Ann: Quarterly Update and Outlook - June 2023, page-12

The trouble with share consolidations is if you get for example, 1 new share for every 7 held, the price of the new shares based on 9cps for the old, should be 63c. Every time a company I've held has done a consolidation, the price ends up being 50-70% of the original value. In this case it would end up in the range of 31.5c - 43c, that is way below the 63c. If this happens, it takes a lot of years of profitable operation for the S.P. to appreciate above the hypothetical new price (63c in my scenario) because investors will not come on board until there is a history of profitable operation due to a lack of trust in the Board and Management. In short, this Board has destroyed a lot more than the wealth of shareholders through its terrible decision making.