Ann: Annual Report to Shareholders, page-2

"Carnegie plans to demerge the EMC business into MPower, and this change was announced on 28 June 2018. The EMC merger initiative continues, however since that time, the Company has reconsidered the terms and conditions of the original proposal. On 28 September 2018, the Company announced that the parties would renegotiate under revised conditions. If the renegotiated EMC-MPower merger deal is the best option for shareholders, the Board and management will support the revised deal. If unsuccessful, the Company will continue to operate the EMC business and with the reduced cost base and improved efficiencies. Significant value has been created in the EMC business over the past year and the goal is to achieve the highest value alternative possible for shareholders."