Ann: Notices of Meetings, page-17

Surely in reality the consolidation is purely a question of metrics?

If the net value of the company remains the same, or roughly the same, as the numerator in the value equation (value of company/number of shares), then the fact the denominator reduces by 20 (value of company/number of shares) means that on a per-share basis the overall value should increase by that proportional amount it's released back to the market for open trading?

Effectively, the value per share is the same whether the value of the whole company is (a) divided by the current shares on issue for an opening price of say 1c or (b) divided by 1/20th of the current shares on issue for an opening price of say 20c.

Ultimately the ratio remains the same.

Am I making sense? I guess my point is that a standardised reduction across the whole holding isn't enough for my to vote against it. The company has had enough difficulty facing it in relation to re-listing, I feel like I'm obliged to do whatever is necessary to facilitate that.

I am extremely disappointed they haven't retimed the options however...