Ann: Notice of Annual General Meeting, page-7

Yes, consolidation can be a good move if done wisely but there has been nothing wise from this board so far. Consolidation generally see’s the price move down in most situations and as @tobiasroy said we should in theory be valued at 2c after consolidation however we could not go lower because the ASX only allows the share price to bottom out at .001 so if their was an additional decimal point allowed we in theory could be trading lower than that so 2c is optimistic as we haven’t done anything in over 2 years and the money we have raised from the sale of TNT etc has just been squandered. I expect that Tracy knows and fully expects the share price to go down after consolidation at which point he and any other board members will convert their debt to equity as they have done in the past at any even lower price and strengthen their hold on NIU and then take over IMO, hence the resolution for a 10% share issue facility.
Interestingly, as I understand it (please correct me if I’m wrong) if 25% vote against resolution 2 “adoption of remuneration report” and for resolution 6 “spill resolution” everyone on the board loses their job except Tracy...is this correct? Might be a way to send a very clear message. In fact that will probably be the way I vote.