GSK has been a staple equity income stock consistently yielding around5 per cent, but there has been little increase in the dividend level in recent years owing to the lack of earnings growth and, arguably,overdistribution. GlaxoSmithKline (GSK) announced that it has reached an agreement with Pfizer to merge their consumer health units in a move that will create a world-leading business with combined sales of around 9.8 billion.. This is our global website, intended for visitors seeking information on GSK's worldwide business. Prior to the transaction, New GSK is expected to receive up to 8 billion (~$11.0 billion) from the Consumer Healthcare unit. Pfizer intends to sell its stake in Haleon after the float, while GSK plans to part with at least four fifth of its current holding in Haleon. The Consumer Healthcare business was a joint venture between GSK and Pfizer Inc ("Pfizer"), with GSK holding a majority controlling interest of 68% and Pfizer holding 32%. Following the Demerger, on Monday 18 July 2022 GSK consolidated its share capital (GSK Share Consolidation). The demerger is expected to be completed by July 18 2022, when Haleon shares will list on the London Stock Exchange. Analysts say the product focus and investment requirements of the two businesses will be significantly different. GSK has promised improvements via the demerger but are they enough to reassure disgruntled investors and prevent a wider shareholder revolt? Chris Beckett, head of equity research at Quilter Cheviot, said: Haleons opening day trading is certainly at the lower end of where expectations were coalescing. Following the demerger, Pfizer holds a 32% stake in Haleon while GSK holds a 13.5% stake. Following the Demerger, on Monday 18 July 2022 GSK consolidated its share capital (GSK Share Consolidation). GSK stock fell after the London-based multinational pharmaceutical and biotech firm's demerger went live. Trade marks are owned by or licensed to the GSK group of companies. The Circular is available on GSKs website at www.gsk.com/demerger. It was previously thought that. GSK shareholder approval is also required in relation to the Demerger, which, due to its size, qualifies as a "Class 1" transaction for the purposes of the Listing Rules, and the GSK Share Consolidation. Investments can go up and down in value, so you could get back less than you put in. Shoppers are increasingly going for supermarket own-label products as the cost of living crisis hits, with plenty of cheaper options for toothpaste and headache tablets than those sold by Haleon. Under the provisions of Section 6045B of the Internal Revenue Code, a company (whether domestic or foreign) must report to the IRS, or post on the companys website, certain specified information with respect to any organisational action that affects the tax basis of US shareholders in their shares. In early trading today, the shares dipped to 293p before recovering to 300p. The ratio will depend on GSK price fluctuations throughout the day, as the group aims to. 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. General medicines are usually prescribed in primary care or community settings by general healthcare practitioners. The proposed Demerger, due to its size, qualifies as a Class 1 transaction for GSK and requires the approval of GSK shareholders. New GSK a focused pharmaceuticals business with three core disciplines: general medicines (in slow decline), vaccines (decent growth), and speciality drugs (high growth). A Haleon spokesperson told Reuters on Thursday that the company is not a party to the US litigation over Zantac: We have never marketed Zantac in any form in the US, as Haleon or as GSK consumer healthcare, the spokesperson was reported as saying. This is our global website, intended for visitors seeking information on GSK's worldwide business. GSK plc. IG. Registered office: 980 Great West Road, Brentford, Middlesex, TW8 9GS, United Kingdom. A demerger can create value for shareholders (the 1+1 = 3 part) but GSK is asking investors to trust that this plays out while also having to accept a much lower dividend (the '-' part). Update 19 July 2022: Haleons shares closed down 6.6% yesterday after opening at 330p on its first full day of trading. However, GSK cut its dividend as part of the demerger, paying out 14p a share for the second quarter of 2022, compared with 19p for the same period last year. GSK plc is pleased to announce that further to the Circular and Notice of General Meeting published by GSK on 1 June 2022, and following the announcements of 6 July 2022 that shareholder approval was granted at the GSK General Meeting and of 18 July 2022 that GSK has completed the demerger of the Consumer Healthcare business from the GSK Group to form Haleon. Atlantic . Also some investors believe that when non-identical businesses are combined they suffer from a conglomerate discount where the whole is deemed to be worth less than the sum of the parts; others question this. Please find Form 8937 along with supplementary information. This is what shareholders in pharma giant GlaxoSmithKline (GSK) are being asked to accept as the business is radically reshaped. Ordinary shares in Haleon will be listed on the premium segment of the London Stock Exchange. The consolidation applies only to GSK shares, not the Haleon shares each GSK shareholder received at Demerger. GSK rejected Unilever's ( UL) 40 billion bid for Haleon earlier this year, therefore, a 50 billion IPO is entirely possible. The demerger was set in train about three-and-a-half years ago when GSKs chief executive, Dame Emma Walmsley, surprised the City of London with news of the break-up plans. WH Smith (SMWH) and Connect/Smiths News (SNWS): Concentration and focus was not enough to counter the strong decline in printed newspapers and magazines: Smiths News is a national distributor. The comparison service on our site is provided by Runpath Regulated Services Limited on a non-advised basis. That is far from clear. Esure began to flourish after the split but was hit in 2017 by changes in how insurance compensation payments are calculated. You can find out how many GSK shares you owned immediately following the GSK Share Consolidation by entering the number of GSK shares you held at 6.00pm UK on Friday 15 July 2022 into the box below: (This assumes you did not sell any of your GSK shares on Monday 18 July 2022). Shareholders can go to https://www.shareview.co.uk/clients/gskshareholder for copies of relevant documents, frequently asked questions and other helpful information. 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. 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 . Information and tools for shareholders including dividend calculator, share management tools, and advice on how to avoid share scams. On Monday 18 July 2022, GSK plc (GSK or the Company) separated its Consumer Healthcare business from the GSK Group to form Haleon plc (Haleon), an independent listed company. On Monday 18 July 2022, the London stock market will witness the long-awaited break-up a demerger in City jargon of GSK, one of the UKs largest and oldest public companies. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. 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. For more information, visit etoro.com/trading/fees. The demerger is expected in mid-2022 and is the result of a strategic series of changes to GSK's consumer health business over the last 8 years. Danni Hewson at AJ Bell commented: Its been a bit of a bumpy ride for the FTSEs new addition, but Haleon has come out on top just. 99.8% of GSK shareholders voted for the demerger on Wednesday 6 July, resulting in HLN becoming the new home of brands such as Sensodyne toothpaste and Advil painkillers. All rights reserved. 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. Post-demerger, New GSK must improve and higher R&D is the key. Shareholders in GlaxoSmithKline (GSK), the UKs FTSE 100 pharmaceutical giant, have an important decision to make next week. His work has appeared in numerous titles including the Financial Times, The Times, the Mail on Sunday and Shares magazine. GSK shareholders will jointly own at least 54.5% GSK will hold up to 6% Pfizer will continue to hold 32% Certain Scottish limited partnerships - which provide funding to GSK pension pots - will hold 7.5% The lock-up period is expected to last several months. Please find, Circular to Shareholders and Notice of General Meeting, Deloittes report on Unaudited Pro Forma Financial Information, https://www.shareview.co.uk/clients/gskshareholder. 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 . Provision of unlicensed medicines for unmet medical needs, Chemical Manufacturing and Controls (CMC), Medicine Development and Supply (MDS), Work experience, placements and internships, Manufacturing Operations, Quality & Logistics, Fraudulent internet recruitment activities, Commencement of dealings in Existing GSK Shares (ex entitlement to Haleon Shares) on the LSE, Admission and commencement of dealings in Haleon Shares on the LSE, 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 becomes effective, GSK Admission and commencement of dealings in New GSK Shares on the LSE, 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, Opening of the GSK ADS issuance and cancellation books, 8 a.m. New York City time on Monday 25 July 2022, - definitive share certificates (where applicable) for Haleon Shares in certificated form to Qualifying Shareholders on the GSK Share Register, - opening statements for Haleon CSN, Posting of payment advice, CREST accounts credited or payment by electronic payment in respect of fractional entitlements arising from the GSK Share Consolidation. The US Food and Drug Administration ordered GSK to take the heartburn medication off the market in 2019 because of worries about the levels of contaminant N-nitrosodimethylamine found in the drug, which has been linked to an increased risk of cancer. Some investors have questioned whether Dame Emma Walmsley is the right person to lead GSK as she lacks a scientific background. This rough analysis shows that well-executed investment could add around 300p to the equity value. Following the demerger, just over half (54.5%) of Haleon shares will be held by GSK shareholders, about a third (32%) by Pfizer and the balance by GSK itself. If you arent sure whether investing is right for you, or which investments are right for you, please consult an authorised financial adviser. The core business (Premier Inns and restaurants) was not re-energised with revenues flat between 2017 and 2020 (before Covid). Past performance is not indicative of future results. Other fees apply. 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 . In 2022, GSK shareholders will receive dividends from New GSK. GSK shareholder approval is also required in relation to the Demerger, which, due to its size, qualifies as a "Class 1" transaction for the purposes of the Listing Rules, and the GSK Share Consolidation. The demerger will provide GSK with the opportunity to reset its balance sheet with the aim of unlocking investment in its vaccines and biopharmaceuticals business to boost research after years of weak productivity. New GSK will retain a 13.6% share in the business, which it intends to sell over time to strengthen its balance sheet. However, investors should keep in mind that the subsidiary company has enormous potential for growth. GSK plc (LSE/NYSE: GSK) has today (Monday 18 July 2022) completed the demerger of the Consumer Healthcare business from the GSK Group to form the Haleon Group. Its IPO prospectus stated that GSK and Pfizer have. This is because assets which once belonged to the parent company are removed from the parent company's books, which lowers its book value. After the demerger, however, there is a risk of stock overhang, with GSK looking to sell the 13.6 per cent stake it will retain and Pfizers commitment is unclear. Further details on Haleon, the Demerger and the Related Party Transactions are set out later in this release and in the Circular. This is substantially down on their initial price of 330p, originally valuing the business at the start of the week at 30.5 billion. With a market valuation of around 30bn for the owner of brands including Sensodyne toothpaste and Panadol painkillers, analysts said GSK would face questions over why the company refused Unilevers 50 billion bid for Haleon earlier this year. Dr Adam Barker at Shore Capital believes GSKs drug pipeline has been anaemic and notes long-term issues with drugs coming off patent (notably HIV treatmentDovato in 2028 which accounts for 30 per cent of group EBIT). A General Meeting to approve two resolutions covering: the Demerger and the GSK Share Consolidation; and the Related Party Transactions, was held on Wednesday 6 July 2022 at 2.30pm UK. All rights reserved. Overall, it feels like a bit of a coin toss as to whether shareholders and/or the parent do end up better off following a demerger. Such factors include, but are not limited to, those described in the Company's Annual Report on Form 20-F for 2021, GSKs Q1 Results for 2022 and any impacts of the COVID-19 pandemic. For us, this includes our medicines for inhaled respiratory, dermatology and other diseases. This comes from two main sources. Best American Express Business Credit Cards, Principality Building Society Mortgages Review. What does the GSK split mean for shareholders? Current GSK shareholders will be issued . For example, GSK says it spends around 15% of sales on research and development while the figure at Haleon will amount to about 3%. All told, over fiveyears New GSK could invest an additional 8bn-10bn in organic R&D and acquisitions. Haleon is a FTSE 100 company which started trading on the LSEs Main Market at 8.00am UK on Monday 18 July 2022. Under the demerger, GSK will hand up to 80% of its 68% share in the consumer joint venture over to the new company with a view to selling the remaining 20% soon afterwards. It feels somewhat similar here with GSK. This calculator tool can be used to give you an indication of either the number of GSK shares or ADSs that you held immediately following the GSK Share Consolidation as the ratio used to consolidate both types of share was the same. The remaining stake in Haleon is held by the shareholders of GSK. This means shareholders received 4 new GSK shares of nominal value 31 1/4 pence each for every 5 existing GSK shares of nominal value 25 pence each held at 8.00pm UK on that date. Please click here for the Depositarys contact details. But right now investors want a degree of certainty to try and offset market volatility, and Haleon cant deliver that. As activists add to the pressure on the GlaxoSmithKline board ahead of a proposed demerger, Robin Hardy asks if it will create value for shareholders. 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). Retaining GoCompare may have stopped eSures share price dropping by one-third on these changes by making it more defensive. Registered in England and Wales No. The deal will not only add significant value for GSK's shareholders, but will also support the strengthening of its pharmaceuticals business in the coming years by increasing . Following which Pfizer is expected to sell down its stake in Haleon. We offer information about investing and saving, but we do not offer any personal advice or recommendations. The separation was effected by way of a demerger of 80.1% of GSK's 68% holding in the Consumer ealthcare business to GSK shareholders. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Therefore, the total number of voting rights in the Company is 5,084,190,095. The GSK board has forecast a dividend of 27p per share for the remainder of 2022, rising to 45p per share next year. GSK will provide an update following the completion of the GSK Share Consolidation at around 7.00 a.m. on Tuesday 19 July 2022. It should not be taken as legal or financial advice and is not a substitute for consulting a qualified professional. It was previously thought that Pfizer would hold on to its stake after the spin-off, but the company has announced that it will be selling out of its holding in a disciplined manner. GSKs thinking behind the move was that both companies GSK itself and Haleon would be able to work more successfully as separate entities. Registered office: 980 Great West Road, Brentford, Middlesex, TW8 9GS, United Kingdom. Learn more about the announcements and points of discussion during our most recent GSK shareholders general meeting, From quarterly updates to key announcements, here you can access GSK investor-related information, Latest press releases, media assets and global media contacts, Continue to Consumer Healthcare Joint Venture. Investors will then be faced with three choices: retain their shares in Haleon, sell them and re-invest in GSK itself, or sell the shares and invest somewhere else entirely. However, most analysts are predicting growth towards the lower end of the range. Find him on Twitter @moneyandmedia. GSK shareholders will jointly own at least 54.5% GSK will hold up to 6% Pfizer will continue to hold 32% Certain Scottish limited partnerships - which provide funding to GSK pension pots - will hold 7.5% The lock-up period is expected to last several months. GSKs post-consolidated shares started trading on the LSEs Main Market at 8.00am UK on Tuesday 19 July 2022. Almost but not quite: Whitbread (WTB) and Costa Coffee: a hedge fund activism-led decision saw the coffee chain headed for demerger before being sold to Coca-cola. The fact it is a little lower than expected means there is scope for investors to build a meaningful position and potentially capture some upside. Provision of unlicensed medicines for unmet medical needs, Chemical Manufacturing and Controls (CMC), Medicine Development and Supply (MDS), Work experience, placements and internships, Manufacturing Operations, Quality & Logistics, Fraudulent internet recruitment activities. Over the next five years, it's expected to achieve revenue growth of 5% annually and operating profit growth of 10%. Information on the tax impact of the Demerger and GSK Share Consolidation for UK and US shareholders can be found on pages 83 to 87 of the Circular dated 1 June 2022. 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"). Update 22 July 2022: Haleon shares (HLN) closed the week well below Mondays initial opening price after their first full week of trading on the London stock market. Remember that the sum involved will always be less than the value of a single GSK share or ADS. Click here to use the share calculator to find out how much your GSK shares are currently worth. View the Prospectus regarding the admission of the Haleon ordinary shares and associated documentson the Haleonwebsite. Will GSK pick the right drugs to promote/advance, can enough new good drugs be added to the pipeline, will GSK be able to buy up capable biotech businesses at fair valuations, will new drugs grow fast enough to counter patent expiries and does just throwing more money at the pipeline make it better? UK drugmaker GlaxoSmithKline (GSK) announced on Wednesday that it had agreed with its US rival Pfizer to combine the two companies' consumer health businesses in a joint venture worth about $12.7 . 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. The GSK circular states: "If you are a Qualifying Shareholder, you will not need to take any further action after completion of the Demerger and Separation. You may, however, need to provide your bank or building society account details to receive any fractional entitlement arising from the GSK Share Consolidation." The promise is for a steady 5 per cent revenueand 10 per cent profit growth annually for 10 years. If this applies to you, depending on where your GSK shares or ADSs are held, your fractional entitlement was either automatically sold on your behalf (and you will receive the proceeds of the sale in cash) or the fractional share has been added to your GSK shareholding account. 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"). Both resolutions set out in the Notice of General Meeting (included in the Circular to Shareholders dated 1 June 2022) were duly passed by shareholders. GSK has underwhelmed with its spending and outcomes so why should investors believe in a brighter future? New GSK has to invest in more complex, riskier areas such as cancer treatments, areas on which its competitors are also focused. Robin Hardy outlines how investors can avoid being caught out in the open. ADS holders should contact the Depositary for details on the receipt of fractional entitlements. 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. Second, we also include links to advertisers offers in some of our articles. As at the time of this announcement, GSKs issued share capital consists of 5,389,096,045 ordinary shares of 25 pence each (including 304,905,950 ordinary shares held in treasury). Then theres the valuation, which came in way below the price offered by Unilever a few short months ago. Forbes Advisor has selected Runpath Regulated Services Limited to compare a wide range of loans in a way designed to be the most helpful to the widest variety of readers. Following the demerger, Pfizer holds a 32% stake in Haleon while GSK holds a 13.5% stake. Following the demerger, share capital of Haleon will consist of: at least 54.5% will be held in total by GSK shareholders; up to 6% will be held by GSK; 32% will be held by Pfizer (which it . To receive any fractional entitlements and future dividend payments on your GSK shares you must provide your bank account details to Equiniti, the Registrar. Since 2017, a concerted effort to improve saw sales growth pick up to above 5 per cent but profits rose by less than 1 per cent. This announcement is for information purposes only and is not intended to and does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security. Equiniti will retain any payments owed to you until these details are provided. GlaxoSmithKline is one of the largest UK biotech stocks trading on the London Stock Exchange . The Circular in relation to the Demerger and the Prospectus regarding the admission of Haleons ordinary shares to the Premium listing segment of the Official List of the Financial Conduct Authority (FCA) and trading on the Main Market of the London Stock Exchange (LSE) were published by GSK and Haleon respectively on Wednesday 1 June 2022. There is considerable extra resource available with around 1.75bn saved annually on dividends and c0.5bn on debt interest, all available to plough into R&D. 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. Alongside the demerger, GSK is cutting its dividend. If New GSK gets it right, the markets view of the stock could materially shift and the rating improve from current, implied low-double-digit price/earnings (PE) ratio about right for a business struggling to make headway, take Bristol-Myers Squibb (US:BMY) as comparison to somewhere in the low to mid teens, right for a pharma stock hitting its stride: reference Novartis (CH:NOVN) or Merck (US:MRK). I agree to receive the Forbes Advisor newsletter via e-mail. BHP (BHP) and South 32 (S32): a good move for the spin-off and a lost opportunity for the parent. Update 18 July 2022: Today, on their first day of trading, Haleon shares got off to a mixed start. Further information regarding the General Meeting can be found here. Following the demerger, GSK will consolidate its existing share capital to reduce the number of GSK Shares in issue. Against an historic 80p a share, the aggregate dividend from the two new companies from 2022 is targeting 55p (44p New GSK and 11p Consumer) all things remaining equal, this drops the yield to 3.8 per cent, assuming investors retain shares in both entities, in line with the market average. The proposed demerger is the most significant corporate change for GSK in the last 20 years, creating two new leading companies: GSK will focus purely on biopharmaceuticals, prioritising investment towards the . How can 1+1- = 3? If all goes well, returns could be good. The announcement Wednesday came one day after GSK. Our market sites can be reached by visiting our location selector. This is called a fractional entitlement. In the split, the spin-off business will assume a disproportionate share of the old group debt. 2022 Forbes Media LLC. Debt has dragged on GSK, limiting research and development (R&D) spending and slowing growth. These affiliate links may generate income for our site when you click on them. Trading can become more cyclical, competition may react aggressively, the narrower focus may make the parent less defensive, new management may be weaker than old PLC leadership or the market may simply not apply the imagined revaluation. GSK shareholders will jointly own at least 54.5% GSK will hold up to 6% Pfizer will continue to hold 32% Certain Scottish limited partnerships - which provide funding to GSK pension pots - will hold 7.5% The lock-up period is expected to last several months. 3888792. 3888792. Information relevant to GSK ADS holders can be found in the Circular on pages 93 to 96. The demerged business may end up being taken over which, while boosting short-term value, makes it more difficult to assess the merits of the split. Haleon, responsible for a world-leading portfolio of consumer health brands including Panadol painkillers and Sensodyne toothpaste, was recently spun out of GSK in a joint venture with US drugs group Pfizer. The actual number of consolidated GSK shares you received can be obtained from the service provider or nominee through which you hold your GSK shares. Instead, just over half of the shares are on offer to buy just now, Mr Beckett commented. Prior to the demerger, the consumer healthcare segment was a joint venture between GSK and Pfizer PFE. Haleon - pronounced 'Hay-Lee-On' - is an amalgam of two words, the company has explained: 'Hale', an Old English word meaning 'in good health', and 'Leon', a word associated with strength. On paper, splitting businesses to give more autonomy and focus looks positive, but in practice gains are much harder to realise and the split can make life more difficult. (1) Unless otherwise indicated, all references to time in this timetable are to UK time. The stock price of a company immediately drops after a demerger. New consumer healthcare a mixture of personal health products (toothpaste, nicotine replacements, vitamins etc) and over-the-counter (OTC) medicines (such as Panadol, Advil, Zovirax) with revenues of c10bn and EBIT of 2.3bn: sales growth is a moderate 4 per cent. Our resident economist Hermione Taylor answers some of Twitter's most pressing questions on financia Big tech is often accused of being a monopoly but as market conditions have deteriorated its economi [1] assumes 500m/400m interest split [2] deducts minority for Pfizer share of Consumer [3] values GSK Consumer same as Reckitt Benckiser [4] Pharma value deduced by subtraction. The demerger is still contingent on approval from GSK shareholders at the company's annual general meeting, which will be held on July 6.
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