Ann: Open Letter to All Shareholders , page-35

"The Company recognises the dilutive impact of raising equity like convertible notes...."

Many in the investing community commonly refer to this state as a 'DEATH SPIRAL',

where many, many ordinary holders are diluted almost out of existence.

Once the register reaches 5 bil, it's really simple for the current BoD, just do a consolidation.

Calculate out what you will own with a 100:1 consolidation, it doesn't worry the large entities though.

Rinse and repeat, many other companies have done just this, well so can GGP.