A consolidation of share capital is where a set number of existing shares in a share class are consolidated into one share. It alters the number of shares and the nominal value of each share. For example, 100 shares at USD 1 nominal value, become 10 shares at USD 10 nominal value. This is the opposite to a subdivision of share capital. Consolidation can be conducted by Ordinary Resolution of the Shareholders (unless the articles of association prohibit this). These changes do not cause a change in the overall share capital and as such are simply nominal changes.