AusRAIL, Market Sectors

Toll talks up restructure and confirms management changes

<p>The Toll Group is talking up its strategic restructure plan, taking details of the proposal to analysts today (Tuesday, January 16) and tomorrow. </p> <p>The presentation confirms the company’s plans to split its infrastructure assets into a new listed entity, Infrastructure Co, and Toll Holdings, as revealed mid-December last year.</p> <p>The company claims the restructure will unlock significant shareholder value, accelerate organic and strategic acquisition growth and provide a more appropriate capital structure for the business.</p> <p>Toll is seeking a waiver of divestment obligations for Pacific National, its vehicle transport business and Prixcar from the Australian Competition and Consumer Commission.</p> <p>The ACCC had indicated last month that the new structure would remove the vertical integration concerns that had been the source of most of its concerns over the merger.</p> <p>Toll is also seeking a relief from its obligation to handover a rail &#8220starters kit&#8221 on its east-west route to SCT Logistics.</p> <p>Management now working in Toll will generally continue in their respective positions in the new companies, Toll Logistics and Infrastructure Co.</p> <p>Pacific National chief executive Don Telford will move to InCo as chief operating officer.</p> <p>Pacific National chief financial officer Austen Perrin will also move to InCo.</p> <p>The manager of Toll’s Australian Transport Group, John Ludeke, will become the chief operating officer of Toll Logistics. Toll’s New Zealand operations will be added to his present responsibilities.</p> <p>The presentation will also shortly be available on the Toll website: </p> <p>The ACCC indicated it would make market inquiries regarding the Toll restructure and gave market stakeholders a deadline of December 20 for any submissions on the matter. </p> <br />