Yes, exactly. I've seen my fair share of these consolidations on...

Yes, exactly. I've seen my fair share of these consolidations on the ASX over the years, and let’s be real, not once has it directly led to a higher market cap. So even if a good company does this, the play is, wait until after consolidation and you will get in cheaper. If you are already in, you can sell out when consolidation is announced and get in cheaper after. Again would challenge anyone to show an example when this hasnt been the case, had this debate across multiple stocks over the years, yet to see one example!

So what's PEN's grand explanation? 'To reduce shares on issue and create a more effective capital structure for a price that appeals to a wider range of investors.' Translation: It’s a cosmetic trick to reel in retail investors who judge a stock by price instead of market cap or actual fundamentals.

Now, here’s the burning question: if management knows consolidation usually sinks market cap—95% likelihood of it, or even lets say if it’s only 60%—why go there? What’s the real upside? Why waste time and shareholder money on doing this. The only benefit is superficial: making the stock look more “expensive” to give retail investors something to bite on during a cap raise.

So, let’s be honest here. It’s not about strengthening the company or enhancing value for shareholders. It’s about dressing up for the retail crowd, plain and simple.