Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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This notification relates to the sale by Pfizer Inc. ("Pfizer") of a portion of its interest in Haleon plc ("Haleon").
Pfizer sold 594,000,000 Haleon ordinary shares and 196,554,820 ordinary shares in the form of American depositary shares, each representing two ordinary shares ("ADSs") pursuant to a global offer. In connection with the global offer, Haleon repurchased 102,272,727 ordinary shares from Pfizer in accordance with the terms of a share purchase deed between Haleon and Pfizer dated 11 September 2023 and approved by Haleon's shareholders at its annual general meeting on 20 April 2023.
These calculations are based on an issued share capital of Haleon of 9,132,301,104 ordinary shares, following cancellation of the 102,272,727 ordinary shares repurchased from Pfizer, as communicated by Haleon in their announcement on total voting rights and capital dated 21 March 2024.
Pfizer holds its ordinary shares in Haleon through (i) BofA Securities, Inc., and (ii) Guaranty Nominees Limited (in respect of the ADSs), which hold the legal title to those shares on Pfizer's behalf.
Boxthefox,
I think the general consensus is that Haleon is very sensitive to medium to long term interest rate changes. The FED and the BoE have taken longer than was first thought to start reducing rates; if / when they come down then expect the share price here to go in the reverse. From the last set of accounts:
'Consistent with the priorities set out at the time of listing, we have rapidly de-levered to 3.0x net debt/adjusted EBITDA as at 31 December 2023. Strong cash generation enabled us to accelerate debt repayment and we now expect to operate at leverage of around 2.5x over the medium-term. This underpinned our decision to announce a capital allocation of £500m for share buybacks in 2024.
Did I read that Haleon bought some of these at £3.08 to be cancelled? I may be wrong but would this not indicate that the share price might hang around at the £3.08 level for some time?
As a result of the Global Offer, the Share Buyback and cancellation, Pfizer's interest in Haleon will reduce from 32% to approximately 22.6% of Haleon's issued Ordinary Shares with rights to vote.
Haleon has agreed to repurchase 102,272,727 Ordinary Shares from Pfizer off-market, subject to the completion of the Global Offer, for aggregate consideration of approximately £315 million (approximately $400 million)
Haleon intends to cancel the purchased Ordinary Shares. Following the Share Buyback and such cancellation, the total number of Ordinary Shares issued by Haleon with rights to vote is expected to be 9,132,301,104, as compared to 9,234,573,831 Ordinary Shares with rights to vote today. No shares are held in treasury.
That’s another major dent in the share overhang.
Other than the big 2, the other major shareholders appear to be 2% or less.
In my view it’s positive that Hln felt able to take part and buy back some as well.
It’s not the end of the share overhang,but think we are being showed it’s not a major problem,except to keep a lid on maximum sp.
It’s going to be interesting what happens to sp as the overhang shrinks away
Or... the company stands to benefit from a better interest rate environment later this year, and the listing of US ADSs will help negate the discount that UK stocks suffer from. Pfizer are unlikely to be doing a fire sale...
See
https://www.londonstockexchange.com/news-article/HLN/proposed-secondary-global-offering-by-pfizer-inc/16381099
I have said on several occasions that the split of the old GSK , left Haleon with two reluctant holders, ie Pfizer and "new "GSK. The latter have been unloading at around the 335 level, putting a cap on the SP here. Pfizer ( see above) have now gone for a " bazooka" sale. The effect on the SP here must IMV be negative, we will see at the open today. In the longer term , assuming the Pfizer deal gets away fully, is to leave a sound , though still heavily indebted , company with a range of valuable products, which after the dust has settled, I may invest in. Best wishes to all holders, today WILL be bumpy.
It's good to see R&D in this. What Partnerships is Tamara thinking of?
' Women’s health is a sizeable growth opportunity and it’s fair to say that it’s been overlooked in the past – by both the public and private sectors. That’s something we want to change as part of our broader health inclusivity ambition and by working through our purposeful brands. To drive systemic change however, partnerships need to be forged across the entire health ecosystem, and there’s a critical role we can play in that.'
https://www.lbbonline.com/news/why-healthcare-giant-haleon-is-taking-womens-pain-seriously/
Final Div
Announce date 29-Feb-24 ex div 14-Mar-24 pay 16-May-24 4.2p
Total: 6.0p
FY net cash flow from operating activities was £2,100m, with Free cash flow of £1,575m
● Net debt at 31 December 2023 of £8,514m, with 3.0x net debt/adjusted EBITDA
● Proposed dividend payout of 35% (FY 2022: 30%); with a final dividend of 4.2p per ordinary share
● Going forward dividend to grow at least in line with adjusted earnings
● Announcing capital allocation of £500m for share buybacks in 2024
Within 18 months of our demerger, we reduced net debt by over £2 billion, bringing net debt/adjusted
EBITDA down from c.4x to 3x, reflecting both strong cash conversion and financial discipline, underpinning
an increased dividend payout and share buyback. Taken together, our results show consistent delivery on our financial commitments.
Alliance News) - Haleon PLC on Thursday it has agreed to sell the ChapStick lip balm brand to Suave Brands Co for around USD430 million in cash.
The Surrey, England-based consumer healthcare company said it will also receive a passive minority interest in Suave Brands, which is a portfolio company of Yellow Wood Partners.
At the time of entering into the binding agreement, Haleon said this minority interest was valued at approximately USD80 million.
See RNS
Share price rise has been limited by investors knowing that GSK are trying to sell to raise funds for aquisition. Hopefully, they will get sell the remaining 4% later in the year and see where it goes from there. Pfizer don't see to be in any hurry to sell their stake.
Jan 17 (Reuters) - GSK (GSK.L), opens new tab has raised 978 million pounds ($1.24 billion) from a discounted sale of a stake in its spun-off consumer healthcare business Haleon (HLN.L), opens new tab, the British drugmaker said on Wednesday.
GSK sold around 300 million shares in Haleon at 326 pence per share, cutting its shareholding in the world's largest standalone consumer healthcare company to 4.2%
https://www.reuters.com/markets/deals/gsk-sell-32-stake-spin-off-haleon-2024-01-16/
Chairman Dave Lewis to join Clayton,Dubilier Rice as advisor / consultant.
What's happening?
There are large volumes with this share in general but some days are exceptional.
https://uk.finance.yahoo.com/quote/HLN.L/history?p=HLN.L
TrickyTrees
You’re right,I seem to have lost a zero somewhere.
I wonder where I put it?
It is reported as a definite buy.
Someone’s being nice to their self this Christmas
Meoryou - Senior Independent Director has purchased 160,000 Haleon Eqiuty.
He can afford it, unless their is an allocation ?
Just bought 16,000 shares.
That must be at least a slight positive.
See RNS
Surely the journalistic press ramped up this story to force Unilever to bid.
Otherwise Jope would still be leading Unilever.
I'm not so sure that Jope wasn't quietly booted, but allowed to step down to save face, when really he should have been paraded through the streets naked for investors to throw rotten food at.
That said, the real villain of the whole sorry episode was the GUTLESS OAF of a FD - Graeme Pitkethly who's job it was to reign in moronic decisions made by those with little financial knowledge. A spineless yesman promoted way above his very questionable abilities. Fortunately he's going very soon too - but also sadly allowed to leave on his own terms.
Had Unilever lost its marbles when it offered 50 billions pounds for a company with £20B long term liabilities and was GSK so foolish to turn it down? Haleon has to rise 70% to match that offer. Good luck to all the investors. Jope should have been given the boot to come up with that offer.
On the other hand Unilever is regretting turning down a takeover offer for £40 pounds per share when after 5-6 years it is struggling to stay above £40 per share. Crazy times.
Questor article in Daily Telegraph has updated to say Haleon is solid prospect for rising SP
I listened to the Webcast following the statement. Oh gosh it was boring, listening to Tobias Hestler (CFO) drone on about Sensodyne, Panadol or Centrum sales in different global markets, some where they kept pace with inflationary cost and others where they didn't. All to say in the end that they were still on target to achieve their forecast for FY 2023 the Company continues to expect:-
Organic revenue growth to be 7-8%
Adjusted operating profit growth to be 9-11% constant currency
Net interest expense of c.£350m
Adjusted effective tax rate of 23-24%
Not surprised the shares fell on the results. If their old parent company (GSK) fell when it announced a profit upgrade yesterday why should HLN rise today? (Watch out for a weakening US Dollar; this will hit their targets on the downside.)