Ann: Intention to demerge Coles - Briefing Presentation, page-44

Good point Bearman

WES was a conglomerate mix until they took over Coles and became a retailer
Coles just ups the revenue count without adding much to profit
WES has always been a mystery package
I got shares when they acquired the Coles group
WES is acting like groups like KKR
Acquire underperformers and spin them out when rebuilt
Don't know why they want to keep Kmart and Target
Irony is that I was a CML holder then a WES holder
Now to become an owner of whatever the new container for Coles will be called