consolidation argument, page-7

well - greensyster - up I pop to say good on you!!

I also sent off my proxy "no" vote.

So many companies have started out on low bases and whooshed up into the stratosphere without resorting to fancy and questionable (IMO) moves like consolidation.

I just don't like the way it was sprung on investors, as a question to vote on with regard to an agenda list at an AGM vote.

It's OK for some to say - "WE" knew about the possibility months ago as it was broached at - blah blah."

Yes, but most of us were not not privy to that function where that remark was made. And so we heard about it anecdotally - third hand as it were - just as a matter of rumor and speculation. And it was then forgotten about, by most.

I rang the company secretary at the time - and was NOT told anything of the sort regarding it being a firm possibility! I expressed my concern at the time regarding my past experiences re. consolidations.
There was nothing said which convinced me that they were intending to go in that idrection at that time.

Just prior to it's announcement I again rang the company and the Company Secretary regarding the state of the share price in general terms, and unfortunately he did not return my phone call. Had he done so, things may have been different for me. Yes I should have rung him back - but within a couple of days the news was out anyway, so what was the point!

I maintain that such a major company financial decision should not be broached to stock holders in such seemingly cavalier, offhand manner. I believe that ASIC should be brought into the equation as an overseer - perhaps being the final arbiter of whether or not such moves are in the best interests of shareholders in the prevailing individual situation, whichever company is looking to implement such a move.

And I believe that stockholders are entitled to a very detailed indeed explanation of why the company sees this radical move as absolutely necessary, with much longer lead-in- time allowed for them to make a rational decision.