July 23 (Reuters) - Wesfarmers Ltd WES.AX :
* DEMERGER OF COLES EXPECTED TO BE COMPLETED IN NOVEMBER 2018
* WESFARMERS TO RETAIN 15 PER CENT OF COLES AND 50 PER CENT OF FLYBUYS
* UPDATES ON COLES DEMERGER
* COLES WILL BE DEMERGED WITH NET DEBT OF APPROXIMATELY $2.0 BILLION
* ARCHIE NORMAN WILL STEP DOWN AS DEPUTY CHAIRMAN OF COLES
* JAMES GRAHAM TO BE APPOINTED CHAIRMAN OF COLES
* COLES INTENDS TO FOLLOW WESFARMERS' APPROACH TO DIVIDENDS; EXPECTED TO RESULT IN DIVIDEND PAYOUT RATIO RANGING FROM 80 PERCENT TO 90 PERCENT
* COLES WILL BE DEMERGED WITH NET DEBT OF APPROXIMATELY $2.0 BILLION
* COLES IS EXPECTED TO HAVE COMMITTED BANK FACILITIES OF ABOUT $4.0 BILLION