TNO chart, page-47

I agree with most of those points, a split shouldn't make much difference, but it does help in a few areas otherwise why would they keep happening? Just because it doesn't make a difference to me and you doesn't mean that it won't make a difference to other investors looking to invest in the company.

The main point I am making is, that when we were in the 90c range a smaller investment had a drastic impact on price, and this is something that could scare potential investors (buyers) away. There were many times that a $10k buy or sell at market would've moved the price 10%+ in either direction. This scares certain types of investors away, as what happens when you want to do the other part of the transaction and sell? If you want to sell (which may not be for a reason that has anything to do with this company).

Knowing that you may have to sell for any reason at any time, you'd be pretty peeved off if you needed to free up say $10k and you had to sell what was valued at $12k to do it. What about $20k, having to sell what was just $25k would hurt. This may not be an issue for us, but it may limit what they are willing to invest. Something is only worth what you can sell it for after all.

The split won't effect 95%+ of people like us, but it has resulted in buyers being able to buy a decent chunk and sellers being able to sell a decent chunk without 10% swings. This opens up the company to a greater number of investors and it should encourage buyers that this was a concern to which is good for us holders. This may not have been an issue for longer term holders, but it may encourage more people to enter the company, isn't that good?