Yep they never work (consolidations) especially for small caps, who are generally already struggling if they need to consolidate. Its a pure psychology thing IMO, it just creates more room to sell when the price is 10 times or whatever higher (right or wrong, logical or not, that is what happens!). As soon as a company even mentions they are thinking of doing it, sell immediately! I have been caught holding on a couple of occasions thinking "this time it will be different", but in my experience it never is.
Consolidation, what's the point, page-9
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