Explanatory note
(This note is not part of the Order)
This Order prohibits Elders IXL Limited and its subsidiaries from acquiring, directly or indirectly, shares or interests in shares of Scottish & Newcastle Breweries plc or any of its subsidiaries if, after the acquisition, they and their associates would have more than 15% of any class of the shares; but this does not apply to existing acquisitions. They are also prohibited from exercising more than 15% of voting rights. The proposed merger of Elders and Scottish & Newcastle has been referred to the Monopolies and Mergers Commission.
The Order, unless previously revoked, will cease to have effect —
40 days after the Commission’s report is laid before Parliament; or
on the failure of the Commission to report within the period allowed.