Fosters Brewing Group Ltd - 1986

1. Title of report: Elders IXL Ltd and Scottish & Newcastle Breweries plc (MMC - Cm 654)

2. Date of report: 8 March 1989 Published: 21 March 1989

3. Orders: N/A

4. Date of original undertakings: Press release: 5 July 1989

5. Companies giving undertakings: Fosters Brewing Group Ltd (formerly Elders IXL Ltd)

6. Details of undertakings: Divestment undertakings

Behavioural undertakings

(i) To reduce before 1 July 1990 its holding in Scottish & Newcastle ('S&N') to such number of shares as confers the right to exercise less than 10 per cent of the total number of votes exercisable at general meetings of S&N.

(ii) Pending such divestment:

(a) not to hold more than 23.6 per cent of the issued ordinary share capital of S&N;

(b) not to acquire any shares comprised in the share capital of S&N or any interest in any such shares

(iii) Following such divestment:

(a) not to hold ordinary shares in S&N in excess of the level specified in undertaking (i) above;

(b) not to acquire any shares in S&N or any interest in any such shares, if that acquisition may result in a holding in excess of the levels specified in undertakings (i) above and (v) below.

(iv) Not to exercise more than 10 per cent of the voting rights in S&N.

(v) Not to hold more than the following levels of any class of preference shares of S&N:

7% convertible preference shares:

1,215,573 shares;

4.6% preference shares: 16.69% of the total number of such shares:

6.42% preference shares: 16.5% of the total number of such shares:

(vi) Not to acquire:

(a) any shares, or any interest in any shares, of any subsidiary of S&N; or

(b) other than in the ordinary course of business, the whole or part of any undertaking or assets of S&N.

7. Date of amendments: N/A

8. SIC code: 15.96 (Manufacture of beer) 55.40/2 (Public houses)

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