Tan Hoe Ann Jacob - s.87B undertaking

On 6 August 2010, the ACCC accepted the undertaking of  Mr. Tan Hoe Ann Jacob, a director of Toll holdings Ltd and/or its related bodies corporate.

Under the undertaking Mr. Tan Hoe Ann Jacob agrees to sell down any interest he has in Asciano Limited and thereafter maintain his independence from Asciano. In addition, Mr. Tan Hoe Ann Jacob 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 related to Toll's restructure of its group business by way of scheme of arrangement which created a new listed entity and trust, Asciano.

The ACCC's decision to consent to the fifth variation was given effect through the following documents:

• a variation to Toll's undertakings
• a new undertaking from Asciano Limited
• new undertakings from the directors of Toll and Asciano.

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