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 November 29.

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THE CARAVAN Industry Association of Australia along with the Residential Land Lease Alliance (RLLA) have released Long Term Residents in Caravan Parks and Manufactured Housing Estates: A Census 2016 Social Trends Report.

The report shows that more than 70,000 Australians lived in manufactured housing estates (MHEs) and caravan parks and that this living arrangement is a vital aspect of affordable housing from both the supply and demand side.

The report found that approximately 2 percent of Australians aged over 65 live in MHEs or caravan parks with the sector undergoing a large shift in the past decade.

MHEs and caravan parks, during the mining boom, provided an important source of temporary housing solutions in remote Australia to cater for the large amounts of support personnel required to sustain fly-in fly-out (FIFO) communities.

With the end of the mining boom, the demographic shift in communities has shown a strong take up from people aged 60-plus.

The research shows that 37 percent of residents in MHEs and caravan parks live alone – highlighting the important social benefits of living in land-lease communities which are increasingly providing facilities to encourage interactions between residents. 

From the supply side, MHEs provide an affordable downsizing option for the baby-boomer  generation who tend to have much equity tied up in their property, especially households with mid-lower income brackets. This downsizing also frees up housing supply in with ageing demographics.

The report highlights the need for government support in this sector as residents living in MHEs are nearly three times as likely to require assistance with core activities compared to Australian averages.

In terms of connectivity; only 64 percent of dwellings in MHEs and caravan parks reported having an internet connection, compared to the Australian average of 90 percent of dwellings. 

www.caravanindustry.com.au

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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 November 29.

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THE Financial Services Council (FSC) has begun consulting with its members on the Financial Adviser Standards and Ethics Authority (FASEA) Standards Blueprint and the two draft legislative instruments.

FSC CEO Sally Loane said the draft instruments - the Work and Training (Professional Year) and the Provisional Financial Adviser Term - were the first to be released following submissions to FASEA on the standards during 2018.

”FASEA’s release will provide FSC members with further guidance on what they and their advisers and authorised representatives will be required to meet from 1 January 2019 onwards,” Ms Loane said.

The FSC notes it will make submissions on the released draft legislative instruments by November 30, 2018 and the remaining legislative instruments as they are announced.

www.fsc.org.au

About the Financial Services Council

The Financial Services Council (FSC) has over 100 members representing Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks and licensed trustee companies. The industry is responsible for investing almost $3 trillion on behalf of more than 14.8 million Australians. The pool of funds under management is larger than Australia’s GDP and the capitalisation of the Australian Securities Exchange and is the fourth largest pool of managed funds in the world. The FSC promotes best practice for the financial services industry by setting mandatory Standards for its members and providing Guidance Notes to assist in operational efficiency.

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