I agree with 2ic that the share consolidation wont affect the DPS. divi post consolidation will be 4.1x5 = 20.5c per share.
However, i dont agree with your view regarding the downside of share consolidation. Logically share consolidation has no real impact on the share price movement in the future. Personally, i expect many other REITs to follow ALZ steps and do share consolidations in the near future as the vast majority of them are trading below $1.
I am surprised by your opinion that there is no reason to buy ALZ at the current price!!!! As you might know, today's buyer is not dependent on a turnaround in development profits!!! In addition, even if the outlook is flat as you said, do you believe that a 34% discount to its NTA is justifiable????!!!!! Finally, the risk of double dip GFC would affect the whole market including mining, not only ALZ.
ALZ Price at posting:
$2.28 Sentiment: Buy Disclosure: Held