Adverse results for Diageo in the proceedings could result in Diageo losing title to the 1,01,41,437 USL shares acquired from UBHL, it added.
On the issue of acquiring 34,59,090 USL shares, about 2.38 percent of the share capital, from USL Benefit Trust, Diageo said: “Currently, certain lenders to USL are refusing to release security that they hold over those shares notwithstanding that they have been repaid in full. USL is taking steps, including proceedings before the High Court, to expedite the release of the security.”
If it is not ultimately possible to complete the acquisition in relation to these shares, they would instead continue to be held by the USL Benefit Trust, subject to an undertaking that the trustees would only vote the shares at the direction of USL, it added.
