"However there is a big change in our vulnerability as company and each individuals share holding:
because at 30 cents we can fall thirty times more severely than at present as we trade at 1 cent."

This is done to provide a lower floor for the sp to fall into. Yes it can be said it is just numbers but actually the appearance has a lot to do with it.
It is also an admission that the share structure has been dilluted too much. It would allow easier financings but I believe that would be more than negated by a certain further fall in sp.

What ever other reasons the above quote is most important imho, and alone enough to not do the consolidation.