Ann: Update - Consolidation/Split - ICG, page-31

That's true lateral, but if you're in a position where you're about to start some serious investigation of great prospects and need money, you need to pursue the scenario that is more likely to get a lot of people interested in investing. I suspect with no knowledge that management has had discussions with deep pockets along these lines and discovered that they're interest comes with getting a few things in order first. I suspect the consolidation is one of them.
Usually a CR is done at some small discount to the current price. This could be done at 6c or 8c, but I'm not really sure how management would fare with a CR at some sub 1c level.
Just something else to think on.