Yes, share consolidation does usually reult in a SP drop. So why do major SHs vote for such a strategy? If anyone is in it for the long haul, you would accumulate (at a reduced SP) as the non-believers jump ship. And if the SP doesn't fall, then this is also a bonus.
Share consolidation is a long term plan. If you are a cashed up a long-termer, then it is a calculated risk.
