News: WES Wesfarmers Says FID On Mt Holland Lithium Project Deferred, page-14

maybe the market doesn’t have it wrong. Maybe the shares have gone up despite the KDR investment. They would have been up a lot more had they not invested in KDR. They are up because they are a good dividend payer, they retain 15% of Coles whose shares have gone from $11 to $16 since I have held them, and Bunnings is performing well. You can’t invest that much in KDR and then shelve the development without there being a significant cost involved. Just another really bad decision. Their arrogance in thinking that they could make a very costly move into the UK and compete in the garden/ hardware business was plain dumb. But what the heck, what’s a billion here and a billion there down the gurgler.