Ann: Proposed Direct Listing on NASDAQ, page-15

New shares will be listed, but only to the extent of the existing shares listed on the Australian exchange: they will be converted from their existing price in multiples, to create a minimum price of $4 US. ie: $6AU suggests that at a current ratio, about 8 shares at 53 cents would be used/cancelled to create one new share for listing on NASDAQ. The purpose is to create a larger and wider market to capture more investors. There is no capital impact on the company or shareholders although it can have a material impact on the notional value of the individual investment parcel, obviously by going up or down in line with market sentiment. You could look to COG and TGA, both of whom did consolidations in the past few years, but for slightly different reasons.