Nobody knows what could have been. All I know is it was ill...

Nobody knows what could have been. All I know is it was ill conceived, ill timed and for stated reasons that have not eventuated. Did the board consider all risks involved?
The biggest risk which the board imho did not look at was that a very large percentage of consolidations are unsuccessful in that they do not deliver on expectations and the value of shareholder' investments go down the gurgler.
They were warned by concerned shareholders but took no notice. They were correct of course, shareholders views were not their concern. They even gave themselves a pat on the back for all the good work they have done.

Have a look at EGO's risk management policy on page 25 of the Annual Report. The first dot point is pertinent. When exactly will that happen?