While I am not in favour of a consolidation (and love the idea...

While I am not in favour of a consolidation (and love the idea of a buy-back), the reason a consolidation MAY work is that a lot of investment houses have rules for buying stocks with low SP and from what I can see, Graham wants to place the company as a dividend-paying, suitable-for-retirement-portfolios, supporting-Aussies type of an entity. With a higher SP, perhaps it will come to the attention of a few more investors, more adventurous ETFs, but as I said, I am not in favour of a potential further drive down. A buy-back on the other hand, will increase the volumes (especially on those lull days where ntohing happens to the SP), which I feel will drive a bit mroe activity and get the word out about the company.