Prospectus, page-6

If gridComm owners to be issued shares pre-consolidation instead of post-consolidation, the existing shareholders (pre-consolidation) will have an equal playing field with gridComm owners. In this case, all shareholders including existing one and gridComm owners would have the same interest to see share price appreciation.

The current deal is likely to create conflict of interest between existing shareholders (pre-consolidation) and gridComm owners who will own the shares post-consolidation.

Existing shareholders (pre-consolidation) expect higher share price which leads to lower consolidation ratio.

Possible investors' perception (current and prospective investors)
In contrast, gridComm owners who may prefer higher consolidation ratio in order to secure higher equity ownership in ODN.

Which ever is the scenario or prediction, the final outcome will be determined by Mr. Market.