- - -DO not sell what you don't OWN !
Usually, I consider "Consolidation" to be the last refuge for - - - -
BUT here it appears to be a valid instance to reduce the spread and maybe gather some institutional interest. Typically OAH spread was quite wide and whilst the range today is marginally less, there is a hope that it will reduce....this means that value-investors can get in/out if they are so inclined and this increases "volume" and hence Brokers trade tighter. The shares have traded in the penny/penny+half region, so this is NOT a rescue from the 90% club exercise so often beloved by failing Managements in the Tech/Telco/Bio- sectors. (also, This is a land-leisure development business)

OAH is still moving ahead, with a timely purchase of land that provides "access" - not just a patch for a parking attendant's hut...... 27 acres, enough for a proper interface with transport and roads....rather like you'd expect for Bluewater or such shopping experience. It should also provide storage and maybe conference facilities, maybe a visitor centre so that the Public can get some sense of the project. (This would be my objective short-term!)
However, whilst there will be shops, this is a "leisure complex" probably more like Alton Towers, only wihout the rides (hopefully!). Infrastructure will include provision for cycle-tracks (assured with a cycle-though-Yorkshire event, details yet to be firmed I understand).
Is it exciting yet.....? Well it's moving forward at a steady pace.....and the company doesn't aopoer to be spending money it doesn't have (thank goodness), so as things start to take shape it should be a rewarding investment, but for now I'm waiting to see - will the new plans come about - and how will retail-shareholders fare? tHese are key questions for any speculative investment.
The plans themselves look good - but it's footfall that is needed to turn a profit and that is some years away, IMHO. I Hold.
DYOR.
((The project can be seen from here: http://www.yes-ltd.com/press.php))

Doesn't look good, does it?
After the consolidation we are looking at a sp of about 66p, which is getting close to half the 2p it was before the consolidation....( 2p would be 1 now).....oh dear.
Last report late July07 " steady-as-she-goes" - probably all we can hope for.

- The reason for the consolidation was to raise awareness in the City and (presumably) encourage Buying - hasn't worked, yet...although the spread is nearly halved as far as quoted prices are concerned. However, I'm not interested in reducing the Spread, if the sp falls. Better to see the future with profits, rather than worry over "spread", which will soon take care of itself. This project is long-term and maybe new investors are not prepared to wait....also there has been a general fall in stocks.
One important issue which the Company hasn't confirmed, although told me it's so....the project was not affected by recent floods, being some considerable height above the current river-level......it would be nice to know exactly how much it isn't an issue (approach roads, off-site drainage, water/electricity supply etc.)

Maybe my earlier comments were right, oh dear.

Directors appear (5 Oct07), to have raised finance of just over 100k by issuing more 50p shares ( at 68p), so that explains why the sp has been drifting down, perhaps....?
- Prior to consolidation the shares touched 2p which would equate to nearly 1 now - so investors have ( as usual) seen their investment "almost halved" in the second half of 2007. Of course the 2p earlier was inflated by hopes of good news, which has been long in arriving.

Yikes!
Hardly more than a handful ( two Sells, zero Buys, barely 1400-worth), and the sp is bashed!
38p ( which equates to 0.75pence, prior to consolidation....ahem.)

The good News: _ . . . . There has been no news from the company, so presumably there is no change in fundamentals. That's reasonable good, I guess - except as usual, Retail Shareholders are the last to learn either-way.

Don't let's forget this company rose from the ashes of the Canal holiday company
based at Heywood locks.....not sure that helps, - but that's History, eh?

October 2007 - Directors bought a few shares to raise capital (at 68p) - that has almost halved since, Buy today is 35p - with a wide spread!
Ooo Matron!

Probably fears as to whether they will find Financing for the Yes! project - - - as a result of the worsening Money-Market situation, anticipated fewer visitors etc.

\
Every time I look to Buy - I wonder if the sp will fall further - there being little tangible to hold it up - certainly not Cash!
/
I note that Directors now own about 30% of the shares.
-and there is an outstanding director- loan also.

EDIT (10June08)
Today, near all-time low ( which was abt. Feb.08).....32p to buy!
EDIT ( 2 Oct08), missed a 20p low, end July, sorry. Current sp=30p

Was 2p in 2007, then Consolidated to 1, now 17p to buy, that's almost 80% loss since Aug 2007 (14 months).

Oak dearie me!
Now we have the specture of the reverse of CONsolidation, 1 for 10, but they will be reclassified and fudged so they appear to be just as valuable ( or somesuch drivel).
Of course the hangers-on like these deals, with meetings, lunches, fees and expenses - I anticipate this will cost shareholders at least 50k, but probably 100k . . . which must be added to the 100k it cost to CONsolidate.

Oh dear - and yet Directors will tell us that they are driving through to create shareholder value and that they are shareholders too.

Well, this may be so, but they are well-paid shareholders, and I don't recall receiving anything - indeed the cash-flow is becomming a flood in the other direction, with shares now at very small levels, despite this project being puffed-up yerar-on-year.
-I mean, do we really need a large construction near Rotherham? They tore down the cooling towers and Jamie has not changed their eating habits - what exactly does this project offer investors - it's another hotel waiting to be filled - why? Most folk rush past this section of the M1, only too keen to reach the real North beyond Leeds, or towards the civilised regions south of Milton Keynes.

(Oh have I upset 20% of the subscribers? Sorry for that. The point being "What is there that makes you want to forgo what you have at home - or, at your destination. Can the Yes! project become a destination of itself . . . ?)

In these Money-difficult times I suspect the construction will be hugely expensive and the money may be difficult to raise anyway. The Olympics could have boosted their purpose, with canoeing, white-water rafting or whatever . . giving some venues to the Regions - but there is Zero-chance of that now.
+ + I should add that the Company appears to be well-run, with minimal costs ( and some consultancy fee income), so it is a great disapointment this "bank-induced downturn" should appear through no fault of their own.

The RNS tells us the share reorgainisation took place on the 7 Nov...did I miss it . . . . well I've been asleep for a few days as Woolworths fell off the high street ( and MFI).
Well, is that it? - - nothing - -
SP about 15/18p and in effect this is flat-low....and has been here for about two months. Odd that, I expected it to fall through the floor....maybe the Market has yet to catch up with this one.
EDIT,(8Dec08), Sales of only 600 shares (=360) has dropped the sp . . . . 35% - eh? SP 6-7p very close to notional value of stock. after a few mixed trades totaling 12000sells

Doubled today on buys of 70k-shares with sales abt.17k.

-No News -

Looks like MM's really pushed the sp on this ...didn't the MM's do well? - No News, means this is someone seeing value ahead of - - - - (dunno), only hope this does come good, for that CONsolidation did nothing for this small-Cap.

EDIT,(30Mch09) - Up again, no news and buys hardly higher than sales - anticipate a Rights issue - or What?
EDIT(2April09), - down 26% - on small trade imbalance - ah well, as there has been "no-news". - - - -
EDIT,(27April09) - no News, a small rise after a fall....Market knows nowt, IMHO.
EDIT-(17Jn10)-Change of advisor and sp dips 8% - not much change really, still 5.0/6.5p - ie rather low.
EDIT-(7Jy10)-Lost one Exec MS - and gained three...sp dives 18% 4.0/5.0p =25% spread......aargh.
EDIT (15Dec2010)-still 4p mid... I guess these new Execs haven't been given the keys..Note: this should be 1, just to be level with 2007.
EDIT (27Jan2011)- huge rise on 2k6 purchase, sp now 3.5 to buy! Fell lots yesterday- Yes! is "no".

Well, here we are and the shares are suspended (Late Oct 2011-DYOR).- Looks like that CON-solidation was indeed a Warning, which chose to Ignore!
Pity, as this investment has turned out to be an illusion covered in glitzy paper. I think the current Management is doing the best they can with a terribly bad hand, so let's hope there is a glimmer somewhere, eh?

I think things started to go wrong when they didn't develop the Sheffield venue at a time when international money was cheap. Perhaps they knew then the income was never going to support their dream? Then they diversified by having that small museum in Ringwood (DYOR) and that diverted attention - although I've never bothered to go there - it's never had that Pzazz - and now the rest of the Company is likelwise.
However, I accept current Management is doing what they can, for now..... I understand they still own that 27 acres, so they could sit on that until housing/development rises (in 3/4 years!). - but a lack of "income" is not good news and I suspect that is where we are!
All IMHO.
EDIT (18Apri2012l_ over and out it seems; there is a name-change and new shares, it will become an Investment Co. Whoah!

Pires Investments plc . . . [PIRI] . . . if anyone's interested DYOR.