I agree, many investors would look at SOI and put a big cross...

I agree, many investors would look at SOI and put a big cross against XTC. So long as no further shares are issued, then your individual % ownership doesn't change. Also, a lot of people look would look at Market Cap as an investment criteria, rather than the SP.

CSL did a consolidation years ago, and it did not affect their SP negatively at all, it brought more buyers to the table.