Wesfarmers and ShareGift Australia have announced a charitable giving option to shareholders as part of the demerger of Coles.
If the demerger proceeds, eligible Wesfarmers shareholders will be entitled to one Coles share for every Wesfarmers share held at the record date1 .
The charitable facility included in the scheme offers eligible shareholders of 160 Wesfarmers shares or less, a simple and cost-effective way to donate the proceeds of their Coles securities to charity as a tax-deductible gift.
Executive Director of ShareGift Australia, Anna Draffin commended Wesfarmers’ continued commitment to providing shared value opportunities to benefit shareholders and the community alike:
“We are delighted to build on our six year collaboration with Wesfarmers through the incorporation of this charitable initiative within the Coles sale facility. We hope other ASX listed companies will follow Wesfarmers’ lead so that the inclusion of ShareGift in corporate transactions becomes an industry standard. The financial return for the Australian community would be immense.”
Wesfarmers Chairman Michael Chaney AO, said “Wesfarmers believes ShareGift Australia is making a real difference to the Australian community and we are proud to have been able to offer this option to our shareholders.”
The aggregated sale proceeds donated to ShareGift under this scheme will be distributed to eligible Australian charities to be announced following the completion of the demerger.
About ShareGift Australia
ShareGift Australia is a not-for-profit, established to make it easy and cost effective for shareholders to grow philanthropy in Australia through the donation of shares and related proceeds to charity.
To date, ShareGift has distributed over $1.64m to 470 Australian charities from share related, gifted funds. ShareGift is the only service of its kind in Australia and is endorsed by the ASX Group (ASX) and Australian Shareholders’ Association (ASA). A full list of recipient charities is available on ShareGift’s website: