RE:PERFORMANCEWango, the 200:1 share consodlidation is in the management circular for shareholders to review prior to casting their proxy votes for the June AGM. It did not say the 200:1 was an absolute, fixed number. It said any consolidation that is approved by shareholders could be up to as high as 200:1.
I personally feel that a 10:1 is more appropriate. I could see a 20:1, but a 200:1 brings us down to a paltry 2.5 million shares outstanding, over half of which are owned by the two largest shareholders. That would leave retail with around only 1 million shares. Granted, each share would be worth about $4, but it would leave very few shares for trading in the marketplace. What it would accomplish is allowing capital raises at quite respectable dollar figures.
I think it is a good bet that there is one final drilling campaign and revised PFS on the horizon which would put us into a better negotiating position when any suitors come calling. That will take $$ and this could be one of the primary reasons to entertain a share rollback. Trying to raise capital whilst your share price is under ten cents will continue to decimate the current share structure, which is bloated and does need some attending to. I just hope any rollback is reasonable (under 50:1).