GSK

GSK (UK): Demerger of Haleon (UK) 

Informative Notice

FTSE Russell notes the demerger of Haleon (UK, BMX86B7) by GSK (UK, 0925288, FTSE 100 Index, GEIS Large Cap). Shareholders will receive Premium listed Haleon shares on a one for one basis. Following the completion of the demerger, GSK will undergo a share consolidation in order to maintain consistent pricing pre and post demerger.

Subject to shareholder approval and based on the current timetable, FTSE Russell anticipates the following index treatment:

Monday 18 July 2022 (from market open):

GSK will trade ex-entitlement to the demerger. Haleon will be added to all the same indices as GSK (including the FTSE 100 Index), the shares in issue will reflect the number of shares expected to be listed on the London Stock Exchange and the number of shares in the index will reflect the demerger terms. The event will be market capitalisation neutral. Haleon is expected to commence trading.

Monday 18 July 2022 (at market close):

The impacted indices which have a fixed number of constituents will be ranked based on the closing prices, with the lowest ranking constituent removed providing two days notice.

Further notices will be published to confirm membership changes.

Tuesday 19 July 2022 (from the open, subject to announcement timing):

GSK (UK, updated SEDOL BN7SWP6) will commence trading on a consolidated basis, and the ratio will be reflected within FTSE Russell indices.

Thursday 21 July 2022 (from market open):

The membership changes within the fixed indices will become effective (as notified prior).

FTSE Russell will issue further notices in due course.