Ann: Proposal for Share Consolidation , page-7

Share consolidation exercise when approved by shareholders, does not add to the intrinsic value of sbm. SBM will be appealling in the initial look when the reverse split is completed, however sophisticated investors and instos can see this event. IMO, any future exepenses that will not add to SBMs intrinsic value or will not contribute to SBMs competitive advantage is not worth the costs that this exercise will entail. Lastly, untradeable parcel at this stage should not be the major concern of management, share price is normally following the intrinsic value of the business in the long term. Add- value activities will improve the SP and thus will convince shareholders to top-up with the long-term view.

'Price is what you pay, value is what you get.'