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Article: AUSTRALIAN BOURSE APPROVES WESFARNERS SHARE ISSUE FOR COLES BID.

Article from:
AsiaPulse News
Article date:
October 1, 2007
Copyright

MELBOURNE, Oct 1 Asia Pulse - The Australian Securities Exchange (ASX) today approved the terms of Wesfarmers' (ASX:WES) Partially Protected Shares (WPPS) to be issued to shareholders of retailer Coles Group Ltd (ASX:CGJ) under Wesfarmers' proposed takeover of Coles.

The takeover will be implemented via a scheme of arrangement.

Wesfarmers said the WPPS would provide price protection for half of the share component of Wesfarmers' cash-and-scrip offer.

The WPPS, which will be listed on the ASX, will rank equally with and pay the same dividends as Wesfarmers ordinary shares.

Once the WPPS lapse, they will be converted into ordinary shares.

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