Read full press release - 2 August 2022
Demerger of the GSK Consumer Healthcare business to form Haleon plc.
The Corporate team at Slaughter and May (led by Partners David Johnson, Simon Nicholls and Claire Jackson) advised GSK plc on the demerger and listing of its Consumer Healthcare business to form Haleon plc.
This involved the preparation and verification of a number of public documents, including a Class 1 Circular to GSK shareholders and the Haleon Prospectus for listing.
Earlier in the project, Slaughter and May had assisted with the verification of Haleon’s Capital Markets Day presentation in February 2022, and the preparation and verification of a Base Prospectus for the launch of Haleon’s EMTN Programme in March 2022 – both under intense time pressure.
For these verification exercises, the “traditional” manual approach had been deployed. This involved lawyers manually circling up all of the material statements, tracking up to a dozen supporting sources for each material statement in a separate index table, and compiling these sources with reference to the lengthy public documents. The verification notes also had to be reviewed and commented on by various other stakeholders and external advisers, including sponsors’ counsel.
Slaughter and May’s Innovation team recognised that Atticus had the potential to ease the burden of verification processes.
Annabel allen, CORPORATE associate (london)
emily lew, senior knowledge & innovation manager
"new world" verification
With the power of Atticus, the lawyers were able to link the supporting documents directly to each statement in the platform, as well as automatically generate “slick, all-in-one, interactive reports which seamlessly jump between the public document and its verification source material”.
The software streamlined the verification process and, importantly, made it much quicker for the sponsors’ counsel to perform a comprehensive review of the notes.
Following an “old world” verification exercise for Haleon’s Capital Markets Day presentation and EMTN Prospectus, the “new world” of Atticus was an exciting prospect for the team and the client.
Alongside an intuitive user interface, Atticus comes with a responsive team that provided Slaughter and May with the necessary training, top tips, and product support throughout the transaction.