Ann: Successful $25.5m Institutional Placement, page-95

5 minute mark when asked about consolidation to give a higher share price how on earth can a CEO not know the difference between liquidity and volume? His argument is that the current arrangement allows high liquidity which is more attractive for large investors to be able to enter and leave - but liquidity is the ability to buy and sell shares without moving the share price too much - a consolidation only changes the volume, it has no effect on liquidity as the dollar demand to buy shares (and demand to take those dollars out) is unchanged. For example, if you did a 100:1 consolidation, all that happens is that the share price goes up 100 times but the volume drops to 1/100th of what is was before all else being equal - it is mostly psychology.