Can anyone actually explain what led them to change the consolidation ratio? I understand originally the consolidation was meant to be at 67 times or something like that, just to get the listed price up to 20 cents and the overall share on issue would have been something like a little over 100 million with the bonus included.
Now the holders are having their shares consolidated at 10 times but the re-list price will remain at 3 cents, is that right? Cause that's just a pure reduction in shareholder's value, and on top of that resulting in the ludicrous amount of shares on issue as you mention.
What's possessed them to do this? I know the ASX change their rules around reverse takeovers only recently and that they don't need to relist at 20 cents, so is that it? They've just taken their chance to slash the market cap and shareholder value because they're now allowed to?
OTE Price at posting:
0.3¢ Sentiment: None Disclosure: Not Held
