Ann: Change in substantial holding, page-6

simple answer:
(for) BoD believe the business is worth more as parts... parts include giving their existing members roles in management (financial incentive) + clean AGL being a potential takeover target

(against) includes MCB: stay as one business and adapt... coal plants have another 10-15 years of cashflow for AGL to use to create new generation assets or re-invent itself... lose any synergistic value that has already been realised as being the largest energy retailer (and largest privately owned generator) in Australia.

This process is already confirmed to have cost AGL (shareholders) 260m minimum irrespective of outcome... plus an additional 35m per year due to the operation of two separate management teams if demerger succeeds.

Which way you decide is really down to where you believe AGL has better (more) value - or ability to enact change...