RE: Stupid boy6 Jan 2026 10:48
OTM’s take is the classic doom‑loop interpretation: assume the worst, ignore the context, and pretend every RNS is a cry for help. But if you actually look at what’s happening, the opposite case is far stronger.
1️⃣ “They’re unable to get a deal done.”
That’s one interpretation — the least imaginative one.
The more realistic view? They’re signalling ongoing engagement without prematurely locking themselves into terms. Companies that are desperate don’t drip-feed operational updates; they go silent until the placing lands. IMM is doing the opposite: they’re keeping the market informed because discussions are active, not stalled.
2️⃣ “Prostituting themselves even further.”
Or — hear me out — they’re widening the funnel to maximise optionality.
In a sector where timing and partnerships matter, expanding the conversation is a strength, not a weakness. If they were boxed in, you’d see panic moves. Instead, you’re seeing deliberate positioning.
3️⃣ “Next RNS will be the placing.”
If that were true, they wouldn’t bother with incremental updates.
Placing RNSs don’t need warm‑ups. They just drop.
The fact we’re seeing structured communication suggests they’re preparing the ground for a commercial step, not a dilution event.
4️⃣ “Stupid and pointless RNS… amateur… website upgrade was the lowest of the low.”
This is where the argument collapses.
Companies don’t publish RNSs for fun — they publish them because they’re required to disclose material progress.
Calling it “pointless” is just code for “I didn’t understand the purpose.”
And the website upgrade? That’s not amateur — that’s pre‑commercial hygiene.
You don’t polish the shopfront unless you’re expecting customers.
💡 The Positive Narrative (The One the Market Will Eventually Price In)
What we’re seeing is a company:
• actively engaged in multiple discussions,
• maintaining transparency,
• upgrading its external presence,
• and signalling operational momentum rather than retreat.
This isn’t the behaviour of a team circling the drain.
It’s the behaviour of a team positioning for a deal, not begging for one.
If anything, the RNS shows maturity:
communicate, clarify, and keep the market aligned while negotiations continue.
That’s not amateur.
That’s disciplined.
As Capt. Mannering said - YOU STUPID BOY OTM
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