CSR Limited advises it has agreed with ASIC that the first court hearing relating to the proposed demerger of CSR’s Sugar and Renewable Energy business will now be held on the 29th January 2010.
ASIC and CSR have made substantial progress in working through a considerable amount of detailed material, including independent expert reports relating to the disclosure of asbestos liabilities in the draft scheme booklet for the proposed demerger. This revised date will give appropriate time for the parties to give full consideration to final drafts.
CSR continues to target implementation of the demerger on schedule. The Board is committed to the demerger proposal and believes the demerger is in the best interests of shareholders.
CSR has responsibly managed its asbestos liabilities for over 20 years. The Board remains confident that it has given proper consideration to CSR’s future asbestos liabilities in developing its demerger proposal.