Wye Ltd has an issued share capital of 500,000 ordinary 20p shares.

Wye Ltd has an issued share capital of 500,000 ordinary 20p shares. The company wishes to consolidate its shares into 100,000 ordinary £1 shares. Which of the following is CORRECT?

(i) Wye Ltd must have the power to consolidate its share capital in its articles of association

(ii) Consolidation is lawful for a private company but not for a public company

(iii) The consolidation must be authorized by the shareholders of Wye Ltd passing an ordinary resolution