Ann: Telstra Shop Franchises To Sell Spacetalk Watch, page-10

Unless there are people out there who can't afford to buy a single share, how will two 60c shares create more liquidity over a single $1.20 share? Broker commissions are more than 10 times that!

There are extra costs involved for the company in splitting shares. Investment bankers, advisers, lawyers, accountants, registry fees etc. That all for splitting $1.20 into two 60c pieces. They should focus on the core business instead.

"Advisers" will of course suggest any action that will bring them extra fees. It's worrisome that the board and management seem to endorse such irrational moves.