Ann: Intention to demerge Coles - Briefing Presentation, page-23

So we know this will occur in the next financial year. I’m assuming 2 things potentially:

1. New large acquisition through less capital deployed on Coles. Maybe IPL? (Disclaimer - hold a lot of IPL via parents)

2. More free capital plus the $700m sale of the coal mine means they may spend it on a much quicker roll out of Bunnings UK. Of course this is conteingent on them not ditching it altogether.... otherwise I’m thinking major acquisition with these funds.