The significant losses experienced by 98 per cent of...

The significant losses experienced by 98 per cent of shareholders is an indictment and the Board of directors . These losses are directly attributable to the financial strategies implemented by the company's Board of Directors who acted in their own interests at the expense of it's shareholders.
As has already been quoted here , the company law and regulations , require that the Board of Directors act in the interest of it's shareholders.
We have all witnessed what they have done here in destroying approximately 99 per cent of shareholder wealth with the 2 huge consolidations.
Then doing outside deals with individuals and businesses, to further undermine existing shareholders financial interests.
The company used strategies akin to a permanent short selling option , by issuing and selling cheaper and cheaper shares. This should be outlawed .In doing this they acted against the interests of their existing shareholders and in violation of Australian Company Law and it's regulations.
It follows that the regulator , has not been undertaking it's duty in supervising this company's actions . If existing law is inadequate , then new law needs drafting to outlaw this grossly opportunistic behavior.
This situation could be referred to the ACCC for assessment & investigation in order to outlaw this behavior in future.

DYOR as this is my opinion as an existing shareholder of 8 shares worth less than one cent, thanks to BOD actions. The company created wealth then destroyed it , and effectively created nothing