Can anyone help me by explaining the difference between warrants and shares?

Can anyone explain what the net effect of the share consolidation and reorganisation will have on the SP. Will it be worthwhile holding onto these shares after the reorganisation as they say that 24p of the 25 p will be held in deferred shares which will be worthless?

I don't understand why BLR advise this to be beneficial? Sounds to me like a gross devaluation and shareholder loss.

I would be grateful if anyone can advise what the likely effect of this reorganisation will be.

Thank you.

Gerry