Investor Update, page-176

Yes we can dream.

But in reality we all know there are WAYYY too many shares on issue given the SP. It's simple maths.

It's certainly overhang. Anyone can see it. The problem is not with a consolidation per se, which is neutral in effect because the price goes up corresponding with the reduction in the number of shares.

The cause and the target for people's frustration should be the overwhelming dilution and a languishing SP. And the causes of that.
The dilution smashes LT shareholder value unless you're in a position to trade it and sell into the rallies. Which to date have always been overblown.
Who has been doing that? Anybody on the Board now?

I can't repeat a conversation I had with a Board member on the subject of a consolidation, because, apparently people who weren't witnesses to the conversation, claim to be more credible than me on what was said.

One thing I did say is that I was far from happy about it being inevitable. Which anyone can see, it clearly is.