Ann: SMA Revenue Update, page-10

Consolidation was raised once before at an AGM. The response was on the lines of, yes the Company is aware that consolidation is desirable but history shows that the share price often goes down after a consolidation. I suspect therefore that the Company will wait until cash flow and share price are looking so good that a consolidation won't affect the desirability of owning shares in the Company. As for buyback, I don't see this as a Company that has sufficient funds for such an exercise and a buyback would surely be after a consolidation if it happened at all.