# GSK completes demerger of Haleon

- Link: https://www.directorstalkinterviews.com/gsk-completes-demerger-of-haleon/4121073184
- Published: 2022-07-18T07:31:55+01:00
- Author: Amilia Stone

**[GSK plc](https://www.directorstalkinterviews.com/ftse-company/glaxosmithkline-plc/gsk.l)**(
[LON:GSK](https://www.directorstalkinterviews.com/ftse-company/glaxosmithkline-plc/gsk.l))
has completed the demerger of the Consumer Healthcare business from the GSK Group
to form the Haleon Group. The shares of Haleon plc (ticker “LSE: HLN”) will be admitted
at 8.00 a.m. today to the Premium Listing segment of the Official List and to trading
on the Main Market of the London Stock Exchange.

It is expected that American Depositary Shares representing shares of Haleon plc(
ticker: “NYSE: HLN”) will commence “regular-way” trading on the New York Stock Exchange
at market open on Friday 22 July 2022. In addition, we expect that Haleon ADSs will
begin trading on a “when-issued” basis on the NYSE from market open today up to 
and including Thursday 21 July 2022. Each Haleon ADS represents two Haleon ordinary
shares.

**GSK Share Consolidation**

At the GSK General Meeting on 6 July 2022, alongside the demerger, GSK shareholders
also approved the consolidation of GSK shares (the “GSK Share Consolidation”). The
GSK Share Consolidation is expected to take place after the market closes today.
It is expected that admission and dealings in the new GSK shares on the LSE will
commence at 8.00 a.m. on Tuesday 19 July 2022. GSK will provide an update following
the completion of the GSK Share Consolidation at around 7.00 a.m. on Tuesday 19 
July 2022.

The ratio for the GSK Share Consolidation cannot be fixed at this time as it will
depend on fluctuations in the volume and price of the GSK shares in the period between
8.00 a.m. and 4.30 p.m. today.

As at the time of this announcement, GSK’s issued share capital consists of 5,389,096,045
ordinary shares of 25 pence each (including 304,905,950 ordinary shares held in 
treasury). Therefore, the total number of voting rights in the Company is 5,084,190,095.
If the total number of GSK shares in issue prior to the record time at 8.00 p.m.
today is not exactly divisible by the denominator in the consolidation ratio, then
shortly before the GSK Share Consolidation, GSK will issue up to 49 ordinary shares
to ensure that following the GSK Share Consolidation there are no fractional ordinary
shares outstanding.

Further information on and key dates in relation to the proposed demerger of Haleon
and the GSK Share Consolidation is set out at the end of this announcement and can
also be found in the Circular to Shareholders published on 1 June 2022. The Circular
is available on GSK’s website at www.gsk.com/demerger.

**Expected Timetable of Principal Events**

The times and dates set out in the timetable below and throughout this announcement
are indicative only and based on GSK’s current expectations and may be subject to
change without further notice.

| **Event** | **Time and date^((1))** | 
| Commencement of dealings in Existing GSK Shares (ex entitlement to Haleon Shares) on the LSE | 8 a.m. on Monday 18 July 2022 | 
| Admission and commencement of dealings in Haleon Shares on the LSE | 8 a.m. on Monday 18 July 2022 | 
| CREST accounts credited in respect of Haleon Shares in uncertificated form | As soon as practicable after 8 a.m. on Monday 18 July 2022 | 
| GSK Share Consolidation record time– | 8 p.m. on Monday 18 July 2022 | 
| GSK Share Consolidation becomes effective | After 8 p.m. on Monday 18 July 2022 | 
| GSK Admission and commencement of dealings in New GSK Shares on the LSE | 8 a.m. on Tuesday 19 July 2022 | 
| CREST accounts credited in respect of New GSK Shares in uncertificated form | As soon as practicable after 8 a.m. on Tuesday 19 July 2022 | 
| Commencement of trading in Haleon ADSs on a “when-issued” basis on the NYSE | 9.30 a.m. New York City time on Monday 18 July 2022 | 
| Commencement of “regular-way” trading in Haleon ADSs on the NYSE | 9.30 a.m. New York City time on Friday 22 July 2022 | 
| Admission and commencement of dealings in new GSK ADSs on the NYSE | 9.30 a.m. New York City time on Friday 22 July 2022 | 
| Opening of the GSK ADS issuance and cancellation books ^((**2**)) | 8 a.m. New York City time on Monday 25 July 2022 | 
| Latest date for despatch of:-     definitive share certificates (where applicable) for New GSK Shares in certificated form to Qualifying Shareholders on the GSK Share Register | 
By Monday 1 August 2022 | 
| –     CSN statements for GSK CSN**^((3))** | By Monday 1 August 2022 | 
| –     definitive share certificates (where applicable) for Haleon Shares in certificated form to Qualifying Shareholders on the GSK Share Register**^((4))** | By Thursday 4 August 2022 | 
| –     opening statements for Haleon CSN**^((3) (4))** | By Thursday 4 August 2022 | 
| Posting of payment advice, CREST accounts credited or payment by electronic payment in respect of fractional entitlements arising from the GSK Share Consolidation | Week commencing Monday 1 August 2022 |

**Notes**

(1)  Unless otherwise indicated, all references to time in this timetable are to
UK time.

(2)  The Depositary will suspend the issuance and cancellation of GSK ADSs from 
Thursday 14 July 2022 until Monday 25 July 2022. This means that during this time,
you will not be able to convert your GSK ADSs into GSK Shares, surrender your GSK
ADSs and receive underlying GSK Shares, or deposit your GSK Shares and receive GSK
ADSs. However, the closing of the issuance and cancellation books does not impact
trading, and you may continue to trade your GSK ADSs during this period.

(3)  For CSN Shareholders who have a Shareview Portfolio account, and have not elected
for paper statements to be issued to them, the CSN statements will only be made 
available electronically via their account.

(4)  Subject to the timing of the Haleon Capital Reduction.

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