Since it seems no-one answered your question, I'll venture the...

Since it seems no-one answered your question, I'll venture the only explanation that makes any sense to me:
Since the consolidation, the company issued another 3rd as many shares as were already on the market. They issued these at a 3rd of what the expected consolidation price was to be. So, basically, they created a whole bunch of cheap shares. With more shares on offer, the value of all shares drops.
From my back-of-an-envelope calculations, shares *should* have been valued at 25c (everything else being equal). But, they've been valued as substantially less than that by the market. Make of that what you will.