does ECX have to merge or is it to be decided by SH?, page-3

See page 122 of the FYE18 AR, we (as SH) should see an 'Independent Auditor's Report' shortly, which will provide insight into whether they deem the MMS offer 'reasonable and fair' or not, which may or may not inspire an 'alternative' bidder...

6.7 EVENTS OCCURRING AFTER THE REPORTING PERIOD

On 8 November the Group signed a Scheme Implementation Agreement with McMillan Shakespeare Limited(“MMS”ASX: MMS) to merge the companies together to establish a leading salary packaging and fleetcompany. The proposed merger, which is subject to conditions, will be implemented by MMS acquiring allshares in Eclipx. Under the terms of the merger, Eclipx shareholders will receive 0.1414 MMS shares plus 46cents cash for each Eclipx share.

Under the proposed timetable, a Scheme Booklet is expected to be circulatedto all Eclipx shareholders in December 2018 / early January 2019 and an Eclipx Scheme Meeting to considerthe Eclipx Scheme is likely to be scheduled for February 2019.

Subject to conditions defined within the EclipxScheme being satisfied, MMS and Eclipx anticipate the merger to complete in the first quarter of 2019.On 13 November 2018 the Board declared a fully franked dividend of 8.00 cents per share.

Except for the matters disclosed above, no other matter or circumstance has occurred since the end of thereporting period that may materially affect the Group’s operations, the results of those operations or theGroup’s state of affairs in future Financial Years.

ML