2.85 billion shares on issue, page-11

If:

Number of shares on issue = X and Share price = Y then Market Cap = X x Y

Upon 20 to 1 consolidation Market Cap = (X / 20) x (Y x 20) which (surprise, surprise) also = X x Y

So, as a general rule, any immediate change in Market Cap is then due to purely psychological factors. Any lasting change is due to company performance post consolidation and not the consolidation itself.

Consolidations occur because as companies raise capital the number of shares on issue escalates upwards. Consolidations have a bad reputation because 'crap companies' remain 'crap companies' and there are many of these. However 'good companies' remain 'good companies' but there are much fewer of these.

So, as a general rule, and after all the hullaballoo has subsided, consolidations in themselves neither improve nor destroy the Market Cap of a company. Market Cap is Market Cap and depends solely on performance. Consolidations are a smokescreen.