Thanks Nigel - Seems to confirm what I thought. The sub heading says

"Corbyn says ‘discussions are ongoing’ after MP’s surprise announcement but he is understood to be reluctant to take title of party leader"

and further into the article it confirms it with

"Corbyn, the MP for Islington North, is understood to be reluctant to take on the title of leader, as he has a preference for collective decision-making, and he believes imposing a hierarchy too soon could risk fragmenting the coalition of like-minded MPs he has spent months encouraging to work together."

I hope it does happen like that. Going back to my opening post I stated "I think that the best we can hope for is that the more socially concious factions will get together and hold a balance of power in a parliament hung between Tories (Conservative) amd Tory light (Labour)"

We can but hope :-)