todays chart, page-1406

No confusion here Mark, Consolidation will not affect solvency, but will affect share price. Even more so if by then the company issues more shares to bondholders at 10c or less and total number of shares on issue post consolidation end up the same as pre consolidation. Except for shareholder portfolios who now end up with only 1/10 of the original holding without the expected matching tenfold increase in share price.

As you already mention Lynas needs re prices to remain stable at current levels which may or may not happen with new entrants into the NdPr market. Will the Japanese continue to support it once they have access to other suppliers outside of China? That remains to be seen but as far as a CR goes with their previous record and balance sheet they would struggle to attract investors without some serious discounting. Hence my reluctance to take a long term position in Lynas until at least the dust is settled on the consolidation and while waiting for that taking a punt on a few of the new entrants.
GLTAH