Timothy Michael Poole - variation - s.87B undertaking

Withdrawal of Section 87B Undertaking

On 15 June 2010, the ACCC consented to the withdrawal of the Undertaking of Mr Timothy Michael Poole, previously accepted on 4 July 2007.

Mr Timothy Michael Poole was a director of Asciano Ltd and/or its related bodies corporate. Under the undertaking Mr Poole agreed to remain an 'Independent Asciano Person'. A person is not an Independent Asciano Person if, amongst other things, he or she, or his or her relative, has an interest in Toll Holdings Ltd (including shares), is employed by Toll, or has, in the past five years, been a director of or adviser to Toll.

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 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 was 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.