These are Variations to the Undertakings accepted by the Commission on 13 December 2002.
The Variation provides for the closure of the Val Morgan slide advertising business.
Val Morgan will:
honour existing contractual obligations to exhibitors and advertisers;
honour their contractual obligations to Independent Exhibitors and, where required by those obligations, continue to pay agreed minimum guarantee payments where there is no mechanism to adjust the minimum guaranteed payment as a result of ceasing to sell any further slide advertisements for exhibition on the screens of the Independent Exhibitor.
In addition:
Val Morgan are to provide reasonable notice (2 months) to exhibitors as soon as possible that Val Morgan will not continue to sell slide advertising; and
that all existing contracts with advertisers (including those entered into during the notice period) being honoured and allowed to continue after the date on which Val Morgan cease to sell slide advertising until their contractual obligations are satisfied
