Ann: Appendix 2A, page-8

I am not aware of LMG having done a consolidation in the past.
There are Companies out there with up to 10B shares on issue. They are mainly exploration companies or development companies where their initiatives have not turned up anything. Eg oil/gas or mining company exploratory drilling without success continually raising capital via shares issues.

Once they get into a success like production then they generally start looking at consolidation.

Very mature companies generally also have shares on issue in the billions eg ,TLS, Banks, big miners like BHP, Woodside, RTA, etc.