There's some A-grade BS in this document. The rationale for the...

There's some A-grade BS in this document. The rationale for the consolidation is weak:

"The Company currently has 496,859,189
ordinary shares on issue. The Consolidation is
expected to result in a more appropriate and
effective capital structure for the Company and
a more appealing share price to a wider range
of investors."

More "appropriate", more "appealing"?

"The Board believes the following factors may be
minimised as a result of the Consolidation:

 reducing any poor market perception as
investors equate the low share price with
the perception of a poorly performing
company.

The market 'perception' is because the return on capital by Capral has been lousy for a very l-o-n-g time. The share price reflects the years of under performance and that the market does not have much faith in Capral. Simply start delivering consistent growth and the share price will rise too.

 vulnerability to speculative day-to-day
trading and short selling, which generates
share price volatility

Where is the evidence of this? There is none because this is a ***. The daily volumes for Capral do not support that it is speculatively traded. The share price has been stuck in the low teens for eons, it does not stack up as a shorting option. Actually, when (if) it's at $3.90 THEN it would be a better shorting option as there's greater share price fall potential.

 discouraging quality, long term institutional
investors, equity funds and lending
institutions seeking stability and long term
growth.

Rubbish, again there is no evidence of this. Funds etc are going to see straight passed this tarting up of the register. If the Board believes that Capral is undervalued and offers both stability and long term growth then I'd like to see them put their hands in pocket and personally invest more in it and consider other options like buy backs that are far more likely to drive the share price up.

I have sold out of Capral.