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BRIEF-Woolworths Group Provides Endeavour Group Transformation Update

Published 04/11/2019, 09:14 am
Updated 04/11/2019, 09:21 am
BRIEF-Woolworths Group Provides Endeavour Group Transformation Update
WOW
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Nov 4 (Reuters) - Woolworths Group Ltd WOW.AX :

* PROVIDES ENDEAVOUR GROUP TRANSFORMATION UPDATE

* FEDERAL COURT HAS APPROVED DISPATCH OF RESTRUCTURE BOOKLET FOR RESTRUCTURE SCHEME MEETING TO BE HELD ON DEC 16

* RESTRUCTURE IS FIRST STAGE OF ENDEAVOUR GROUP TRANSFORMATION

* ASSETS & LIABILITIES RELATING TO CO'S DRINKS BUSINESS TO BE TRANSFERRED INTO AN ENTITY WITHIN WOOLWORTHS TO CREATE ENDEAVOUR GROUP

* FOLLOWING RESTRUCTURE, WOOLWORTHS WILL SEEK TO COMPLETE ALH MERGER AS STEP 2 OF PROCESS

* ALH MERGER DOES NOT REQUIRE SHAREHOLDER APPROVAL

* UPON COMPLETION OF ALH MERGER, ENDEAVOUR GROUP WILL BE 85.4% OWNED BY WOOLWORTHS & 14.6% OWNED BY BRUCE MATHIESON GROUP

* INTENDED THAT NEWLY FORMED ENDEAVOUR GROUP WILL SEPARATE FROM CO BY WAY OF A DEMERGER OR OTHER VALUE ACCRETIVE ALTERNATIVE

* ANTICIPATED THAT RESTRUCTURE SCHEME WILL BE IMPLEMENTED EARLY IN 2020

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