Ann: Letter to Shareholders Regarding Consolidation, page-21

I'm just a simple soul. Once upon a time there was a company set up with a view to developing a wave energy solution. This required exploring frontiers never before explored and, like all projects of its kind, was extremely high risk. Speculative investors got involved, hopefully only investing money they could afford to lose.
When "the end" came, most of those speculative investors went 'ho hum' and took the loss (at least in their heads/planning). But then the company rose like a Phoenix from the ashes and in time reached a point where it just might achieve a commercially viable outcome sometime in the future.
For investors like myself that was an interesting development but of little real consequence to my portfolio as it was written off, albeit I still held the shares. If anything ever comes of the investment in the future it will be a bonus but in the meantime, share consolidation, capital raising etc. is merely background noise, not worth worrying about. The only way is up when you've written off the investment, even if sideways remains the most likely outcome.
Navel gazing is a boring passtime in my book.