Fair points cosmos, maybe a 1 for 6 and later might have been...

Fair points cosmos, maybe a 1 for 6 and later might have been better. However, will likely still be a couple of months before it happens? Like you I am in the same boat - bought most in June and early July last year and had a 4 - 5 bagger in 5 months before this 8 - 9 month trading range - and like you made no sense selling if I wanted to until at least CGT qualification. Around October most of those that had windfall gains will qualify for the CGT reduction (about 8 cents last October).

Earnings growth of lack of will determine future direction. I can see the reasons for doing it - but as you say they didn't explain it in the announcement.

Perhaps pressure from larger holders was there? Maybe an acquisition opportunity is there and they might be able to place to better hands at 80 cents - $1.00 consolidated than as it is now (I know in theory it shoudn't matter as market caps are the same - but does).

Just shaking out the day traders will be great - a one cent profit in this range done a couple of times a month would put $4,000 into a daytraders pocket and they only have to take a position of 200,000 shares. I suspect that there are quite a few doing it just once a month with 500,000 - 1,000,000 shares for an easy $5K - $10K a month?

Best to get rid of them - and the only way to get rid of them is to make the case compelling enough for funds to buy and wash them out I feel? Would be nice if it could have been done at these levels - but it appears that they see a consolidation as the best way to go for reasons not entirely clear yet. I'm leaning to consolidation and then a placement for a further acquisition to funds that want a consolidation?