No direct experience as a fund manager but have spent my life associated with the finance industry - never done equities as a profession though. Amount of shares I find pretty irrelevant - TLS has nearly 12b on issue . . .
Only thing I have ever noticed is that 10c matters because price increments are 5% all of a sudden and consolidations in micro cap specs tend to only work if they are on the way up and have large cash reserves. If we plan to go to the US there are ways of giving them the dollar stocks they like via ADRs but I'd rather we get to 10-20 first before considering a consolidation - and even then only 1 for 5 rather than 1 for 10.
If they ever get a US$150m upfront for the iMYC program I can see them keeping US$50m for development and doing a buyback of AUD$100m (the balance would be for a little tax) - if the SP is under 20c then that would result in a reduction of shares on issue of 500m shares - if for some crazy reason we are at 10c then half the shares could be repurchased - if people would be crazy enough to accept that! Obviously we are still a long way from that event but it is an example of what could happen within 2 years if things go right.
Now I am waaaay over my quota so no posts till the next news item . . . .
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