CSR Limited advises that the Full Federal Court today allowed CSR’s appeal in relation to the Federal Court’s decision of 3 February 2010 which declined to order the convening of a meeting of CSR’s shareholders to consider the proposed demerger of CSR’s Sugar and Renewable Energy business, Sucrogen. The Full Federal Court has ordered that the scheme meeting be convened at a date and time to be determined by a single judge of the Federal Court and remitted the matter to a single judge of the Federal Court for the making of further orders.
CSR welcomes today’s decision.
CSR considered that the original judgment contained errors in law and is pleased that the Full Court’s judgment provides further clarity on these issues.
As previously advised, CSR believes that a separation of its two very different operating businesses has the potential to create additional value for shareholders.
The Board of CSR will review today’s judgment and will advise the market when it has considered the legal and commercial aspects of the matter further.
CSR accepts its responsibilities with respect to asbestos claims and will continue to manage this responsibility conscientiously and ethically. The Board accepts that any course of action must appropriately address the concerns of stakeholders with a relevant interest in the asbestos issue.