Let's do some mathSangha, Rosseau and Chamandy control 254,986,872 shares out of 639,841,422 issued and outstanding. That's 39.85% right there, and they need 66.66% for the consolidation proposal to pass. Other large shareholders have probably been contacted for their blessing. The bottom line is EVERYONE needs to vote to shoot this down.
Management argues that it will "increase liquidity". How on earth will that happen when the shares do not trade now with a 640M share count? Consolidated 1 for 20 the total share count will be 31,992,071 as per the circular. Assuming that the major shareholders (SRC) continue to sit on their shares, as they do now, that will mean a minimum of 12,749,344 shares PERMANENTLY out of circulation. Only 19,242,727 shares will theoretically be available to be "liquid". Of that total, other large shareholders will be sitting on their shares too, thus considerably reducing liquidity. The shares simply won't trade.
The large shareholders want to be able to margin their shares. What is unspoken, but always happens after a devastating consolidation, is a new financing. So yes, CGP won't stay at a ~32M share count for very long because management's likely STEP #2 is more DILUTION.
Cut expenses to a minimum (yes, let people go), wait and play the long game. The other way just screws the vast majority of shareholders. These shareholders need to VOTE.