Shares in Coles Group Limited (ASX: COL) today began trading on the Australian Securities Exchange on a deferred-settlement basis.
The listing marks a return to the ASX for Coles, which was de-listed following Wesfarmers’ acquisition of the Coles Group in 2007. It follows the Supreme Court of Western Australia’s decision on Monday to approve a vote of Wesfarmers shareholders in favour of a scheme of arrangement to demerge the two businesses.
“We are pleased to be joining the ASX under our own name,” said Coles Chairman James Graham.
“Listing Coles on the ASX as a standalone business marks the next phase in the evolution of a company that began as a single store in Collingwood 104 years ago. I speak for the entire board when I say it is an immense privilege to be with Coles for such a milestone, and we thank our 480,000-plus new shareholders for joining us on this journey.”
Coles CEO Steven Cain said the past 11 years with Wesfarmers had seen Coles transform into a world-class supermarket retailer.
“Our 115,000 team members can take enormous pride that their company is now listed alongside some of the largest and most recognised businesses in Australia,” he said.
“We’re all very excited for the next chapter in the Coles story as we deliver on our strategy to make life easier for our customers.”
Coles shares will be transferred to eligible shareholders on 28 November and the shares will trade on a normal settlement basis from 29 November.