I mis-typed. It is indeed a 50 cm Giant frame, not a Cannondale. Thanks for catching it - apologies for the error.

Remember, this is the second owner, a female app. 5' 3" to 5' 4". Those spacers . . . I believe they may have been installed to bring the original, looong Cinelli's up, thus providing a bit more of a comfortable ride for the original owner (who was probably around 5'9" tall, short legs, long arms). The first thing I did was to replace those loooong Cinelli bars with a stem and handlebar that brought the bars within reach of the new owner. But keeping that 6 cm of spacers in place while shortening the reach had the effect of rotating her up. Another poster pointed that out, and I could see it when my wife test rode the bike. So the second thing I did was to drop the stem 2 cm on the fork tube, so it's only a 4 cm rise. Small steps, but much better. See photo below. She's riding the bike now, happily, but I also suggested she may want to rotate the bars forward a bit as well. Thanks. DB

only if that is what She wants ..

:-) Well said.