Ann: Chairman's Address to Shareholders, page-5

Hey Cab,
A 10:1 consolidation would take us back to round about the SOI at the time of Hanlong.. I think SDL had about 2.4Billion shares on issue at that time. Current 23Billion shares take us back to 2.3 billion. Could be wrong. So at that time, if SDL was valued at $1.1billion (I think that was the offer) = 45c p/s. Resource still same so everything being equal a 10:1 take us back to say 45c. ... or 4.5c p/s if we stay at 23billion. ..