consolidation, page-11

It is a possibility, but I don't think it will happen.

As long as we keep seeing shares changing hands at higher prices, e.g the huge amount of shares exchanged between 2.8 and 3.3, then holders inevitably enter the market with less.

10 grand worth at 3.0 logically grants less shares than 10 grand at 1.2.

Inevitably holders will then have less shares to dispose of.

Thus a greater number of shareholders hold a smaller number of shares. Those abandoning ship have less of an effect on the share price on their exit.

This process takes time, but we can see it happening already.

I also think that future CRs are less likely. We will have funding from elsewhere.

Call me out if this logic is flawed.