Wesfarmers sends Coles documents
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Reflecting the heft of the company itself, you will soon receive a 230-page Scheme Booklet from Wesfarmers (if you haven't already). The documentation concerns the demerger of Coles Group, which shareholders will vote on at a scheme meeting - following the AGM - on 15 November.
We're currently digesting it all and expect to publish a review late this month or early November. We'll indicate the price at which we might be interested in buying Coles as a separately listed company in the review. Some broking analysts have been undervaluing Coles compared to Woolworths in our opinion, so there might yet be a buying opportunity after listing.
Wesfarmers shareholders will need to have their proxy forms back to the share registry by 13 November, unless you attend the meeting in Perth (road trip to the Margaret River wineries, anyone?). Our Wesfarmers recommendation remains HOLD.
Disclosure: The author owns shares in Wesfarmers.
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