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CSL - CSL LIMITED


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Sometimes, these Capital Raisings work in favour of the little guy.

After pulling in institutional money at $273 a share, the CSL shareprice has has been dumped along with/ even more than most of the market. Today, CSL is trading below $250 (just now $247.50) so the SPP discount is likely to apply

The issue price of the SPP Shares will be the lower of:

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  • the Placement price, being A$273.00 per new share as announced on ASX on 16 December 2021; and
  • a 2.0% discount to the 5 day volume weighted average price of CSL shares up to and including the closing date of the SPP (expected to be 07 February 2022), rounded to the nearest cent.

.... counting backwards, that 5 day (trading) period is starting on Tues 02 Feb

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On 1/27/2022 at 12:42 PM, nipper said:

Sometimes, these Capital Raisings work in favour of the little guy.

but even then, participants are still in the red .... trading now at $248.50

the issue price of new shares under the SPP is A$253.57, which represents a 2.0% discount to the 5  day volume weighted average price of CSL shares up to and including the closing date of the SPP (Monday, 7 February 2022). The SPP received strong support from eligible shareholders with a total of 56,1803 individual holders participating. Valid applications totalled A$942,675,000.
As the total value of applications received under the SPP exceeded the SPP target size of A$750 million, CSL has undertaken a pro rata scaleback of applications consistent with the scaleback principles set out in the SPP booklet. These principles were structured with shareholder fairness in mind and designed to deliver as close to pro rata outcome as possible.
The outcome is as follows:

  • Eligible shareholders who applied for A$2,500 of shares will not be subject to any scaleback and will receive the amount they applied for, rounded down to reflect a whole number of shares. Accordingly, those shareholders will receive 9 new shares (for a total issue price A$2,282.13), with their remaining application monies to be refunded.
  • Eligible shareholders who applied for more than A$2,500 of shares have been subject to the scaleback methodology having regard to their shareholding as at the record date for the SPP. The scaleback methodology ensures that, subject to the A$30,000 maximum application amount under the SPP, participating shareholders will receive an amount of new shares that:
  • at least maintains their percentage shareholding in CSL held prior to the announcement of the Placement and SPP (Pro Rata Amount), subject to a minimum allocation of 9 new shares; or
  • is equivalent to their application if that is lower than their Pro Rata Amount.

Approximately 94% of valid SPP applicants will receive at least their Pro Rata Amount

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CSL has maintained its interim dividend despite profits falling during the first half of the new financial year. Company revenue rose 5 per cent to $US6.04 billion ($8.45 billion), however profit slid 3 per cent to $US1.76 billion. On a constant currency basis, profit fell by 5 per cent.

CSL said the result was in line with expectations and it had experienced strong growth in a number of its product lines. Its Ig and albumin sales were constrained, however, because of lower plasma collections in the 2021 financial year. Its influenza vaccines business Seqirus performed well.

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CSL has delivered a result in line with our expectations in a challenging environment brought about by the ongoing impacts of the global COVID 19 pandemic, said Paul Perreault, CSL chief executive and MD.

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Our core franchise, the immunoglobulin portfolio, has been impacted by the industry wide constraints on collecting plasma in FY21 during the course of the global pandemic.

Our influenza vaccines business, Seqirus once again delivered a strong performance with revenue up 17 per cent at constant currency. This was achieved by significant growth in seasonal influenza vaccines driven by record demand and the differentiated and high value product portfolio of Seqirus.

CSL declared an interim dividend of $US1.04 a share, consistent with the dividend it paid a year ago (about A$1.45).

It said its net profit after tax for FY22 was anticipated to be in the range of about $US2.15 billion to $US2.25 billion at constant currency.

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