consolidation of capital 1 for 10 , page-30

Unfortunately this is now one ugly company for investors IMO and I sympathise with shareholders. RCP was the old Burdekin Pacific and for them to re-list as Redbank Mines (RBM) on the 16/12/2005, they reorganised their capital, by way of consolidating every 20 shares into 1 share back then already.

Now with a planned 10:1 consolidation, it doesn't take long to work out how diluted this poor beastie is. eg. 1/20 X 1/10 is 5/100ths of a cent. With convertible notes now in place, at an annual rate of 4.7% payable monthly,
I give this one little hope to survive the next 12 - 18 months unless they can somehow keep the merry go round spinning.

What's even more ugly is that they spent $649,000 on Admin costs ($1,089,000 for the half year) and when not taking into account the recent placement for $1.25m at .01c, they only had a remaining $81,000 at the end of Dec 09.