On 19 December 2007, the ACCC accepted the undertaking of Mr Frank Ford, a director of Toll Holdings Ltd and/or its related bodies corporate.
Under the undertaking, Frank Ford agrees to sell down any interest he has in Asciano Limited and thereafter maintain his independence from Asciano. In addition, Frank Ford must immediately resign from all positions within Toll, and take no further part in the company, if he ceases to meet the requisite standards of independence.
The undertaking is associated with the fifth variation, accepted by the ACCC on 18 April 2007, to the undertaking given by Toll Holdings to the ACCC on 11 March 2006. The fifth variation relates to the restructure of Toll's group businesses by way of scheme of arrangement to create a new listed entity and trust, Asciano.
The ACCC's decision to consent to the fifth variation is given effect through the following documents:
a variation to Toll's undertakings;
a new undertaking from Asciano Ltd; and
new undertakings from the directors of Toll and Asciano.
Copies of these documents can be viewed on the ACCC's website.
