Day 123 - 09 May 95 - Page 03

     1        A.  Yes, I own shares in both companies.  That is correct.
     3   Q.   Maybe while we are on that subject, do you remember when
     4        you gave your evidence many months ago I asked you about
     5        shares and you said that is something that you might check
     6        out?
     7        A.  Well, the number of shares that I have -----
     9   MR. JUSTICE BELL:  No.  It was in relation to what proportion of
    10        McDonald's Corporation stock might be held by what we call
    11        private individuals and by institutions like pension funds
    12        and son.
    14   MR. MORRIS:  Did you check that at all or do you know?
    15        A.  I do not have the exact breakdown of the percentages,
    16        but the majority of stock is held by pension funds.
    18   Q.   And investment ---
    19        A.  Investment ---
    21   Q.   -- companies?
    22        A.  -- companies, yes.
    24   Q.   Would it be fair to say that 56 per cent of the shares in
    25        1994 were owned by institutions?
    26        A.  That is -- I do not know exactly but that percentage
    27        sounds familiar.
    29   Q.   I have some documents, I have not disclosed them because it
    30        has not been necessary.
    32   MR. RAMPTON:  I do not want documents whose relevance, I am
    33        bound to say, I cannot see.
    35   MR. MORRIS:  That is why I asked a simple question.
    36        (To the witness):  The stock options -----
    38   MR. JUSTICE BELL:  What is this directed at?
    40   MR. MORRIS:  I am having a look at the McDonald's Corporation to
    41        see, effectively, what its purpose is and where the profits
    42        go to.
    44   MR. JUSTICE BELL:  What has that to do with this leaflet?
    46   MR. MORRIS:  It goes to their motivation and purpose in life, if
    47        you like.
    49   MR. JUSTICE BELL:  I do not accept that.  I do not see any
    50        relevance at the moment in this.  You know that the first 
    51        corporation is a commercial entity designed to make 
    52        profits.  There may be an argument here and there about 
    53        where the balance lies between profits and other
    54        considerations, but that is common ground if it is a
    55        commercial entity.
    57        You questioned Mr. Beavers last year about why the action
    58        was brought.  He gave you various answers in relation to
    59        protecting what he saw as its reputation.  If you have
    60        thought of further things you want to ask on that, do, but

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