Seems like an alarmist approach. They state that the consolidation is to reduce SP volatility , which in turn allows institutional investors/banks to fund the project since their rules disallow them from investing into companies with SP volatility.
Fundamentally, it changes nothing but the shares on offer, so i don't see it as a big deal.
And if it works as intended, volatility will go down, funding will be acquired and the share price will go up.
I don't think its a swindle, but they have 6 months at the most for the DFS to drop and then we can reassess how we feel about them after that.
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