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Title: |
Implementation Deed |
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Date: |
2003 |
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<SEQUENCE>3
<FILENAME>c25309_x991.txt
<DESCRIPTION>IMPLEMENTATION DEED
<TEXT>
CLAYTON UTZ
EXECUTION VERSION
--------------------------------------------------------------------------------
BRL HARDY LIMITED (ACN 008 273 907)
BRL Hardy
CONSTELLATION BRANDS, INC.
Constellation
IMPLEMENTATION DEED
CLAYTON UTZ
LAWYERS
Levels 22-35 No. 1 O'Connell Street Sydney NSW 2000 Australia
PO Box H3 Australia Square Sydney NSW 1215
www.claytonutz.com
Tel + 61 2 9353 4000 Fax + 61 2 8220 6700
OUR REF - 126/618/21723613 CONTACT - JONATHAN SWAIN
SYDNEY . MELBOURNE . BRISBANE . PERTH . CANBERRA . DARWIN
Liability limited by the Solicitors Scheme,
approved under the Professional Standards Act 1994 (NSW)
<PAGE>
TABLE OF CONTENTS
1. DEFINITIONS AND INTERPRETATION.....................................1
-- ------------------------------
1.1 Definitions............................................1
--- -----------
1.2 Interpretation........................................10
--- --------------
1.3 Business Day..........................................10
--- ------------
2. AGREEMENT TO PROCEED WITH SCHEMES.................................10
-- ---------------------------------
3. ANNOUNCEMENT AND RECOMMENDATION...................................10
-- -------------------------------
4. CONDITIONS PRECEDENT..............................................11
-- --------------------
4.1 Conditions............................................11
--- ----------
4.2 Benefit and waiver of Conditions Precedent............12
--- ------------------------------------------
4.3 Best endeavours.......................................13
--- ---------------
4.4 Notifications.........................................13
--- -------------
4.5 Termination...........................................13
--- -----------
4.6 Non-fulfilment of Listing Conditions..................14
--- ------------------------------------
4.7 Regulatory approvals subject to conditions............14
--- ------------------------------------------
5. SHARE SCHEME......................................................14
-- ------------
5.1 Share Scheme..........................................14
--- ------------
5.2 Share Scheme Consideration............................15
--- --------------------------
5.3 Election mechanism....................................15
--- ------------------
5.4 Failure of Listing Conditions.........................15
--- -----------------------------
5.5 Conditions............................................16
--- ----------
6. OPTION SCHEME.....................................................16
-- -------------
6.1 Option Scheme.........................................16
--- -------------
6.2 Option Scheme Consideration...........................16
--- ---------------------------
6.3 Conditions............................................16
--- ----------
7. NON-EXECUTIVE OPTIONS.............................................16
-- ---------------------
7.1 Offer.................................................16
--- -----
7.2 Listing Rule requirements.............................16
--- -------------------------
8. IMPLEMENTATION....................................................16
-- --------------
8.1 BRL Hardy's obligations...............................16
--- -----------------------
8.2 Constellation's obligations...........................19
--- ---------------------------
8.3 Appeal process........................................21
--- --------------
8.4 BRL Hardy Board.......................................21
--- ---------------
8.5 Employment arrangements...............................21
--- -----------------------
8.6 Purchase of Shares....................................23
--- ------------------
9. REPRESENTATIONS AND WARRANTIES....................................23
-- ------------------------------
9.1 Constellation Representations and Warranties..........23
--- --------------------------------------------
9.2 Constellation indemnity...............................24
--- -----------------------
9.3 Limitation............................................24
--- ----------
9.4 BRL Hardy Representations and Warranties..............24
--- ----------------------------------------
9.5 BRL Hardy indemnity...................................24
--- -------------------
10. CONFIDENTIALITY...................................................24
--- ---------------
10.1 Confidentiality Agreement.............................24
---- -------------------------
10.2 Amendments............................................25
---- ----------
10.3 Survival of obligations...............................25
---- -----------------------
<PAGE>
11. PUBLIC ANNOUNCEMENT...............................................25
--- -------------------
11.1 Public announcement and submissions...................25
---- -----------------------------------
11.2 Required disclosure...................................25
---- -------------------
12. TERMINATION.......................................................25
--- -----------
12.1 Rights of termination.................................25
---- ---------------------
12.2 Effect of termination.................................26
---- ---------------------
13. GOVERNING LAW AND JURISDICTION....................................26
--- ------------------------------
13.1 Governing Law.........................................26
---- -------------
13.2 Jurisdiction..........................................26
---- ------------
14. GENERAL...........................................................27
--- -------
14.1 Further acts..........................................27
---- ------------
14.2 Restructuring.........................................27
---- -------------
14.3 Notices...............................................27
---- -------
14.4 Stamp duties and expenses.............................28
---- -------------------------
14.5 Expenses..............................................28
---- --------
14.6 Amendments............................................28
---- ----------
14.7 Assignment and severability...........................28
---- ---------------------------
14.8 Waiver................................................28
---- ------
14.9 Counterparts..........................................29
---- ------------
14.10 No representation or reliance.........................29
----- -----------------------------
14.11 Entire Agreement......................................29
----- ----------------
14.12 No merger of rights and obligations...................29
----- -----------------------------------
1. SCHEDULE 1 - BRL HARDY REPRESENTATIONS AND WARRANTIES.............30
-- -----------------------------------------------------
2. SCHEDULE 2 - CONSTELLATION REPRESENTATIONS AND WARRANTIES.........36
-- ---------------------------------------------------------
3. SCHEDULE 3 - SHARE SCHEME.........................................40
-- -------------------------
4. SCHEDULE 4 - OPTION SCHEME........................................41
-- --------------------------
5. SCHEDULE 5 - DEED POLL............................................42
-- ----------------------
6. SCHEDULE 6 - MATERIAL CONTRACTS...................................43
-- -------------------------------
7. SCHEDULE 7 - TIMETABLE............................................44
-- ----------------------
<PAGE>
DEED MADE ON JANUARY 2003
PARTIES BRL HARDY LIMITED ACN 008 273 907 of Reynell Road,
Reynella 5161, Australia ("BRL HARDY")
CONSTELLATION BRANDS, INC. of 300 Willowbrook Office
Park, Fairport NY 14450, United States ("CONSTELLATION")
RECITALS
A. BRL Hardy and Constellation have agreed to effect a transaction by
means of schemes of arrangement under part 5.1 of the Corporations
Act pursuant to which Constellation Sub will acquire all of the
Shares and all of the Employee Options will be cancelled so that BRL
Hardy will become a wholly owned Subsidiary of Constellation Sub
(the "TRANSACTION").
B. BRL Hardy and Constellation have agreed in good faith to implement
the Schemes upon and subject to the terms and conditions of this
Deed.
C. BRL Hardy and Constellation have agreed certain other matters in
connection with the Transaction as set out in this Deed.
THIS DEED PROVIDES
--------------------------------------------------------------------------------
1. DEFINITIONS AND INTERPRETATION
1.1 DEFINITIONS
In this Deed, unless the context otherwise requires, the following
words and expressions have meanings as follows:
"ADMINISTRATIVE AGENT" has the meaning given in the Credit
Agreement.
"AFFILIATE" means, in relation to a party another Person that
directly or indirectly through one or more intermediaries controls
or is controlled by or is under common control with such party.
"ASIC" means the Australian Securities and Investments Commission.
"ASX" means Australian Stock Exchange Limited.
"AUSTRALIA" means Australia and all of its external territories.
"AUSTRALIAN LISTING CONDITION" means the Conditions Precedent in
clause 4.1(f)(ii).
"AUSTRALIAN SCHEME SHAREHOLDER" means a Scheme Shareholder whose
address in the Register as at the Record Date is within Australia.
"BRL HARDY BOARD" means the board of directors of BRL Hardy.
"BRL HARDY GROUP" means BRL Hardy and its Subsidiaries.
"BRL HARDY INFORMATION" means:
(a) all information contained in the Scheme Booklet other than the
Constellation Information and the Legal Information; and
(b) all information concerning BRL Hardy provided to Constellation
for the purpose of preparing that part of the Constellation
Information which relates to the Constellation Group after the
implementation of the Transaction.
1
<PAGE>
"BRL HARDY MATERIAL ADVERSE CHANGE" means a change, effect,
occurrence or state of facts (or any development, occurrence or
state of facts involving a prospective change) which has had or is
likely to have an adverse financial effect:
(a) on the assets or liabilities of BRL Hardy and its Subsidiaries
of $50 million or more; or
(b) on the earnings before interest and tax of BRL Hardy and its
Subsidiaries in any of the financial periods ending 31 December
2002, 31 December 2003, 31 December 2004 or 31 December 2005 of
$7 million or more.
"BRL HARDY OPTION PLANS" means the BRL Hardy Option Plan effective
prior to 1 October 2001 and the BRL Hardy Option Plan effective as
of 1 October 2001.
"BRL HARDY PRESCRIBED OCCURRENCE" means any of the following
occurring unless either (i) with the prior written consent of
Constellation or, (ii) in the case of paragraphs (g), (h), (i), (j),
(k), (l) and (o), such action is in the ordinary course of business:
(a) the constitution of BRL Hardy or a Subsidiary of BRL Hardy is
amended;
(b) BRL Hardy declares or pays any dividend or makes any other
distribution of its profits or assets (including by issuing any
bonus shares);
(c) BRL Hardy or any Subsidiary of BRL Hardy resolves to reduce its
share capital in any way;
(d) BRL Hardy or any Subsidiary of BRL Hardy converts all or any of
its shares into a larger or smaller number of shares;
(e) BRL Hardy or any Subsidiary of BRL Hardy:
(i) enters into a buy-back agreement; or
(ii) resolves to approve the terms of a buy-back agreement
under the Corporations Act;
(f) BRL Hardy or any Subsidiary of BRL Hardy issues any shares or
securities convertible into shares or grants an option to
subscribe for any shares or securities convertible into shares
or agreeing to issue or to grant such an option other than:
(i) a Subsidiary of BRL Hardy issuing shares or securities
convertible into shares to BRL Hardy or another
Subsidiary of BRL Hardy; or
(ii) shares in BRL Hardy issued pursuant to options granted
before the date of this Deed;
(g) BRL Hardy or any Subsidiary of BRL Hardy:
(i) acquires, leases or disposes of;
(ii) agrees to acquire, lease or dispose of; or
(iii) offers, proposes, announces a bid or tenders for,
any business, assets, entity or undertaking where the value of
such business, assets, entity or undertaking exceeds $1
million;
2
<PAGE>
(h) BRL Hardy or any Subsidiary of BRL Hardy creates, or agrees to
create, any mortgage, charge, lien or other encumbrance over
the whole, or a substantial part, of its business or property;
(i) BRL Hardy or any Subsidiary enters into any onerous or long
term contract or commitment;
(j) BRL Hardy or any Subsidiary incurs any indebtedness or issues
any indebtedness or debt securities
other than advances under existing credit facilities;
(k) BRL Hardy or any subsidiary of BRL Hardy makes any loans,
advances or capital contributions to, or investments in, any
other Person, other than to or in BRL Hardy or any Subsidiary
of BRL Hardy;
(l) BRL Hardy or any Subsidiary of BRL Hardy:
(i) pays any bonus to, or increases the compensation of, any
executive officer, director or employees of BRL Hardy or
any Subsidiary of BRL Hardy; or
(ii) grants to any employee of BRL Hardy or any Subsidiary of
BRL Hardy (other than an executive officer or director
of BRL Hardy) or any Subsidiary of BRL Hardy any
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