Will your vote count at the AGM, page-24

That pretty much sums it up. Consolidation is inevitable but now is not the right time. It demonstrates total contempt for long term shareholders if they go too early. The way PEN managed it was very nicely done - after the company had achieved numerous exploration, development, financial and contractual milestones. They were very careful about how they planned it.

Management's argument that it is perhaps the only way to alleviate the % difference between the and ask is one of the most pathetic I have ever heard. Just about everything is being sold at .45 cents anyway so the difference is irrelevant. Anyway, as some have said the best way to improve this is to get the share price up just a couple of pips and the argument is mute.

I understand that the company may not attract a certain type of investor with a share price of .5 cents but the company has already survived and apparently now entering a new era according to them and all done with through the loyal support of retail holders - not an institution is sight. Remember these words

“Empire is starting to reap the benefits of the hard work undertaken behind the scenes over the past year or so. We are about to see a significant increase in cash received from Tranche‐2 of the Alcoa contract, costs are falling at Red Gully and we have completed the gravity survey ahead of identifying new exploration prospects. This reserve upgrade will allow Empire the ability to generate more revenue.”

Nowhere does it mention in the latest 'Building a New Empire' presentation that the company is seeking a certain new type of investor to kick start the process. They already have the most supportive investors who have never failed to pump in money. So it is about time the company actually supported the long suffering shareholder and build some of this new empire before consolidating.