Ann: Quarterly Activities Report, page-2

"The Consolidation was proposed to reduce Bannerman’s capital structure (share count) to a level that
better reflects the advanced stage of its Etango Uranium Project and potentially makes the Company’s
shares more attractive to certain investors, including institutional and retail investors in North America."

So in other words, it was to clear the decks of smaller shareholders who have been diluted into oblivion over the past few years.
That's how I read it.
Keep throwing money at BMN to maintain a marketable parcel or bye, bye.

What kind of "certain investors" would be put off by the amount of shares on issue? Surely they are smart enough to look at the market cap for starters.
Reeks of screw retail investors.