Hi Bobby, I'm not clear on the relevance of the question as I...

Hi Bobby,

I'm not clear on the relevance of the question as I have never mentioned consolidating the capital as a driver that will add value or change anything with respect to the note holders.

My assumption is that if there is a consolidation of say 1 for 50 then the notes conversion conditions change accordingly.

If I am incorrect then that is a material fact that the management could apply to ensure that note holders are protected in the event of a takeover and if not then a consolidation changes nothing.