Foster's Brewing Group announced today that it will hold a General Meeting on Monday, 28 May 2001 for shareholders to vote on a proposal to change the company name from Foster's Brewing Group Limited to Foster's Group Limited.
The Foster's Board will recommend to shareholders that the company remove the word 'brewing' from its name in order to better reflect the group's standing as a global premium branded beverage company.
Foster's Chairman, Mr Frank Swan, said, "Following the acquisition of Beringer Wine Estates last year, Foster's emerged as a significant global premium beer and wine player."
"It is our view that it is no longer appropriate to have a company name which defines Foster's solely as a brewing group. Rather, the company name should represent the diversity of Foster's business which includes beer, wine, leisure and property interests," Mr Swan said.
Foster's was named Foster's Brewing Group Limited in 1990 following a reconstruction of the company into a single-purpose, international brewing company. In 1996, Foster's moved to expand its premium alcoholic beverage portfolio with the purchase of Mildara Blass Wines. This was followed by the purchase of Beringer Wine Estates last year. The combination of the two wine businesses created one of the world's leading premium wine companies, Beringer Blass Wine Estates.
"Over the years, Foster's has built a reputation amongst investors, media and consumers across the world, and while our objective is to have a company name that better reflects the totality of the group's business activities, we are also committed to maintaining the positive attributes associated with the name Foster's amongst key stakeholder groups," Mr Swan said.
"The recommended solution, to remove brewing from the company name, achieves both of these objectives," he said.
In addition to approving the resolution to change the company name, shareholders will also be asked to vote on the adoption of a new constitution and the introduction of an employee share plan for overseas resident employees.
The General Meeting will take place at 8.30am on Monday, 28 May, 2001 at the Melbourne Exhibition and Convention Centre.
Further information:
Media
Lisa Keenan
Tel: +613 9633 2233
Email: lisa.keenan@fostersgroup.com
Investor Relations
Domenic Panaccio
V-P Capital Markets
Tel: +613 9633 2641
Email: domenic.panaccio@fostersgroup.com
