David Jones Presentation

Presentation by Chairman, David Jones

Panel Update

•Schemes of arrangement / Amalgamations •Truth in takeovers •Further technical amendments •Kerifresh case study

Kerifresh – Facts and Panel Determinations • 1 October 2007 • T&G takeover notice to Kerifresh • T&G complains to Panel • 2 formal enquiries • Determinations that parties breach Code

Peter Hendl

Alan Thompson

Kerifresh Limited

Graham Cowley

1992

Jonathan McHardy Other minorities Murrayfield Trust

0.28%

Hamish McHardy

0.14%

Alan Thompson

18.49% 17.84%

Peter Hendl

Kerifresh Limited

Graham Cowley

1 July 2001

Graham Cowley Jonathan McHardy Other minorities Murrayfield Trust

0.28%

Hamish McHardy

0.14%

Alan Thompson

18.49% 17.84%

Peter Hendl

Kerifresh Limited

Early 2002

Condition of Hamish’s investment

•Thompson “to have some skin in the game”

Warehousing agreement

•Thompson loan to Hamish to purchase 361,000 shares (5.08%) •Interest free •Repayable on demand •Economic benefit to Thompson •Satisfaction by transfer of shares •Voting rights to shares not addressed

Jonathan McHardy Other minorities Murrayfield Trust

Legal 8.69%

Hamish McHardy

Alan Thompson

Peter Hendl

Legal 9.57% Legal 18.49% Non-Beneficial 5.08% Beneficial 23.57%

0%

Kerifresh Limited

29 May 2002

Jonathan McHardy Other minorities Murrayfield Trust

8.69%

Hamish McHardy

9.57% 5.08%

Alan Thompson

18.49% 23.57%

Kerifresh Limited

Hamish McHardy Alan Thompson Jonathan McHardy

9.57%

+ 18.49% +

8.69%

29 May 2002

36.75%

Jonathan McHardy Other minorities Murrayfield Trust

8.69%

Hamish McHardy

9.57% 5.08%

Alan Thompson

18.49% 23.57%

Kerifresh Limited

Jonathan McHardy Alan Thompson Hamish McHardy

8.69%

+ 18.49% +

9.57%

29 May 2002

36.75%

Jonathan McHardy Other minorities Murrayfield Trust

8.69%

Hamish McHardy Sundry

Alan Thompson

18.49% 23.57% 9.43% 5.08%

Kerifresh Limited...