUD….

Why are you here? Who is paying you to spread lies?

GLA genuine LTH’s!

Roger - “Hey, how about actually buying some shares Tim, Tim and Sebastien, rather than diluting all your shares holders time after time with the excuse that it’s putting the company in a better position”

Errr, this is showing your ignorance yet again. Do get your scriptwriter to do his/her research properly. Tim and co wouldn’t be able to buy shares at the moment under UK MAR because they are currently party to price sensitive information, i.e. partner discussions. Directors generally have limited periods for buying/selling shares during a financial year. But hey ho, at least it gives you another opportunity to spread a bit of FUD….

GLA genuine LTH’s!