Note
On July 18, 2022, GSK PLC (LN: GSK) (“GSK”) separated its consumer healthcare business to form Haleon PLC (LN: HLN) (“Haleon”), an independent listed company. Following the spin-off, GSK completed the consolidation of its share capital, effective by the closing of the markets on the same day. These events triggered Potential Adjustment Events as per the terms and conditions of the market-linked GICs in respect of the common shares of GSK, a Reference Share in the Reference Portfolio of the market-linked GICs. As such, the Initial Value of the common shares of GSK was adjusted for the spin-off as of the opening of the markets on July 18, 2022, followed by an adjustment to reflect the consolidation at the closing of the markets on the same day.
On November 3, 2021, International Business Machines Corporation (NYSE: IBM) (IBM) announced the completion of its separation from Kyndryl Holdings, Inc. (NYSE: KD) (Kyndryl). Starting on November 4, 2021, Kyndryl will be traded on the New York Stock Exchange under the symbol KD. IBM completed the spin-off of Kyndryl by the special distribution of one share of Kyndryl’s common stock for every 5 shares of IBM’s common stock held. This event triggered a Potential Adjustment Event as per the terms and conditions of the market-linked GICs in respect of the common shares of IBM, a Reference Share in the Reference Portfolio of the market-linked GICs. As such, the Initial Value of the common shares of IBM was adjusted as of the closing of the markets on November 3, 2021.