Ann: Investor Presentation, page-39

I've never understood the worry about consolidation. There is no difference between, for example, 10 fifty dollar notes versus 500 one dollar notes. I know you understand Tulip, so that isn't directed at you. The only sensible business reason for consolidation is if the SP gets so low that a single pip movement results in a large % change in SP. At that point, liquidity will fall, and with it the ability to perform a CR - especially if the only option is to raise funds at a big discount from traders. So if a company has consolidated so it can do a CR, and the business continues performing poorly, then the SP will follow. But blaming the consolidation for causing the SP tanking is like a rooster blaming its owner because a hawk swooped when the owner entered the hen house.