potential bid for valley longwall, page-14

didn't realise we were doing a 1 for 3 share consolidation...not really needed imo but maybe a small positive..

"The resolution seeks to consolidate the
Companys share capital in a ratio of 1 share for
every 3 shares held. If passed, this will result in
the issued capital of the Company reducing from
968,463,747 shares to approximately 322,821,249
shares. Individual holdings will be reduced in
accordance with the consolidation ratio.
The proposal requires shareholder approval by
ordinary resolution under section 254H of the
Corporations Act.
The Board believes that the consolidation will
make the Company more attractive to potential
investors and that the consolidation will establish a
share price that is more appropriate for a listed
entity of the Companys size. In addition,
compared to its peers listed on the ASX, the
Company has a very high number of shares on
issue compared to its market capitalisation."