Ann: Less than marketable parcel share sale facility - 10-Mar-17, page-114

There would no doubt be some cost savings, but they would be minimal.
IMO the reason for this exercise is less 'resistance' down the track. The fewer shareholders the easier they are to deal with. All about percentage voting.
PGY board know they are sitting on some very valuable assets that were picked up on the cheap. When you consider that the Sino investor group effectively bought a 50% share for just over $4 mil against assets worth potentially $60 mil, one might see where this is heading. It wouldn't surprise me if we see a buyout offer in the future. Of course this would be based on fair market valuation, which would be a lot more than current .2 cents per share. Need to play the long game on this one.

All hypothesising of course!!