consolidation pattern, page-11

I thought that too, as a possibility but I'm not sure given the way the deal was structured - see excerpt from announcement below:

"The issue of shares to these Directors is subject to the approval of shareholders, unassociated
with these Directors, at a general meeting to be convened in the near future. If and when issued,
the shares will be escrowed for 12 months in accordance with the Listing Rules of ASX."

As I understand it, the issue of these shares has not been approved yet.

I'm not to concerned because the most important thing is that ESG will come up with the goods and will be a strong performer in the CBM sector. I wouldn't be surprised if we see them buying out relatively smaller players in the next 12-18 months.