Soap Box, page-82

I have only seen smaller fund managers take positions in small cap stocks. The ones I have seen were doing investments from 2c to 7c with similar market caps as ECS. The funds were generally exclusive to small caps though, and they were likely sub $50m total value.

For a larger fund to take a position it would not be material for them to do so, without artificially increasing the stock price, let alone trying to accumulate enough shares to have a material impact on their overall Funds Under Administration, and drive any sort of returns.

Most (pretty much all) share consolidations in small cap space I have seen have been failures. The usual playbook is, share price is low, company looks no good. Sophisticated investors start to buy in -> company releases 'pump' announcement -> share consolidation & proceeding CR -> then over the course of the next few months the Sophs sell out as the share prices slowly dwindles down.