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Still no one has answered the question of how these supposed institutional investors will have their investment in IMM registered. If not shares issued in an equity deal, what do you think it’s going to happen? Tim and Patel write them an IOU?

The big question for me now is what is the discount going to look like. Back to 6p? 5p? Or worse? If anyone can tell me how Patel is going to attract investment from the institutions without issuing equity and diluting existing shareholders then I’m all ears!

Oscar, look up the kind of deals this guy has been involved with over the last 12 months. Not one merger or acquisition. All funding and placing deals many on AIM and all in capital letters involved discounts offered to private and small equity companies. Tim has signalled what is going to be the way forward. As I said earlier I will leave my investment here alone until the end of the year and if there is no deal by then or the direction of travel has changed then I will feel vindicated for this handful of negative posts this morning but won’t bother posting more until things become clearer. Good luck with your investments.

Institutional investment at this stage signals one thing and one thing only, dilution for existing shareholders. Happens all the time on AIM stocks. I had really hoped this would be different after Tim’s interview interviews five weeks ago but now I think the bubble has burst and shareholders can expect the usual rinsing from this moment on as the institutions get their cheap entry.

Well the buying has certainly slowed up today. I wonder if there will be a delayed trade printed after hours again...or another Tr1...

Is there any way Company Directors can vote on behalf of holders who have not used their voting rights in a situation such as this?

I think many eyes in the market will be on what happens on Wednesday. I am looking forward to DN being shown where the FDA application really is and why it's still being held up. There has been data gathering for years now and Gino told the market early 2026 for the application to go in. Then he changed his mind and said much more data is required. How did he get that so wrong? If through some skullduggery various bits of news and decisions have been delayed at someone's request and then this vote is No I wonder if suddenly we might see bits of news appearing out of nowhere...would all add up wouldn't it.

Jen - 'If any company was in trouble financially or heading into trouble last thing they'd do is add to the bill.'

You mean like GDR? lol

VKR - 'The plan is on track and Ketan is already engaged with getting strategic funders on board. He has a lot of contacts and has access to the p140 data room so knows how much of a good return there is in p140, BioCIN and BioAMB. Expect TR1s to land the coming days which will silence the critics and put substance to my words rather then anecdotal statements.'

The iis will NOT buy on the open market and unless Tim is planning on issuing equity how do you suppose they are going to get their hands on at 3% of the shares such that they would need to issue a TR1? I fear things have not gone the way Tim so heavily suggested in those interviews and there is now an urgent need to bring iis on board. This will only happen if they are offered a significant number of shares and at a significant discount. Yes, the patent has been filed but there is no guarantee of anything thus far. If Tim had issued any of those sentiments regarding a deal/deals by year end in an RNS I would be feeling much more relaxed but he hasn't. It was all said in interviews which don't count in the same way as information issued in an RNS according to the FCA.

If there were any deals worth £bns then one of the major accounting/legal firms and banks would be happily involved in negotiations to take a small %. They aren't. instead Tim has gone to a relatively unknown quantity from a small private company. This is NOT what should be happening if there are serious negotiations going on. And if there are serious negotiations going on then why the need to bring on board ii investment now? Surely any deal would prove plenty of cash needed for IMM going forward. I thought there was enough cash in the bank even now to keep us going through much of 2026. Something doesn't add up to me and being an AIM stock I have that sinking feeling that pis may be being played yet again by some scurrilous Company Directors.

My money is still in for now but unless there is some rather more concrete evidence that a placing isn't on the way then I will be ready with the sell button, much to my irritation.

I can almost hear Tim saying in yet another interview 'this is a really exciting but tricky and difficult time for IMM and we wanted the best deal possible but none offered was really right for us and our share holders, so we're going to take more time to put something in place that will make share holders really happy at some point in 2026 but it is going to take time...' bla bla bla

As I say, why take on another salary of probably £100k+ per year for someone to try and bring on ii investment when you've just confirmed to the world you don't need any more cash for quite some time and that everything will be funded by deals going forward? Perhaps IMM have been told they have to fund the patent process themselves..?

Even if there is a placing at generous levels it will most likely be forward sold so any rise will be short lived

I’m as gutted as the next person to see IMM taking this turn in events. Ah well, another AIM bottom-drawer stock that will now likely be rinsed repeatedly by iis. Not saying there won’t be a deal of sorts but it’s definitely looking less likely in my view and certainly not before Christmas.

Market makers like Peel Hunt and private equity companies NEVER offer deals that reward pis.

Market not impressed and I don’t think this is brilliant news unfortunately. Firstly it shows no deals are due any time soon so has Tim overstated the case in the interviews from early Sept? Secondly, if it’s going to be such a major deal with a big pharma why appoint a non pharma specialist working for his own company rather than go directly to someone like JPM and hire a specialist mergers and acquisition person? Of your talking billions then those are the people you bring in. Why does IMM need a permanent NED to help settle deals and bring in ii investment? I’m irritated now to think Tim has misrepresented the situation by such heavy hints at deals and discussions. If they had really started back in sept why is this chap only now being brought on board.

Any ii won’t be interested in buying a stake in an AIM company at current share price levels. They may offer a reasonable sum but it will be at a significant discount . I’m annoyed by that

There is no way DN will have bought a load more shares only to watch his investment shrink in an instant on Wednesday and by a lot more next year. He must have worked out he could buy enough shares in the given time to get to 25% and secure a NO vote odds carried. Once the vote is confirmed he’ll presumably reveal his suggestions for non-dilutive funding to everyone?

Ooh nice try Stocksaint. Well done jimi

Rookie, I’m definitely not ‘out’. Have £35k in and happy to leave it until Year end by when Tom said at least one deal should be completed. I’m def NOT the new otm either.

As for AIM companies being taken private you should take a Quick Look at GDR. Products going to make it to market in the next 12 months but Directors have driven the share price down from 33p to 0.25p in two years and increased the number of shares from 85m to over 1bn. Share price hit historic lows and lo and behold placings being rushed through for iis to take huge % of the company for next to nothing. Ordinary pis pretty much wiped out and of course IF they had not been challenged by an independent major share holder they could and almost certainly would have taken it private and made the Directors massively wealthy and left all ordinary pis with nothing. It’s AIM and it does happen.

Tim’s track record does not leave me feeling all cosy and warm, even when things on the surface look much brighter. I’m just trying to keep a balanced view of what might transpire. If we were talking potentially £bns then I think a new NED with M & A experience would have been found easily. This guy did a couple of years with JPM in this sector but then left it alone for 20yrs and is now mostly a property dealer. Does that fill you with confidence IMM and TIM are on course to get the best deal? Hmmm sounds more to me as if an ii or two are going to tempt Tim into some hefty dilution in return for a reasonable amount of cash. This I admit would certainly strengthen IMM’s negotiating position so might not necessarily be a bad thing but it really does look to me as if a deal before Chrimbo is unlikely now. We’re mid October and if this guy has only just been brought on board can a good deal be signed off on the next 10 weeks? Possible I suppose.

I admit I’m a bit disappointed because I was hoping for a straight forward buyout. If P140 is ground breaking and a game changer in the autoimmune space then surely interest would have been registered already. Big pharma have had access to the data room since early Sept and the Patent application had been filed. It’s already 4 or 5 weeks since then. Has Tim overcooked the real position for IMM in those interviews? I really, really hope not! £1 a share and I would be close to leaving AIM for ever.

I suppose it’s always possible Tim wants the sp much higher before entering negotiations and can inform potential ii investors that talks are about to begin? That might entice some at current levels. Or it might cause a major to make a quick offer to try and take IMM out at a lower price? Trying to stay positive.

Aklee - voting has closed I believe?

Sole trader, this guy is not a deal maker as far as his public history tells us..if he was they would have made mention of it.

Oh come on pension investor. Hardly the same. GDR was hiring sales personnel for £40 - £50k pa. This guy will want £100k + just for attending Board Meetings and lending his expertise, plus a % of any deals completed imv. If he CAN help get any deals over the line - preferably the right/best one possible - then he’ll be worth every penny. I do have a horrible feeling any iis wanting to come on board right now though are going to want a pound of flesh too so pls don’t be surprised if Tim soon announces a major equity issue for major new share holder. Personally I want to see at least one deal completed after everything Tim said in recent interviews before he starts diluting existing share holders. All we need is for Ketan to be whispering in Tim’s ear ‘we can take this private and you’ll walk away with hundreds of millions instead of just ten or so….

I’m on the fence about this appt right now as it doesn’t add up if talks were already underway with potential partners.

A Quick Look reveals he has limited experience in pharmaceutical and healthcare sector - was moved there whilst at JPMorgan but not for long before his 20yrs at Eden Tree where he Didn’t specialise in this area. Now his main thing is as a property investor In a company he runs with his brother Dilesh. Also does the usual financial equity and capital markets stuff. I’m not seeing a great expert in the pharma arena so I hope Tim knows what he’s doing with his guy.

* of how…

I know they don’t need more cash atm but ok Jen, give me an idea of hope they are going to attract new ii investment, especially seeing as the £100m mark for most iis is still some way off. Thanks

Hmmm ‘ will greatly assist us in expanding our institutional shareholder base."

Does that mean we’re going to see a placing or two soon? Iis don’t come on board at market prices k why do they need ii investment now when they’re about to sign partnerships that will supposedly pay for everything? Afraid my balloon has just deflated a bit with this appt. I’d have been much happier if it was someone with experience of M& A. Maybe the old Tim hasn’t left the building yet. Might they want to try and raise the sp more before getting into talks with potential partners? …or the discussions have not led to any deals and they now realise they need a lot more investment to pay for the patent application over the next two years or so…