Business Services Industry
Coles upshot could be a spin-off.
Australasian Business Intelligence, September, 2002
Sep 24, 2002 (The Australian Financial Review - ABIX via COMTEX)
Coles Myer investors are looking beyond the fractious boardroom and considering the break-up of the company's non-food businesses. In particular, preference share holders are considering their position should Myer Grace, Target and Kmart be sold or spun off. UBS Warburg believes such a major reorganisation would make preference share holders eligible to convert their stock early, rather than waiting until the present reset date of November 2005. If the security behind the reset share becomes the non-food business, holders would get a 5 conversion discount. This would give them $A105.26 for the stock and they may ignore the lower earnings of the non-food entities. If the food business becomes the...
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