interesting, page-12

"Only negative is we will be having about 1.80 billion shares at some point, so consolidation will happen over next few years surely but it need not be negative if the co gets its act together in the gold bull market."

While the Aussie market doesn't care much, penny stocks are not considered even worth looking at in North America. Calidus needs a 1:100 consolidation to make it a $5 stock which will then bring in the US institutional holders support. Consolidations are often "last ditch attempts" to save a failing stock but that is not necessarily the case as long as they are done in a period of positive news flow and while the company has cash in the bank they can be very positive. For Calidus, the sooner the better IMO.