I'm not understanding this psychological effect a few posters are describing.
A) I think we've established that there is no difference between a stock climbing 5% pre-consolidation, and that same stock climbing 5% post-consolidation, be it in potential profit/loss, or in 'ease' of daily SP movement amplitude. So if we're talking about the psychological effect of misunderstanding the math, or how the market works... all I can say is I hope that's a 'psychological effect' folks can correct within themselves so as to become better investors?
B) If we're talking about the lower volume number we might see after consolidation, and any potential psychological effect that might have... should we really be concerned about that? It won't take long for folks to recalibrate to what a high volume day looks like, VS a low volume day. I think we need to give people at least that much credit, no? Besides: the volume will be divided by 4 since IXHL already represents bundles of 25 IHL shares and the consolidation would result in new IXHL shares representing 100 old IHL shares. We're told the NASDAQ IXHL has a liquidity problem, meaning we should expect volume to increase once that bottleneck is fixed. I will not make any representation as to how severe the liquidity issue actually is: all I can say with certainty is that the BOD is much more intimate with those numbers than any of us are so it boils down to whether you trust their judgement or not. Regardless though: just as market cap is the absolute metric for valuation, not SP, so is the amount of USD exchanged in trade the absolute metric for daily volume, not number of shares traded. If some people get disappointed about lower average shares exchanged per day post consolidation and decide to sell because of that, even though the average USD amount exchanged per day has gone up (likely outcome), then that's sad but no different from all the rookie mistakes investors make out there. The show goes on. Usually people who make such mistakes realize it and buy back in, and chalk it up to a lesson learned. Happens every day for any number of reasons.
C) If we're talking about the psychological effect of owning a share amount with two less zeroes on the end, again, why should this effect be significant or lasting to any degree? Does a man who is a millionaire in roubles but not liking the relatively restrictive experience of life in Russia lose sleep over the fact that once in the US, his USD bank account ends up losing two zeroes on the end because the USD is worth roughly 100 roubles? I don't think so. The example is chosen not only for the numerical similarity to our consolidation situation, but for the relative benefits of transitioning from one market to the other. Not that the ASX is comparable to Russia in a direct sense, but the concept of moving from a less conducive environment to a more conducive one holds well.
This brings us to a psychological effect that I do think is significant, but that I have not seen anyone of the posters decrying a psychological effect make reference to: the psychological barrier to change. That's what I think we're really up against and I sympathise - it is a very human reaction. We see it every time there is a left of field announcement in investing, whether positive or negative. And yet the market is literally founded on change, and investors are continually faced with a changing landscape. They adapt, or they stop investing. So until someone helps me understand anything I might be missing about this negative 'psychological effect' of consolidating 100 to 1, I'm just going to repeat my initial wish for all of us: that as in all things related to investing, we inform ourselves, double check our understanding and our math, and hopefully make future decisions based on a solid grasp of what is underway. I repeat my hope and my expectation that the company will do a good job of helping anyone confused by this change, so that they can make that well-informed decision for themselves.