HarryE, I know of this human behaviour to defend one's own view and to ignore facts stating otherwise. However, think I am not too bad in trying to make decisions on a purely factual basis, and as more facts come to light, I am always open for arguments and open to change my mind.

This debate contained quite some insight into various positive and negatives aspects of a possible reverse split. The arguments people mentioned first were

• a split (reverse or not) is arithmetically resp. financially neutral,
• it creates a negative sentiment,
• it would guarantee a NASDAQ listing – which would be positive but should be possible from own resources.

Weigthing these arguments my decision was to vote NO. Not because I considered a reverse split particularly evil, but because I thought it was simply not needed, not worth the effort and distracting management from more important tasks.

Then more aspects have been mentioned, namely

• The reverse split is not cast in stone. If the AGM passes the proposal, a reverse split would in no way be executed immediately and perhaps never at all. Shareholders would only entitle management to make a reverse split if they see fit. The question is whether we shareholders trust our management to make good judgements whether and when to consolidate the shares. I believe it is good to give management the flexibility they need to make the best out of a given situation/opportunity and create shareholder value.
• The relation of a split is not cast in stone. It could be 5:1 or lower, i.e. 4:1, 3:1, or 2:1. It could not be 6:1.
• Some institutional investors require a minimum share price of $5 or even $10. Very important argument! Purely mathematically speaking, these are really dumb rules. Howeverr, these rules exists and we won't be able to change them. But we should be smart enough to find our way around them, e.g. by artificially creating a high enough share price.

In sum I think the positive aspects outweight the negative ones, therefore I changed my mind. It is as simple as that. If you have more negative aspects, please let me know. Until I have casted my vote, I am open for arguments.

Andrea ("Powered by POET")