Patrick Lawrence Kearns - s.87B undertaking

Company or individual details

  • Patrick Lawrence Kearns (this entry is an individual, not a company)

Undertaking

On 18 December 2009, the ACCC accepted the undertaking of Mr. Patrick Lawrence Kearns, a director of Toll Holdings Ltd and/or its related bodies corporate.

Under the undertaking Mr. Patrick Lawrence Kearns agrees to sell down any interest he has in Asciano Limited and thereafter maintain his independence from Asciano.  In addition, Mr. Patrick Lawrence Kearns 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 to the ACCC on 11 March 2006.  The fifth variation relates to Toll’s restructure of its 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 Limited; and
  • new undertakings from the directors of Toll and Asciano.

A copy of those documents can be viewed on the ACCC’s website.

Attachments