Ann: Appendix 4E and Full Year Statutory Accounts, page-64

Seems like a stretch to infer that the recent rearrangement is for the purpose of giving AM an out prior to the AGM.

Looking at what we know based on information released from ASX announcements and also from the actions of company over the last 1 to 2 years, this is a preparatory move in anticipation of increased operations in India. It is consistent with the establishment of ECT Finance in the sense that it and will have a 'hit-the-ground-running' effect should NITI Aayog give the go ahead.

To say that AM is making the move in order to be spared the heat from shareholders doesn't make complete sense to me. Taking a step back I would even question the assumption that there will be any heat coming from shareholders at all. This is the first AGM whereby ECT has reported earnings and while there have been significant delays regarding the India project, they all hold a feeling of legitimacy, at least to an investor who prefers not to entertain unfounded speculative ideas.

All IMO