Foster’s receives judgment in full Federal Court; demerger of Foster’s proceeds

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The Full Federal Court of Australia delivered judgment in favour of Foster’s on appeals by the Australian Commissioner of Taxation in relation to disputed tax assessments relating to the financing of the Elders Finance Group in the 1980s and 1990s, the company said on Thursday.

The Commissioner has the right to apply to the High Court of Australia for special leave to appeal the Full Federal Court’s decision. Pending any decision by the Commissioner to seek an appeal to the High Court, Foster’s does not expect any change in its financial position.

“We welcome the Full Federal Court decision” said Foster’s Chief Financial Officer, Tony Reeves. “We have always been confident of our position and hope that the matter will now be brought to a conclusion”.

In the event that the demerger of Foster’s proceeds, the potential impact predominately relates to the Beer business and is outlined in the Demerger Booklet dated 17 March 2011.