2nd quarter sales results, page-4

speaking as a WES owner,

I have been holding Wesfarmers since my coles myer shares where converted and i have also taken up the pervious share purchase plan about a year ago.

Because of the special cash payment/cap return wesfamers made when taking over coles my investment has been quite sound and only recently fallan into negative teritory.

I will be taking up the latest SPP as it will then reduce the average cost base to around the recent last traded price.

The only disapoitment in wesfarmers from this most recent SPP is the fact that they will be cutting dividends. BUT the CEO did state that the cut was in relation to becoming more conservative with div payouts. BUT the current div yeild is still higher than the cash rate.

i am personally not frustrated with Wesfarmers nor should be alot of other holders (except those who bought in around 30)


The debt reduction will also mean wesfarmers can continue its Coles capital improvement program, which i belive is a slight negative for WOW.