21 April 2011
Update On Treasury Wine Estates Board Appointment
Foster's today announced that it will not be able to proceed with the proposed appointment of Mr Peter Hearl as a non-executive director of Treasury Wine Estates Limited (Treasury Wine Estates) in connection with the proposed demerger of Treasury Wine Estates from Foster's (Demerger).
Mr Hearl has informed Foster's that he has recently become aware that his personal business interests in some states in the U.S. could prejudice Treasury Wine Estates' licence under U.S. legislation regulating the sale of alcohol.
As disclosed in the Demerger Booklet sent to Foster's shareholders in connection with the Demerger (Demerger Booklet), Mr Hearl would have become a non-executive director of Treasury Wine Estates from the Effective Date1 of the Demerger.
Foster's and Treasury Wine Estates are working in conjunction with Mr Hearl to enable Mr Hearl to reorganise his business affairs so that he may take up a position as a director of Treasury Wine Estates after implementation of the Demerger.
Further information:
Media
Andrew Butcher
Butcher & Co.
Tel: +61 3 9654 0735
Mob: +61 400 841 088
Liz McLachlan
Tel: +61 3 8626 3927
Mob: +61 418 651 374
Investors
Chris Knorr
Tel: +61 3 9633 2685
Mob: +61 0417 033 623
