Yes but if you hold 1000 shares at 1c or 100 shares at 10c you...

Yes but if you hold 1000 shares at 1c or 100 shares at 10c you have a $100 stake in a 20M company in either scenario. If you don't think the company is worth 20M don't invest in the company, the share price could drift lower after consolidation if some punters are expecting an announcment at the EGM and sell out afterwards or there could be a tree shake post EGM after the consolidation because of the stigma that a consolidation makes the price go down.