United Kingdom · Company filings
GSK and Haleon split in July 2022. What did each shareholder receive?
GSK shareholders of record received one Haleon share per GSK share in July 2022. GSK then consolidated its own shares four for five. The two steps changed different registers, while Pfizer and pension-related entities held separate stakes in Haleon.
Sources checked
- 1 June 2022Separation documents published
GSK circular and Haleon listing prospectus Source 1
- 15 July 2022Haleon distribution record
6 p.m. UK, one Haleon share per GSK share Source 1
- 18 July 2022Haleon starts trading
8 a.m. UK on the London Stock Exchange Source 1
- 18 July 2022GSK consolidation record
8 p.m. UK, four new GSK shares per five old Source 1
- 19 July 2022Consolidated GSK shares trade
8 a.m. UK on the London Stock Exchange Source 1
- 18 July 2022Opening Haleon stakes
54.5% GSK shareholders, 32.0% Pfizer, 6.0% GSK and trusts, 7.5% pension-related partnerships Source 2
The Haleon distribution used the 15 July record time. The separate GSK consolidation used a later 18 July cutoff.
Five shares illustrate the two events
A holder of five ordinary GSK shares at both applicable cutoffs was entitled to five Haleon shares and, after the GSK consolidation, four GSK shares. The Haleon distribution followed the earlier record, so reducing the number of GSK shares did not reduce the Haleon allocation. Source 1
Why only 54.5% reached GSK investors
GSK reported a 68% interest in the consumer healthcare venture before separation. It distributed approximately 80.1% of that interest, which translates to roughly 54.5% of all Haleon shares. Pfizer's separate 32% interest survived the distribution. Source 2
How GSK counted its retained exposure
GSK grouped 6.0% held by it and its consolidated employee share trusts with 7.5% held by Scottish limited partnerships associated with a UK pension funding mechanism. The annual report therefore recorded 13.5% aggregate exposure after demerger. Source 2
Where listing and consolidation diverge
Haleon started London trading on Monday morning. Consolidated GSK shares began trading on Tuesday. Tracking ordinary share prices through those dates calls for the distribution and the change in GSK shares per holding to be treated as separate corporate actions. Source 1