How is it a no brainer? There is no need for a consolidation. We...

How is it a no brainer? There is no need for a consolidation. We are through the denominations of under 1c.

A consolidation makes some sense if trading under 1c as the pip percentage swing to the downside offers too much risk for some traders to be willing to trade. Thus taking away potential liquidity in the stock for investors to be confident/able to take large long term positions at that low base. ADN is well matured from that point.

It does not matter at all that there are over 2bill SOI at this point. It's all about MC. SP is just a number.

On the NYSE if a company trades under $1 for 30 consecutive days it violates minimum price regulations and faces delisting. Not relevant. ADN is on the ASX.

Potentially an argument for US funds/investors needing (for internal requirements or just psychological) a certain SP denomination to be able to invest (ie over $1 etc) but that is negligible at ADN's current life cycle. Easily scope for ADN to be over $1 naturally in future.

Look at examples of consolidations. Majority do not end well.

Have never understood peoples obsession with consolidations, and there is not an explanation why it is positive and not just an accounting trick. Maybe it's just a fun word to say. Who knows?

A share buyback is a different story but I would prefer ADN to issue dividends with free cash flow when the time is right.