My disappointment with the consolidation is both the extent of...

My disappointment with the consolidation is both the extent of it and the timing.

I think 1 for 8 is needlessly aggressive: 1 for 3 or 4 would surely achieve the same thing. I also think some commentary was required to assure us it is for the reason we are assuming.

As for the timing, I would have preferred management to wait another few weeks.

Tox rose considerably in the second half of August 05. There are many fairly large holders that (such as myself) are actually small players but hit it big, holding from before Sept 05.

I bought Toxo in May & July 05 and finished up, after exercise, with 400k Tox (free carried), which is an enormous holding for me. I have held this long for the 50% cgt discount, plus to send the profit into another tax year. I think there would be alot of holders in this position.

My point is that from Sept 05 Tox was no longer dirt cheap and gains from then were more incremental. Therefore, those looking to sell reasonable chunks (200k+) which were acquired for next to nothing would greatly diminish. The supply of cheap shares may well dry up in a few weeks.

I have kept 300k because I think they are worth considerably more than 12c and no doubt others are holding out for a fairer price. It is when most are of this view that the price will rise. I think will may reach this point next month, with or without a consolidation.

cosmos