BABYLON PUMP & POWER LIMITED — AGM Information 2016

Nov 29, 2016

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30 November 2016

ASX Announcement

– Annual General Meeting – Chairman’s Address

Melbourne, Monday 30 November 2016. The Directors of IM Medical Limited are pleased to welcome shareholders to this year’s AGM and to present a summary of the Company’s progress.

As stated in the Annual Report, our aim is to continue to secure an acquisition that will enable the Company to move forward and lead to meaningful returns for our shareholders.

During the course of this year the Company has been involved in lengthy discussions with four different companies with the aim of securing a reverse takeover offer. In all these cases, the other party for one reason or another has withdrawn from the discussions. We identified and viewed each of these opportunities and embarked on these discussions as we considered that they were likely to provide our shareholders with above average returns in the long run.

Shareholders would appreciate that these discussions incur a certain level of due diligence including expert opinions and legal expenses. At the beginning of the year the Company has raised $566k (net) to meet some of these costs, ongoing operating costs as well as settling a significant legal bill and repaying the convertible $300k loan (net of costs). Since the end of the year the Company has raised a further $330K through a converting loan in order to fund working capital requirements.

We continue to be very mindful of the need to preserve the shareholders’ funds as much as possible, and continue to manage the Company prudently to maximise value for shareholders.

We thank you for your continuing support.

Nigel Blaze Chairman

IM Medical Limited T 03 9607 8280 Level 40 F 03 9613 4111 140 William St. Melbourne VIC 3000 Aust E im.medical@icloud.com ACN 009 436 908 W immedical.com.au