Ann: Update on Termite Resources-IXR.AX, page-14

It doesn't work like that - you're mixing apples and oranges. It's irrelevant (for an informed market) what is the overall number of shares, you need to take the price in count to get the total value.

Consider the following - 1,000,000 IXR shares are now worth $4,000.

They entitle you to in-specie distribution of 10,638 Graphex shares. At $0.20 initial price, this will be worth $2,128.

With 50:1 consolidation, you're getting 20,000 shares in Indiana, but the market share price will be adjusted accordingly to $0.20, giving the same initial value of $4,000.

So the value that you would be getting for IXR shares worth $4,000, will be $6,2128.

Indiana can go wildly up or down after the consolidation, but at least it will be more liquid as with this current range of 0.4-0.5c you don't really get much trade in possible +25%/-20% swing (not counting the half-steps that brokers or bots do sometimes). At this stage, Graphex looks like the better opportunity of the two parts, and IMHO can easily become 5-bagger with the first agreement. You might get the chance to buy it on the market below $0.20 once it start trading initially, but I would rather take part in the raise (so no dilution) and also get the oppies in the process.