I think the key to the consolidation lies in the below extract...

I think the key to the consolidation lies in the below extract from the June results presentation:

"The September 2009 refinancing resulted in a significant increase in the cash required to service the Japanese TK business borrowings (interest and principal amortisation). Asset sales in the next 12 to 18 months may be necessary to ensure the Japanese TK business continues to have adequate working capital to remain a going concern"

My thoughts are that with the lack of sales they are starting to run low on cash and will undertake a rights issue / placement to keep them going. This will be easier with a higher share price as a discount would be required to attract investors and a discount on the old market price would look pretty nasty.