Stagecoach Holdings plc and Portsmouth

1. Title of report: Stagecoach (Holdings) Ltd and Portsmouth Citybus Ltd (MMC - Cm 1130)

2. Date of report: 21 May 1990 Published: 12 July 1990

3. Orders: N/A

4. Date of original undertakings: Press release: 10 January 1991

5. Companies giving undertakings: Stagecoach Holdings plc formerly Stagecoach (Holdings) Ltd)

6. Details of undertakings: Divestment undertakings

(i) To use all reasonable endeavours to transfer as a going concern before 28 February 1991 a business roughly corresponding with that of Portsmouth Citybus Ltd before the merger ('the Business') on terms not materially different from those of a draft sale and purchase agreement annexed to the undertakings ('the Agreement').

(ii) Prior to such disposal, except with the consent of the Director General, not to take any steps which might impede the fulfilment of undertaking (i) above or which might impede the ability of the Business to operate viably as a going concern.

(iii) Following such disposal:

(a) not to acquire or hold: (1) any interest in the Business; (2) any shares or interest in shares in any company carrying on or having control of the Business; (3) any other interest carrying on entitlement to vote at meetings of any such company; or (4) other than in the ordinary course of business, any assets of the Business;

(b) none of its directors or employees will hold or be nominated to any directorship or managerial position in any company or undertaking carrying on or having control of the Business;

(c) not to participate in the formulation of the policy of any person carrying on or having control of the Business.

7. Date of amendments: N/A

8. SIC code: 60.21/2 (Bus services)

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