It works effectively like a share split, so yes, all shares are...

It works effectively like a share split, so yes, all shares are worth slightly less but there are more of them. From reading the justification, it seems the BOD think this will increase liquidity.

I don't see the point, however I have heard people talk as if SP rather than MC is what determines value. For example "this share is only 30c so it is easier for it to double than that one which is $1.". So maybe "cheaper" shares will react more to good news... Although, would not have thought a 6:5 share split would do much. a 10:1 split to 3.6c might bring in the DT crowd but that isn't my cup and of tea. I would rather they just save themselves the time and effort and keep the SOI as is (after CR).

Point to note is that value may also he created if investors miss the record date, i.e. the expectation is the share price will drop 18% after the record date passes to reflect the extra shares, if this doesn't happen due to wider investor confusion then that would provide value to shareholders.

Happy for someone to correct me, however that seems to me how it will work.