Foster’s demerger of Treasury Wine Estates approved by shareholders

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Foster’s Group Limited announced that Foster’s shareholders approved the demerger of Treasury Wine Estates Limited on Friday. Foster’s will now seek orders from the Supreme Court of Victoria for approval of the scheme of arrangement to effect the demerger at a hearing scheduled for Wednesday, 4 May 2011.

If the Supreme Court of Victoria approves the Scheme, Foster’s proposes to lodge the orders of the Court with the Australian Securities and Investments Commission on 9 May 2011 and the Scheme will become effective on that date.

If this occurs, Treasury Wine Estates Limited is expected to commence trading on the Australian Securities Exchange on Tuesday, 10 May 2011 under the ASX code “TWE”. Treasury Wine Estates Limited shares will initially trade on a deferred settlement basis. The Demerger is expected to be implemented on Friday, 20 May 2011.

Other key dates for implementing the Demerger are set out in the Demerger Booklet sent to shareholders.

Shareholders who want to participate in the sale facility referred to in the Demerger Booklet must return their sale facility forms by 5.00pm on Friday, 13 May 2011 (Melbourne time). Only shareholders with a registered address in Australia or New Zealand who individually hold 1,000 Foster’s Shares or fewer as at the Record Date (being, Monday, 16 May 2011) may elect to participate in the sale facility.

Foster’s has established the Foster’s Shareholder Information Line to answer questions shareholders may have in relation to the Demerger.