wes vs wesn, page-16

VKET,
According to the original Scheme Booklet that went to the Coles shareholders (who overwhelmingly voted for the deal):

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8.3 Dividend guidance

Wesfarmers’ current dividend policy is to pay out all available franking credits to Wesfarmers Shareholders in the form of fully franked dividends and following the Scheme expects to pay fully franked dividends in excess of $2.00 per Wesfarmers Ordinary Share and Wesfarmers PPS for the 2008 and 2009 financial years, subject to the availability of retained earnings and franking credits. Wesfarmers believes that the acquisition of unused franking credits held by Coles Group following implementation of the Scheme and the level of retained earnings currently held by Wesfarmers will provide sufficient flexibility to make dividend payments at this level in a wide range of earnings outcomes in FY2008 and FY2009, without relying on an improvement in the performance of Coles Group’s businesses in this timeframe.

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So, no ironclad guarantees, but WES' dividend policy has long been to pay out, rather than hoard, cash, if (1) they have the cash; and (2) there are sufficient franking credits to keep the divvie fully franked.