You're right, consolidation by itself doesn't change the % holding and I didn't say it did, but the cap raisings did dilute .. I said "the bulk of the % change is due to dilution and only 1.11% due to selling" .. the last disclosure was 2012.
BTW, I don't think Wallace ever defended Snakk. His posts at that time stated Snakk Trustee hadn't sold any at the time of posting. What Snakk has done since then was predictable ever since the Annual Return came out, which was well after Wallace was banned.