Ann: Voluntary Suspension-ODN.AX, page-51

Liquidity is an interesting consideration too. Assuming that gridComm holders largely won't want to sell while only current Odin holders largely will want to sell then a high consolidation ratio will mean the available stock will be limited, as you pointed out.

My take though is that with limited available stock this will create a supply shortage and push the SP up towards its higher limit range. If a gridComm holder did wish to sell they would therefore be well compensated. More importantly it will make the hopefully inevitable future CRs for expansion much easier and much less costly.

Conversely a too low consolidation ratio could flood the market with Odin holders who were in for a quick dollar to oversupply, pushing the SP to the lower limits, potentially devaluing the future CRs.