GXY AGM, page-67

It's hard to say what they would consolidate down too.

For instance when you look at the peers on the market the only one that has a very low amount of shares is Orocobre, however they own only 66%. Don't get me wrong they are doing well despite questions of their ramp up and end product quality but have a look at how much they are climbing. Whether we accept the Macquarie Bank research report or not they do claim that ORE will get to $5. Maybe that's where Macquarie's shares lay, I am not sure.

Point is that despite the small amount of shares on market and issues associated with them they have still done very well so having less shares on the market shouldn't be overly a concern unless of course more investors become holders and it is hard to liquidate your holding.

Generally most lithium plays on the ASX have around 1 billion shares on the market. The difference between us and them is that we have 3 assets and one of them is already producing with what looks like a 7 plus % return before costs.

Forget internal institutional investment rules etc.. The number of shares that will be on the market post a GMM merge are not as bad as it appears when you consider the share of the pie and the fact that we no longer need to seek a JV at SDV.

An institutional investor will look at the bigger picture even if there are 10 billion shares in the market. - it's just a pie, buy more slices.

If we go back and consider that most ASX listed lithium plays have 1 billion shares in the market we only need to find a way to drop below that to be on the same playing field with one big plus. - we are actually a producer and don't need to wait the next few years. We are still achieving a better return than the term deposit let alone the current RBA cash rate BUT with more upside.

The listing on the HKSE will require more shares, but by way of the fact that the cash will be used to construct Sal De Vida, meanwhile James Bay can be done with Mt Cattlin income by 2018-2019 any discussion of dilution or share consolidation will be a moot point.

The company could consider 1 share for every 2, or maybe even every 1.5.

Your holding @duza will leave no reason to be concerned. You still hold the same slice of the pie, just with more bells and whistles.