Dona Ferentes
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Alistair Symington, CEO, Blackmores Ltd
- I'd use "immunity" in inverted commas; nice to see the company has pulled out of its lurches downwards.
BKL - Blackmores Limited
- Thread starter jkool
- Start date
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- bkl blackmores limited
- I'd use "immunity" in inverted commas; nice to see the company has pulled out of its lurches downwards.
Dona Ferentes
Pengurus pengatur
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gee, where are we? More bouncing along the bottom for Blackmores, in a $60 to $80 range, definitely sub $100, since early 2019, and for most of 2020 and 2021. And now $83.
Credit Suisse has an “outperform” rating on Blackmores, and it also raises the prospect of the company potentially being a takeover target.
The move for the brand has been into pet vitamins and supplements, expanding into India, and pursuing modern career women in China as customers, via a shift to more premium branding. But China has not been the slam-dunk and what worked before may not work again for BKL. Daigou trade is dead, foot traffic is down and local sales are impacted by Covid restrictions. And a feuding board and major shareholder hasn't helped.
Credit Suisse has an “outperform” rating on Blackmores, and it also raises the prospect of the company potentially being a takeover target.
The move for the brand has been into pet vitamins and supplements, expanding into India, and pursuing modern career women in China as customers, via a shift to more premium branding. But China has not been the slam-dunk and what worked before may not work again for BKL. Daigou trade is dead, foot traffic is down and local sales are impacted by Covid restrictions. And a feuding board and major shareholder hasn't helped.
- Joined
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would prefer it much closer to $60 than $80 , if i was adding more ( and that is not out of the question )
might be time i started backing Marcus again instead of watching from the sidelines
this lot are turning this into Myers version 2
India looks OK but there are plenty of middle-class in South-East Asia as well
maybe they should investigate Asia for new products to sell , and win more local and ex-pat buyers
might be time i started backing Marcus again instead of watching from the sidelines
this lot are turning this into Myers version 2
India looks OK but there are plenty of middle-class in South-East Asia as well
maybe they should investigate Asia for new products to sell , and win more local and ex-pat buyers
- Joined
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Thinking 1 pc of Indian population as customers will outweigh the total aus customers.
But the sub continent has a large no of good pharma companies who are exporting world wide including Australia.
With Aus made products, to make money competing with made in India products will be largely dictated high pitch marketing keeping BKL products on the high price category.
The upper class there affluent to pay the premiums for foreign products .
Don't hold BKL
- Joined
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rivals have come and gone against Blackmores sure part of it was the family company ethic , and part loyal supportive staff
you don't need a huge increase from Asia to double sales , all they need to do is keep up the quality in manufacture , a few more select products , sometimes slow expansion in difficult times is the path to take
i also note BKL is listed as having eight directors , must be an interesting time justifying all them to the employees ( many of whom are share-holders as well )
you don't need a huge increase from Asia to double sales , all they need to do is keep up the quality in manufacture , a few more select products , sometimes slow expansion in difficult times is the path to take
i also note BKL is listed as having eight directors , must be an interesting time justifying all them to the employees ( many of whom are share-holders as well )
- Joined
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ASX Announcement
FY22 Results
Blackmores Group delivers 19% increase in Underlying EBIT to $56.6 million with margin
expansion, and achieves growth in all three brands and all markets
FY22 HIGHLIGHTS
• Group Revenue: $649.5m up 12.8% on prior year (12.9% at constant FX)
• Underlying Gross profit: $346.6m up 15.1% on prior year with Underlying gross margin expansion
(up 1.1ppts to 53.4%)
• Group Underlying EBIT: $56.6m up 19.0% on prior year with underlying EBIT margin up 0.5ppts to
8.7% (statutory EBIT $56.0m up 22.2%)
• Group Underlying NPAT: $31.1m up 22.6% on prior year (statutory continuing NPAT $30.6m up
27.8%)
• Statutory NPAT: $30.6m up 7.0% on prior year
• Australia segment revenue up 2.7%, underlying EBIT up 7.0% on prior year; Blackmores and
BioCeuticals combined retail sales contribute to the Group having the largest incremental sales
growth1 in the VDS category
• International segment revenue up 31.7% (31.2% at constant FX) and underlying EBIT up 43.9% on
prior year
• China segment revenue up 10.6% and underlying EBIT up 11.2% to $16.0m
• Group continues to execute on strategy including cost-out and efficiency savings, targeted
investment in growth opportunities across key markets and margin uplift initiatives, with clear FY24
objectives
• Net cash: $82.2m
• Final dividend of 32 cents per share (cps) (fully franked) – FY dividend 95 cents fully franked up
33.8%
RESULTS OVERVIEW
Blackmores Limited (ASX: BKL) today announced its financial results for the year ended 30 June 2022
(FY22).
Chief Executive Officer, Alastair Symington said: “We are pleased to deliver a strong financial result during
a period which continued to be impacted by the ongoing effects of COVID-19 and significant disruption to
supply chains and increased input costs.
“The resilience of our business model, together with the strength of our brands and distribution channels,
have enabled the Group to respond to these challenges to deliver top line growth along with further margin
expansion.
1 Combined Blackmores and BioCeuticals portfolio growth, RSV FYTD 2/7/22 in VDS. Nielsen AU Pharmacy + Grocery
For the year ended 30 June 2022
Reported 18 August 2022
Blackmores Limited 2
“We recorded growth across all three brands (Blackmores, BioCeuticals and PAW) and all markets for the
first time in the last 4 years.
“Our ongoing focus on product innovation and continued investment in our brands, with selling and
marketing spend up 4.6%, has delivered a strong uplift in revenue growth of 12.8%.
“Meanwhile, our continued focus on operational discipline, including price/mix optimisation has delivered
a strong uplift in gross margin which increased by 1.1 ppts.
“This has enabled Blackmores to deliver a 22.6% increase in underlying net profit together with a 33.8%
lift in the full year dividend to shareholders to 95 cents per share, fully franked.
“Importantly, this strong set of financial results has also been delivered alongside the implementation of
improvements in our workplace health and safety and further commitments delivered as part of our ongoing
sustainability agenda, including signing up to our first sustainability-linked loan.
“Blackmores has remained disciplined and focused on delivering our strategic objectives which has
strengthened our competitive position to meet the current economic challenges and capitalise on the
significant growth opportunity in our core markets and set us up for future growth across our business.
“In FY22, we continued to extend the reach of our brands achieving double-digit revenue and profit growth
in our China and International segments.
“We simplified our operations and strengthened our supply chain which has enabled the Group to address
the current disruption and implement the necessary measures to enhance our manufacturing productivity
to support our growth agenda.
“While the current macro-environment increases near-term volatility, Blackmores’ medium-term trajectory
remains strong as we continue to build a platform for sustainable value creation,” he said.
GROUP FINANCIAL RESULTS
Revenue increased by 12.8% to $649.5 million (up 12.9% on constant currency basis) driven
predominantly by strong performances in International and China, Australia/NZ is back in growth.
Despite the challenges of higher input costs, particularly in the second half of the year, underlying gross
margin improved from 52.3% to 53.4% as Blackmores continued its strong focus on optimising price,
product mix, trade spend, and Cost of Goods Sold (COGS) efficiency programs. In year savings of $10
million delivered from our continuous improvement program, Leading Value Proposition (LVP), enabled
delivery of uplift in gross margin.
The Company remains on track to achieve our target of $55m annualised gross cost savings by the end
of FY23.
Underlying Group EBIT lifted by 19.0% with an improvement in EBIT margin from 8.3% to 8.7%, which
included increased selling and marketing expenditure of 4.6% for the year as the Company increased
investments in its 3 power brands.
Underlying Net Profit After Tax increased by 22.6% to $31.1 million with Blackmores reporting a statutory
continuing Net Profit After Tax of $30.6 million, up 27.8% from the prior year.
Underlying Earnings Per Share increased by 22.0% to 160.2 cents.
For the year ended 30 June 2022
Reported 18 August 2022
Blackmores Limited 3
BUSINESS UNIT RESULTS:
AUSTRALIA AND NEW ZEALAND (ANZ)
Strong execution in a disrupted market enables 7.0% EBIT growth
Australia and New Zealand revenue increased by 2.7% to $288.2 million. All Australian brands
contributed to revenue growth with the BioCeuticals and PAW brands recording strong growth compared
to the prior year. The Blackmores, BioCeuticals and PAW brands continue to resonate strongly in the
market, retaining the Company’s number one2 position in Australia in our key segments.
Sales in the first half were impacted by COVID-19 flow on effects, including border closures, a reduction
in retail foot traffic from lockdowns and lower sales from international students and visitors. Despite
some impact of the floods in Queensland and New South Wales, sales recovered in the second half as
consumers gained more confidence to enter retail post lockdown, cold and flu cases increased and
Blackmores increased investments in advertising and promotional campaigns to pre-pandemic levels.
Underlying EBIT increased 7.0% to $43.1 million through gross margin improvement, partially offset by
increased investment in advertising and promotion.
INTERNATIONAL
Continued momentum across key markets delivers 43.9% EBIT growth
Blackmores’ International business continued its strong momentum from the first half to deliver revenue
uplift of 31.8% (31.2% at constant currency) for FY22.
Strong revenue growth was achieved across the key markets of Indonesia, (+36.7%) and Thailand
(+33.3%). All International markets delivered growth in the year, supported by increased brand
awareness, new product launches, distribution expansion and sustained on-shelf availability. Top line
growth was also driven by continued investment in Product Advisors (now totalling 700) together with
targeted price/pack initiatives to deliver net sales per unit uplift.
The Blackmores’ brand continues to gain market share in key international markets. In Thailand, we
continued to be the leading brand in the VDS market and in Indonesia we moved into joint 3rd brand
leader. Market share in other markets was steady.
Market innovation included the launch of 61 products across the region including new products launched
in India. The Company continues to make solid progress with its Halal strategy across Indonesia with
two thirds of our product range now having the MUI Halal logo.
Underlying EBIT grew by 43.9% to $29.8 million with Underlying EBIT margin up 1.2 ppts to 13.8%,
underpinned by cost management, disciplined pricing and a shift to higher margin channels in all major
markets.
2 Nielsen AU Pharmacy + Grocery FYTD 2/7/22 Domestic (Retail & Practitioner)
For the year ended 30 June 2022
Reported 18 August 2022
Blackmores Limited 4
CHINA
Strong execution in challenging lockdown conditions delivers 11.2% EBIT growth
Despite on-going lockdowns in key cities in China, revenue in the China segment increased by 10.6% to
$145.6 million (10.6% in constant currency).
This result was driven by ongoing growth in the Direct Cross Border E-Commerce (CBEC) channel with
Gross merchandise value (GMV) sales from the 618 festival up amidst challenging logistics during
Shanghai lockdowns.
This strong performance reflects ongoing investment in innovation and in local capabilities to deepen
CBEC and digital health performance, with key products driving growth in the premium Fish Oil and Eye
health segments.
Blackmores remained in the top 43 VDS brands across all CBEC platforms in China in the year.
Underlying EBIT increased by 11.2% to $16.0 million with Underlying EBIT margin up 0.1 ppts to 11.0%.
Gross margin was broadly flat with price initiatives and favourable mix offsetting higher input costs
challenges.
SUPPLY CHAIN OPERATIONS
Improvements in out of stocks through 2H despite ongoing global supply chain issues
Braeside delivered a solid performance across all metrics and maintained full production without
interruption to ensure supply to customers. In FY22, Braeside manufactured 2.3 billion doses of soft gel
capsules and solid dose tablets representing ~60% of Blackmores' total volume.
Gross margin improvement was driven by COGS efficiencies and mix improvements while Braeside
conversion costs continue to improve compared to the prior year.
Investments in cloud-based demand and supply planning tools were undertaken in Q4.
BALANCE SHEET AND CASH FLOW
Strong financial position maintained to support growth initiatives
Blackmores remains in a strong financial position with a net cash balance of $82.2 million at 30 June
2022.
The reduction in operating cash flow before interest and tax of 31.5% to $55.0 million reflects the
Group’s planned response to ongoing supply chain disruption to build product inventory in the short term
to improve out-of-stocks to meet customer demand while also supporting growth in international markets.
Average inventory age remains in line with prior periods.
Capital expenditure of $10.7 million was 42.0% lower than the prior year, reflecting lower spend but also
recognising that Technology and Digital investment is now mostly captured as an operational expense
under accounting standards.
3 Smart Path China VDS Ecommerce 2/8/22
For the year ended 30 June 2022
Reported 18 August 2022
Blackmores Limited 5
WORK HEALTH AND SAFETY (WHS)
We gained a deeper understanding of our WHS system through audits and inspections across our sites,
to inform a new WHS system in the coming year. Our reporting culture has been supported by targeted
training on incident reporting, investigation and risk assessment. As a result, we have significantly
decreased the severity of Lost Time Injuries (LTIs) across Blackmores’ sites. In Australia, Warriewood
Operations achieved a full year of zero LTI claims.
SUSTAINABILITY
Blackmores has maintained a strong focus on sustainable business practices consistent with the
Company’s “Healthy planet, Healthy people” sustainability program.
During the year, Blackmores entered into to its first sustainability-linked loan for 50% of its banking
facilities, deepening the Company’s commitment to achieving its emissions reduction targets.
Blackmores remains committed to reach net zero emissions by 2030. In FY22, Blackmores reduced
total emissions by a further 4.1% while increasing its use of renewable energy. More details about our
progress will be published in the Blackmores Group Sustainability Report to be released in September
2022.
DIVIDEND
Continued focus on shareholder returns – FY dividend up 33.8%
The Board declared a fully franked final dividend of 32 cents per share bringing the full year dividend to
95 cents per share fully franked. This represents a dividend payout ratio of 60% of statutory net profit.
The record date for the final dividend is 1 September 2022 with scheduled payment on 19 September
2022.
The Dividend Reinvestment Plan (“DRP”) will operate for the final dividend with a discount of 2.5%.
The Blackmores Board maintains its disciplined approach to capital management with a strong financial
position to take advantage of growth opportunities as they arise to ensure capital is deployed in a
manner to deliver long-term shareholder value.
OUTLOOK
Blackmores remains focused on executing its strategic and commercial plan, supporting continued
earnings momentum.
In International the Company will continue to expand its distribution footprint and invest in Blackmores’
brand awareness.
In ANZ Blackmores will increase investment in advertising and channel differentiation behind its 3 brand
strategy while delivering differentiated channel offers.
In China the Company continues to navigate consumer and trade headwinds, however there are early
signs of supply chains re-shaping with consumer demand improving as lockdowns are lifted and as eCommerce platforms stabilise.
For the year ended 30 June 2022
Reported 18 August 2022
Blackmores Limited 6
In FY23 Blackmores will continue its investment in improved efficiency processes and growth initiatives,
including enhancements to the Company’s technology and digital capabilities. The Company remains
focused on delivering its $55 million gross annualised cost savings target in FY23 while assessing
further cost out opportunities beyond FY23.
Blackmores acknowledges several macro-economic variables remain outside the Company’s control
which could impact its business. However, we remain confident in the ongoing resilience of the
business, growth trajectory and advantage that our geographic diversity brings as economic uncertainty
prevails.
While inflationary pressure persists across all the Company’s end-markets, potentially impacting
consumer spending, Blackmores remains confident in its portfolio and price/mix strategy in response to
changes in market forces.
ENDS
===================================================================================================
DYOR
i hold BKL
i should be laughing all the way to the bank here but swapped the original holding into WES in 2015 and bought back in 2017
so i am doing OK ( on BKL ) but swapping into WES at that time WAS the right choice
FY22 Results
Blackmores Group delivers 19% increase in Underlying EBIT to $56.6 million with margin
expansion, and achieves growth in all three brands and all markets
FY22 HIGHLIGHTS
• Group Revenue: $649.5m up 12.8% on prior year (12.9% at constant FX)
• Underlying Gross profit: $346.6m up 15.1% on prior year with Underlying gross margin expansion
(up 1.1ppts to 53.4%)
• Group Underlying EBIT: $56.6m up 19.0% on prior year with underlying EBIT margin up 0.5ppts to
8.7% (statutory EBIT $56.0m up 22.2%)
• Group Underlying NPAT: $31.1m up 22.6% on prior year (statutory continuing NPAT $30.6m up
27.8%)
• Statutory NPAT: $30.6m up 7.0% on prior year
• Australia segment revenue up 2.7%, underlying EBIT up 7.0% on prior year; Blackmores and
BioCeuticals combined retail sales contribute to the Group having the largest incremental sales
growth1 in the VDS category
• International segment revenue up 31.7% (31.2% at constant FX) and underlying EBIT up 43.9% on
prior year
• China segment revenue up 10.6% and underlying EBIT up 11.2% to $16.0m
• Group continues to execute on strategy including cost-out and efficiency savings, targeted
investment in growth opportunities across key markets and margin uplift initiatives, with clear FY24
objectives
• Net cash: $82.2m
• Final dividend of 32 cents per share (cps) (fully franked) – FY dividend 95 cents fully franked up
33.8%
RESULTS OVERVIEW
Blackmores Limited (ASX: BKL) today announced its financial results for the year ended 30 June 2022
(FY22).
Chief Executive Officer, Alastair Symington said: “We are pleased to deliver a strong financial result during
a period which continued to be impacted by the ongoing effects of COVID-19 and significant disruption to
supply chains and increased input costs.
“The resilience of our business model, together with the strength of our brands and distribution channels,
have enabled the Group to respond to these challenges to deliver top line growth along with further margin
expansion.
1 Combined Blackmores and BioCeuticals portfolio growth, RSV FYTD 2/7/22 in VDS. Nielsen AU Pharmacy + Grocery
For the year ended 30 June 2022
Reported 18 August 2022
Blackmores Limited 2
“We recorded growth across all three brands (Blackmores, BioCeuticals and PAW) and all markets for the
first time in the last 4 years.
“Our ongoing focus on product innovation and continued investment in our brands, with selling and
marketing spend up 4.6%, has delivered a strong uplift in revenue growth of 12.8%.
“Meanwhile, our continued focus on operational discipline, including price/mix optimisation has delivered
a strong uplift in gross margin which increased by 1.1 ppts.
“This has enabled Blackmores to deliver a 22.6% increase in underlying net profit together with a 33.8%
lift in the full year dividend to shareholders to 95 cents per share, fully franked.
“Importantly, this strong set of financial results has also been delivered alongside the implementation of
improvements in our workplace health and safety and further commitments delivered as part of our ongoing
sustainability agenda, including signing up to our first sustainability-linked loan.
“Blackmores has remained disciplined and focused on delivering our strategic objectives which has
strengthened our competitive position to meet the current economic challenges and capitalise on the
significant growth opportunity in our core markets and set us up for future growth across our business.
“In FY22, we continued to extend the reach of our brands achieving double-digit revenue and profit growth
in our China and International segments.
“We simplified our operations and strengthened our supply chain which has enabled the Group to address
the current disruption and implement the necessary measures to enhance our manufacturing productivity
to support our growth agenda.
“While the current macro-environment increases near-term volatility, Blackmores’ medium-term trajectory
remains strong as we continue to build a platform for sustainable value creation,” he said.
GROUP FINANCIAL RESULTS
Revenue increased by 12.8% to $649.5 million (up 12.9% on constant currency basis) driven
predominantly by strong performances in International and China, Australia/NZ is back in growth.
Despite the challenges of higher input costs, particularly in the second half of the year, underlying gross
margin improved from 52.3% to 53.4% as Blackmores continued its strong focus on optimising price,
product mix, trade spend, and Cost of Goods Sold (COGS) efficiency programs. In year savings of $10
million delivered from our continuous improvement program, Leading Value Proposition (LVP), enabled
delivery of uplift in gross margin.
The Company remains on track to achieve our target of $55m annualised gross cost savings by the end
of FY23.
Underlying Group EBIT lifted by 19.0% with an improvement in EBIT margin from 8.3% to 8.7%, which
included increased selling and marketing expenditure of 4.6% for the year as the Company increased
investments in its 3 power brands.
Underlying Net Profit After Tax increased by 22.6% to $31.1 million with Blackmores reporting a statutory
continuing Net Profit After Tax of $30.6 million, up 27.8% from the prior year.
Underlying Earnings Per Share increased by 22.0% to 160.2 cents.
For the year ended 30 June 2022
Reported 18 August 2022
Blackmores Limited 3
BUSINESS UNIT RESULTS:
AUSTRALIA AND NEW ZEALAND (ANZ)
Strong execution in a disrupted market enables 7.0% EBIT growth
Australia and New Zealand revenue increased by 2.7% to $288.2 million. All Australian brands
contributed to revenue growth with the BioCeuticals and PAW brands recording strong growth compared
to the prior year. The Blackmores, BioCeuticals and PAW brands continue to resonate strongly in the
market, retaining the Company’s number one2 position in Australia in our key segments.
Sales in the first half were impacted by COVID-19 flow on effects, including border closures, a reduction
in retail foot traffic from lockdowns and lower sales from international students and visitors. Despite
some impact of the floods in Queensland and New South Wales, sales recovered in the second half as
consumers gained more confidence to enter retail post lockdown, cold and flu cases increased and
Blackmores increased investments in advertising and promotional campaigns to pre-pandemic levels.
Underlying EBIT increased 7.0% to $43.1 million through gross margin improvement, partially offset by
increased investment in advertising and promotion.
INTERNATIONAL
Continued momentum across key markets delivers 43.9% EBIT growth
Blackmores’ International business continued its strong momentum from the first half to deliver revenue
uplift of 31.8% (31.2% at constant currency) for FY22.
Strong revenue growth was achieved across the key markets of Indonesia, (+36.7%) and Thailand
(+33.3%). All International markets delivered growth in the year, supported by increased brand
awareness, new product launches, distribution expansion and sustained on-shelf availability. Top line
growth was also driven by continued investment in Product Advisors (now totalling 700) together with
targeted price/pack initiatives to deliver net sales per unit uplift.
The Blackmores’ brand continues to gain market share in key international markets. In Thailand, we
continued to be the leading brand in the VDS market and in Indonesia we moved into joint 3rd brand
leader. Market share in other markets was steady.
Market innovation included the launch of 61 products across the region including new products launched
in India. The Company continues to make solid progress with its Halal strategy across Indonesia with
two thirds of our product range now having the MUI Halal logo.
Underlying EBIT grew by 43.9% to $29.8 million with Underlying EBIT margin up 1.2 ppts to 13.8%,
underpinned by cost management, disciplined pricing and a shift to higher margin channels in all major
markets.
2 Nielsen AU Pharmacy + Grocery FYTD 2/7/22 Domestic (Retail & Practitioner)
For the year ended 30 June 2022
Reported 18 August 2022
Blackmores Limited 4
CHINA
Strong execution in challenging lockdown conditions delivers 11.2% EBIT growth
Despite on-going lockdowns in key cities in China, revenue in the China segment increased by 10.6% to
$145.6 million (10.6% in constant currency).
This result was driven by ongoing growth in the Direct Cross Border E-Commerce (CBEC) channel with
Gross merchandise value (GMV) sales from the 618 festival up amidst challenging logistics during
Shanghai lockdowns.
This strong performance reflects ongoing investment in innovation and in local capabilities to deepen
CBEC and digital health performance, with key products driving growth in the premium Fish Oil and Eye
health segments.
Blackmores remained in the top 43 VDS brands across all CBEC platforms in China in the year.
Underlying EBIT increased by 11.2% to $16.0 million with Underlying EBIT margin up 0.1 ppts to 11.0%.
Gross margin was broadly flat with price initiatives and favourable mix offsetting higher input costs
challenges.
SUPPLY CHAIN OPERATIONS
Improvements in out of stocks through 2H despite ongoing global supply chain issues
Braeside delivered a solid performance across all metrics and maintained full production without
interruption to ensure supply to customers. In FY22, Braeside manufactured 2.3 billion doses of soft gel
capsules and solid dose tablets representing ~60% of Blackmores' total volume.
Gross margin improvement was driven by COGS efficiencies and mix improvements while Braeside
conversion costs continue to improve compared to the prior year.
Investments in cloud-based demand and supply planning tools were undertaken in Q4.
BALANCE SHEET AND CASH FLOW
Strong financial position maintained to support growth initiatives
Blackmores remains in a strong financial position with a net cash balance of $82.2 million at 30 June
2022.
The reduction in operating cash flow before interest and tax of 31.5% to $55.0 million reflects the
Group’s planned response to ongoing supply chain disruption to build product inventory in the short term
to improve out-of-stocks to meet customer demand while also supporting growth in international markets.
Average inventory age remains in line with prior periods.
Capital expenditure of $10.7 million was 42.0% lower than the prior year, reflecting lower spend but also
recognising that Technology and Digital investment is now mostly captured as an operational expense
under accounting standards.
3 Smart Path China VDS Ecommerce 2/8/22
For the year ended 30 June 2022
Reported 18 August 2022
Blackmores Limited 5
WORK HEALTH AND SAFETY (WHS)
We gained a deeper understanding of our WHS system through audits and inspections across our sites,
to inform a new WHS system in the coming year. Our reporting culture has been supported by targeted
training on incident reporting, investigation and risk assessment. As a result, we have significantly
decreased the severity of Lost Time Injuries (LTIs) across Blackmores’ sites. In Australia, Warriewood
Operations achieved a full year of zero LTI claims.
SUSTAINABILITY
Blackmores has maintained a strong focus on sustainable business practices consistent with the
Company’s “Healthy planet, Healthy people” sustainability program.
During the year, Blackmores entered into to its first sustainability-linked loan for 50% of its banking
facilities, deepening the Company’s commitment to achieving its emissions reduction targets.
Blackmores remains committed to reach net zero emissions by 2030. In FY22, Blackmores reduced
total emissions by a further 4.1% while increasing its use of renewable energy. More details about our
progress will be published in the Blackmores Group Sustainability Report to be released in September
2022.
DIVIDEND
Continued focus on shareholder returns – FY dividend up 33.8%
The Board declared a fully franked final dividend of 32 cents per share bringing the full year dividend to
95 cents per share fully franked. This represents a dividend payout ratio of 60% of statutory net profit.
The record date for the final dividend is 1 September 2022 with scheduled payment on 19 September
2022.
The Dividend Reinvestment Plan (“DRP”) will operate for the final dividend with a discount of 2.5%.
The Blackmores Board maintains its disciplined approach to capital management with a strong financial
position to take advantage of growth opportunities as they arise to ensure capital is deployed in a
manner to deliver long-term shareholder value.
OUTLOOK
Blackmores remains focused on executing its strategic and commercial plan, supporting continued
earnings momentum.
In International the Company will continue to expand its distribution footprint and invest in Blackmores’
brand awareness.
In ANZ Blackmores will increase investment in advertising and channel differentiation behind its 3 brand
strategy while delivering differentiated channel offers.
In China the Company continues to navigate consumer and trade headwinds, however there are early
signs of supply chains re-shaping with consumer demand improving as lockdowns are lifted and as eCommerce platforms stabilise.
For the year ended 30 June 2022
Reported 18 August 2022
Blackmores Limited 6
In FY23 Blackmores will continue its investment in improved efficiency processes and growth initiatives,
including enhancements to the Company’s technology and digital capabilities. The Company remains
focused on delivering its $55 million gross annualised cost savings target in FY23 while assessing
further cost out opportunities beyond FY23.
Blackmores acknowledges several macro-economic variables remain outside the Company’s control
which could impact its business. However, we remain confident in the ongoing resilience of the
business, growth trajectory and advantage that our geographic diversity brings as economic uncertainty
prevails.
While inflationary pressure persists across all the Company’s end-markets, potentially impacting
consumer spending, Blackmores remains confident in its portfolio and price/mix strategy in response to
changes in market forces.
ENDS
===================================================================================================
DYOR
i hold BKL
i should be laughing all the way to the bank here but swapped the original holding into WES in 2015 and bought back in 2017
so i am doing OK ( on BKL ) but swapping into WES at that time WAS the right choice
- Joined
- 2 May 2007
- Posts
- 4,733
- Reactions
- 2,981
I always admired BKL products but did never admire the hype created by a few brokers, Motley Fool, and others.
They have started buy one get one free at Chemist Warehouse, But there are too many similar products in the market, and competitive as per price and quality too.
So it was written on the wall to see Fat Prophets has published a sell for BKL. I am personally sad to see a good company go down in the near future unless someone comes to turn around or buy it over. DNH and never held.
I am not suggesting FP is right as it could be ramp down as well- who knows the agenda . So DYOR and make decision accordingly.
Did a double check on Stock Specialist and also says sale
They have started buy one get one free at Chemist Warehouse, But there are too many similar products in the market, and competitive as per price and quality too.
So it was written on the wall to see Fat Prophets has published a sell for BKL. I am personally sad to see a good company go down in the near future unless someone comes to turn around or buy it over. DNH and never held.
I am not suggesting FP is right as it could be ramp down as well- who knows the agenda . So DYOR and make decision accordingly.
Did a double check on Stock Specialist and also says sale
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i hold BKL ( but only a handful ) and participate in the DRP
and willing to carefully add more but much closer to $50 ( and preferably lower ) than currently look for Asian ( ex-China ) expansion as a guide ( liable to get entangled in a trade war with China )
and willing to carefully add more but much closer to $50 ( and preferably lower ) than currently look for Asian ( ex-China ) expansion as a guide ( liable to get entangled in a trade war with China )
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@divs4ever - you are a bull hunter for sure. So you reckon the price will come down to $50 to make it a buy? In other words, SELL by Fat Prophets at a $77 price tag is a fair call.
This is academic for me as I did never hold BKL even when some brokers and news agencies were shouting buy @$127.
So will be waiting in the sideline.
Sorry for the holders who burnt their fingers in good faith and believed so-called rampers like MF, FP, and others to put their hard-earned money on BKL
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i was in BKL at less than $25 before it 'took off ' then flipped them into WES ( at more than 3 WES per BKL )
i then bought back in after it was sliding from the first wave of ' China disappointments ' in 2017 , added more in 2019 and 2022
now whether we go to war with China or not i see a China market 'as too far away ' but the rest of Asia including India still has potential
but remember i am doing this cautiously .. the global economy might still collapse , so i am looking for more lower entry prices
i bought BKL as 'a bottom drawer stock ' initially and will try to do so again patiently and carefully
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Blackmores enters into Scheme
Implementation Deed with Kirin
This announcement was authorised for release by the Board of Directors of Blackmores Limited.
KEY HIGHLIGHTS
• Blackmores Limited (Blackmores) has entered into a Scheme Implementation Deed with Kirin
Holdings Company, Limited (Kirin) for the acquisition of 100% of the issued share capital of
Blackmores by way of a scheme of arrangement (Scheme)
• Under the terms of the Scheme, Blackmores shareholders will receive cash consideration of
$95.00 per Blackmores share, less any special dividend declared or paid prior to implementation
of the Scheme (Scheme Consideration)
• If the Scheme becomes effective, the Blackmores Board intends to declare a fully-franked special
dividend of $3.34 per Blackmores share (subject to availability of franking credits)1 (Special
Dividend) payable on or immediately prior to implementation of the Scheme, which is expected
to enable eligible shareholders to benefit from franking credits of $1.431 per Blackmores share
attached to any such Special Dividend
• Blackmores’ Board unanimously recommends the Scheme, subject to conditions outlined below
• Blackmores’ largest shareholder, Marcus Blackmore, who holds or controls approximately 18% of
Blackmores’ ordinary shares outstanding as at the date of this announcement, has informed
Blackmores that he has agreed with Kirin to vote 3,516,834 Blackmores shares held or controlled
by him in favour of the Scheme, unless otherwise directed by Kirin
• The Scheme Consideration represents a 23.7% premium to last close, a 30.5% premium to the
Blackmores one-month volume weighted average price up to and including 6 April 20232 and an
implied acquisition multiple of 23.1x LTM Dec 22 EBITDA3
• The Scheme is subject to certain conditions, including informal clearance by the Australian
Competition and Consumer Commission (ACCC), and approval by the Australian Foreign
Investment Review Board (FIRB), and the State Administration for Market Regulation (SAMR) of
the People’s Republic of China
• Blackmores shareholders do not need to take any action at this time
OVERVIEW
Blackmores Limited (ASX: BKL) (Blackmores or the Company) announced today that it has entered
into a Scheme Implementation Deed with Kirin Holdings Company, Limited (TSE: 2503) (Kirin) for the
acquisition of 100% of the issued share capital of Blackmores by way of a scheme of arrangement
(Scheme).
If the Scheme is implemented, Blackmores shareholders will receive total cash consideration of $95.00
per share (Scheme Consideration), less any special dividend declared and paid to Blackmores
shareholders on or before the date of implementation of the Scheme. A fully-franked special dividend of
$3.34 per Blackmores share (subject to availability of franking credits)4 (Special Dividend) is expected
to be paid, resulting in franking credits of $1.434 per Blackmores share attached to any such Special
Dividend.
DETAILS OF THE SCHEME CONSIDERATION
The Scheme Consideration values Blackmores’ equity at approximately $1,880 million5
, and at an
enterprise value of approximately $1,840 million6
, and represents:
• a 23.7% premium to the last close price of $76.79;
• a 30.5% premium to the 1-month volume weighted average price (VWAP) up to and including 6
April 20237 of $72.80;
• a 29.7% premium to the 12-month VWAP up to and including 6 April 20237 of $73.22; and
• an implied EV / EBITDA multiple of 23.1x Blackmores’ LTM Dec 22 underlying EBITDA8
.
BLACKMORES DIRECTORS UNANIMOUSLY RECOMMEND THE SCHEME
Blackmores’ Board of Directors unanimously recommends that Blackmores shareholders vote in favour
of the Scheme, in the absence of a superior proposal and subject to an Independent Expert concluding
(and continuing to conclude) that the Scheme is in the best interests of Blackmores shareholders. Each
Blackmores Director intends to vote all of the Blackmores shares that he or she holds or controls in
favour of the Scheme, subject to those same qualifications.
Blackmores Chair, Wendy Stops, said: “The Kirin Scheme represents an attractive, all-cash transaction.
The Blackmores Board believes the agreed Scheme Consideration represents appropriate long-term
value for the Company and an attractive outcome for Blackmores shareholders. The Blackmores Board
has accordingly unanimously recommended that Blackmores shareholders vote in favour of the Scheme,
subject to customary conditions such as independent expert conclusions and no superior proposal.”
Blackmores Chief Executive Officer and Managing Director, Alastair Symington, said: “Today is an
important day in the history of Blackmores. The Kirin proposal recognises the strong leadership position
that Blackmores, through its brands and people, has established in the natural health sector across the
Asia Pacific region over our long history. Importantly it also confirms the significant opportunity that lies
ahead for our employees and other key stakeholders of Blackmores as both companies come together
to combine their focus on growing Kirin’s health science business across the world.
The combination of Kirin and Blackmores is testament to the clarity and ambition of our collective
strategic direction and is recognition of the significant effort, and capital invested at Blackmores over the
past 3 years in repositioning the business for sustainable profitable growth.
Kirin is a leading Food and Beverage, Pharmaceuticals and Health Science company, headquartered in
Tokyo and listed on the Tokyo Stock Exchange with a market capitalisation of A$22.9 billion9
. For
decades, Kirin has sought to leverage its evidence based ingredient technology outside of its core
beverage categories, and has increased its focus on health-related products. The proposed acquisition
of Blackmores will accelerate Kirin’s aspiration to become the leading health science company in Asia4 Subject to availability of franking credits and provided that it will not result in the franking account of Blackmores being in deficit after the
special dividend is paid.
5 Calculated based on 19,450,635 issued ordinary shares and 339,377 outstanding share rights (as disclosed by Blackmores to ASX on 13 April
2023).
6 Based on reported net cash of $75.1 million, lease liabilities of $21.9 million and equity attributable to non-controlling interests of $13.0 million
as at 31 December 2022.
7 Being the last trading day prior to the date upon which Blackmores was the subject of media speculation that it may attract interest as a
takeover target. 8 Based on Underlying EBITDA for the last twelve months to 31 December 2022 of $79.7 million.
9 Calculated based on last close of ¥2,225 and issued ordinary shares of 914,000,000, converted to AUD equivalent at an exchange rate of
88.80 JPY per 1.00 AUD.
Blackmores Limited 3
Pacific. The combined company will have a larger platform to further leverage the Blackmores brand,
accelerate penetration into high growth Asian markets, and expand its presence into new geographies.”
Kirin President and Chief Executive Officer, Yoshinori Isozaki, commented that “Blackmores presents an
exciting opportunity to transform the scale and reach of our Health Science domain. Kirin Group is
working to create social value and economic value by solving social issues through our business
activities, and we have been transforming our business from a brewing business to the business model
creating value across Food & Beverages and Pharmaceuticals domains, based on the concept of "CSV"
(Creating Shared Value).”
Takeshi Minakata, Director of the Board, Senior Executive Officer, President of Health Science Business
Division in charge of Strategy of the Health Science Domain said: “We believe Blackmores will
accelerate the transformation of our Health Science Domain as both Kirin and Blackmores share a vision
to improve people’s lives through our products as well as a commitment to quality, innovation and
investment. We are excited about the growth potential for the Blackmores business and look forward to
supporting its growth and development, and furthering its commitment to quality ingredients and product
development.
Kirin will continue to invest in Blackmores, its brands and its foundations in complementary medicine to
accelerate its growth across the Asia Pacific region and globally. We also recognise the strength and
capability of the Blackmores team and will work with them to build on the proud legacy of the Blackmores
business and to realise its full potential, whilst maintaining its headquarters and manufacturing
operations in Australia.”
DETAILS OF THE SCHEME IMPLEMENTATION DEED
The implementation of the Scheme is subject to various customary conditions. A copy of the Scheme
Implementation Deed (SID), which sets out the terms and conditions of the Scheme and associated
matters, is attached to this announcement. Capitalised terms used in this section below have the
meaning given to those terms in the SID.
In summary, conditions for implementation of the Scheme include:
• the Independent Expert issues an Independent Expert’s Report which concludes that the Scheme
is in the best interests of Blackmores shareholders (and not changing or withdrawing that
conclusion);
• informal clearance by the Australian Competition and Consumer Commission (ACCC);
• approval of the Foreign Investment Review Board (FIRB);
• approval of the State Administration for Market Regulation (SAMR) of the People’s Republic of
China;
• approval of Blackmores shareholders and the Federal Court of Australia; and
• no Material Adverse Change, Regulated Event or Prescribed Occurrence event occurring.
The Scheme is not subject to any financing condition.
Under the SID, Blackmores will be subject to customary exclusivity obligations, including no shop, no talk
and no due diligence obligations, notification obligations and a matching right. A break fee will be
payable by Blackmores to Kirin in certain circumstances.
SPECIAL DIVIDEND
If the Scheme becomes effective, the Blackmores Board intends to declare and pay a fully-franked
Special Dividend of $3.34 per share (subject to the availability of franking credits)10 on or immediately
prior to the implementation of the Scheme. This quantum of the Special Dividend will be dependent on
the franking credits available at the time of the Scheme. Subject to the availability of franking credits,
10 Subject to availability of franking credits and provided that it will not result in the franking account of Blackmores being in deficit after the
special dividend is paid.
Blackmores Limited 4
there may be an opportunity for eligible shareholders to benefit from franking credits of $1.4311 per share
attached to the Special Dividend. The Scheme Consideration will be reduced by the amount of any
Special Dividend (but not for the amount of any franking credits). The payment and the amount of any
Special Dividend remain at the discretion of the Blackmores Board12.
Blackmores will provide an update on the expected quantum of the Special Dividend in due course.
MAJOR SHAREHOLDER VOTING
Marcus Blackmore (who has a relevant interest in approximately 18% of Blackmores’ ordinary shares
outstanding as at the date of this announcement) has informed the Company that he has agreed with
Kirin to vote 3,516,834 Blackmores shares held or controlled by him in favour of the Scheme, unless
otherwise directed by Kirin.
INDICATIVE TIMETABLE AND NEXT STEPS
Blackmores shareholders do not need to take any action at this point in time.
A Scheme Booklet containing information relating to the proposed acquisition, reasons for the Directors’
recommendation, an Independent Expert’s Report, and details of the Scheme meeting will be prepared
and provided to the Australian Securities and Investments Commission for review, and subsequently
sent to Blackmores shareholders.
Shareholders will then have the opportunity to vote on the Scheme at a court-convened shareholder
meeting that is expected to be held in July 2023. Subject to shareholder approval being obtained by the
requisite majorities and the other conditions of the Scheme being satisfied, the Scheme is expected to
be implemented in the third quarter of 2023.
ADVISERS
Barrenjoey Capital Partners and Adara Partners are acting as joint financial advisers, and Herbert Smith
Freehills is acting as legal adviser, to Blackmores in relation to the Scheme.
===================================================================================================
DYOR
i hold BKL
and stuff like THAT is why i inherited 4 shareholdings from what was a much larger portfolio
Implementation Deed with Kirin
This announcement was authorised for release by the Board of Directors of Blackmores Limited.
KEY HIGHLIGHTS
• Blackmores Limited (Blackmores) has entered into a Scheme Implementation Deed with Kirin
Holdings Company, Limited (Kirin) for the acquisition of 100% of the issued share capital of
Blackmores by way of a scheme of arrangement (Scheme)
• Under the terms of the Scheme, Blackmores shareholders will receive cash consideration of
$95.00 per Blackmores share, less any special dividend declared or paid prior to implementation
of the Scheme (Scheme Consideration)
• If the Scheme becomes effective, the Blackmores Board intends to declare a fully-franked special
dividend of $3.34 per Blackmores share (subject to availability of franking credits)1 (Special
Dividend) payable on or immediately prior to implementation of the Scheme, which is expected
to enable eligible shareholders to benefit from franking credits of $1.431 per Blackmores share
attached to any such Special Dividend
• Blackmores’ Board unanimously recommends the Scheme, subject to conditions outlined below
• Blackmores’ largest shareholder, Marcus Blackmore, who holds or controls approximately 18% of
Blackmores’ ordinary shares outstanding as at the date of this announcement, has informed
Blackmores that he has agreed with Kirin to vote 3,516,834 Blackmores shares held or controlled
by him in favour of the Scheme, unless otherwise directed by Kirin
• The Scheme Consideration represents a 23.7% premium to last close, a 30.5% premium to the
Blackmores one-month volume weighted average price up to and including 6 April 20232 and an
implied acquisition multiple of 23.1x LTM Dec 22 EBITDA3
• The Scheme is subject to certain conditions, including informal clearance by the Australian
Competition and Consumer Commission (ACCC), and approval by the Australian Foreign
Investment Review Board (FIRB), and the State Administration for Market Regulation (SAMR) of
the People’s Republic of China
• Blackmores shareholders do not need to take any action at this time
OVERVIEW
Blackmores Limited (ASX: BKL) (Blackmores or the Company) announced today that it has entered
into a Scheme Implementation Deed with Kirin Holdings Company, Limited (TSE: 2503) (Kirin) for the
acquisition of 100% of the issued share capital of Blackmores by way of a scheme of arrangement
(Scheme).
If the Scheme is implemented, Blackmores shareholders will receive total cash consideration of $95.00
per share (Scheme Consideration), less any special dividend declared and paid to Blackmores
shareholders on or before the date of implementation of the Scheme. A fully-franked special dividend of
$3.34 per Blackmores share (subject to availability of franking credits)4 (Special Dividend) is expected
to be paid, resulting in franking credits of $1.434 per Blackmores share attached to any such Special
Dividend.
DETAILS OF THE SCHEME CONSIDERATION
The Scheme Consideration values Blackmores’ equity at approximately $1,880 million5
, and at an
enterprise value of approximately $1,840 million6
, and represents:
• a 23.7% premium to the last close price of $76.79;
• a 30.5% premium to the 1-month volume weighted average price (VWAP) up to and including 6
April 20237 of $72.80;
• a 29.7% premium to the 12-month VWAP up to and including 6 April 20237 of $73.22; and
• an implied EV / EBITDA multiple of 23.1x Blackmores’ LTM Dec 22 underlying EBITDA8
.
BLACKMORES DIRECTORS UNANIMOUSLY RECOMMEND THE SCHEME
Blackmores’ Board of Directors unanimously recommends that Blackmores shareholders vote in favour
of the Scheme, in the absence of a superior proposal and subject to an Independent Expert concluding
(and continuing to conclude) that the Scheme is in the best interests of Blackmores shareholders. Each
Blackmores Director intends to vote all of the Blackmores shares that he or she holds or controls in
favour of the Scheme, subject to those same qualifications.
Blackmores Chair, Wendy Stops, said: “The Kirin Scheme represents an attractive, all-cash transaction.
The Blackmores Board believes the agreed Scheme Consideration represents appropriate long-term
value for the Company and an attractive outcome for Blackmores shareholders. The Blackmores Board
has accordingly unanimously recommended that Blackmores shareholders vote in favour of the Scheme,
subject to customary conditions such as independent expert conclusions and no superior proposal.”
Blackmores Chief Executive Officer and Managing Director, Alastair Symington, said: “Today is an
important day in the history of Blackmores. The Kirin proposal recognises the strong leadership position
that Blackmores, through its brands and people, has established in the natural health sector across the
Asia Pacific region over our long history. Importantly it also confirms the significant opportunity that lies
ahead for our employees and other key stakeholders of Blackmores as both companies come together
to combine their focus on growing Kirin’s health science business across the world.
The combination of Kirin and Blackmores is testament to the clarity and ambition of our collective
strategic direction and is recognition of the significant effort, and capital invested at Blackmores over the
past 3 years in repositioning the business for sustainable profitable growth.
Kirin is a leading Food and Beverage, Pharmaceuticals and Health Science company, headquartered in
Tokyo and listed on the Tokyo Stock Exchange with a market capitalisation of A$22.9 billion9
. For
decades, Kirin has sought to leverage its evidence based ingredient technology outside of its core
beverage categories, and has increased its focus on health-related products. The proposed acquisition
of Blackmores will accelerate Kirin’s aspiration to become the leading health science company in Asia4 Subject to availability of franking credits and provided that it will not result in the franking account of Blackmores being in deficit after the
special dividend is paid.
5 Calculated based on 19,450,635 issued ordinary shares and 339,377 outstanding share rights (as disclosed by Blackmores to ASX on 13 April
2023).
6 Based on reported net cash of $75.1 million, lease liabilities of $21.9 million and equity attributable to non-controlling interests of $13.0 million
as at 31 December 2022.
7 Being the last trading day prior to the date upon which Blackmores was the subject of media speculation that it may attract interest as a
takeover target. 8 Based on Underlying EBITDA for the last twelve months to 31 December 2022 of $79.7 million.
9 Calculated based on last close of ¥2,225 and issued ordinary shares of 914,000,000, converted to AUD equivalent at an exchange rate of
88.80 JPY per 1.00 AUD.
Blackmores Limited 3
Pacific. The combined company will have a larger platform to further leverage the Blackmores brand,
accelerate penetration into high growth Asian markets, and expand its presence into new geographies.”
Kirin President and Chief Executive Officer, Yoshinori Isozaki, commented that “Blackmores presents an
exciting opportunity to transform the scale and reach of our Health Science domain. Kirin Group is
working to create social value and economic value by solving social issues through our business
activities, and we have been transforming our business from a brewing business to the business model
creating value across Food & Beverages and Pharmaceuticals domains, based on the concept of "CSV"
(Creating Shared Value).”
Takeshi Minakata, Director of the Board, Senior Executive Officer, President of Health Science Business
Division in charge of Strategy of the Health Science Domain said: “We believe Blackmores will
accelerate the transformation of our Health Science Domain as both Kirin and Blackmores share a vision
to improve people’s lives through our products as well as a commitment to quality, innovation and
investment. We are excited about the growth potential for the Blackmores business and look forward to
supporting its growth and development, and furthering its commitment to quality ingredients and product
development.
Kirin will continue to invest in Blackmores, its brands and its foundations in complementary medicine to
accelerate its growth across the Asia Pacific region and globally. We also recognise the strength and
capability of the Blackmores team and will work with them to build on the proud legacy of the Blackmores
business and to realise its full potential, whilst maintaining its headquarters and manufacturing
operations in Australia.”
DETAILS OF THE SCHEME IMPLEMENTATION DEED
The implementation of the Scheme is subject to various customary conditions. A copy of the Scheme
Implementation Deed (SID), which sets out the terms and conditions of the Scheme and associated
matters, is attached to this announcement. Capitalised terms used in this section below have the
meaning given to those terms in the SID.
In summary, conditions for implementation of the Scheme include:
• the Independent Expert issues an Independent Expert’s Report which concludes that the Scheme
is in the best interests of Blackmores shareholders (and not changing or withdrawing that
conclusion);
• informal clearance by the Australian Competition and Consumer Commission (ACCC);
• approval of the Foreign Investment Review Board (FIRB);
• approval of the State Administration for Market Regulation (SAMR) of the People’s Republic of
China;
• approval of Blackmores shareholders and the Federal Court of Australia; and
• no Material Adverse Change, Regulated Event or Prescribed Occurrence event occurring.
The Scheme is not subject to any financing condition.
Under the SID, Blackmores will be subject to customary exclusivity obligations, including no shop, no talk
and no due diligence obligations, notification obligations and a matching right. A break fee will be
payable by Blackmores to Kirin in certain circumstances.
SPECIAL DIVIDEND
If the Scheme becomes effective, the Blackmores Board intends to declare and pay a fully-franked
Special Dividend of $3.34 per share (subject to the availability of franking credits)10 on or immediately
prior to the implementation of the Scheme. This quantum of the Special Dividend will be dependent on
the franking credits available at the time of the Scheme. Subject to the availability of franking credits,
10 Subject to availability of franking credits and provided that it will not result in the franking account of Blackmores being in deficit after the
special dividend is paid.
Blackmores Limited 4
there may be an opportunity for eligible shareholders to benefit from franking credits of $1.4311 per share
attached to the Special Dividend. The Scheme Consideration will be reduced by the amount of any
Special Dividend (but not for the amount of any franking credits). The payment and the amount of any
Special Dividend remain at the discretion of the Blackmores Board12.
Blackmores will provide an update on the expected quantum of the Special Dividend in due course.
MAJOR SHAREHOLDER VOTING
Marcus Blackmore (who has a relevant interest in approximately 18% of Blackmores’ ordinary shares
outstanding as at the date of this announcement) has informed the Company that he has agreed with
Kirin to vote 3,516,834 Blackmores shares held or controlled by him in favour of the Scheme, unless
otherwise directed by Kirin.
INDICATIVE TIMETABLE AND NEXT STEPS
Blackmores shareholders do not need to take any action at this point in time.
A Scheme Booklet containing information relating to the proposed acquisition, reasons for the Directors’
recommendation, an Independent Expert’s Report, and details of the Scheme meeting will be prepared
and provided to the Australian Securities and Investments Commission for review, and subsequently
sent to Blackmores shareholders.
Shareholders will then have the opportunity to vote on the Scheme at a court-convened shareholder
meeting that is expected to be held in July 2023. Subject to shareholder approval being obtained by the
requisite majorities and the other conditions of the Scheme being satisfied, the Scheme is expected to
be implemented in the third quarter of 2023.
ADVISERS
Barrenjoey Capital Partners and Adara Partners are acting as joint financial advisers, and Herbert Smith
Freehills is acting as legal adviser, to Blackmores in relation to the Scheme.
===================================================================================================
DYOR
i hold BKL
and stuff like THAT is why i inherited 4 shareholdings from what was a much larger portfolio
Dona Ferentes
Pengurus pengatur
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Ever heard of the EDIT button, divs?
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am surprised i am not banned from using it some days
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so who is wishing they picked BKL in the monthly comp. , now ?
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Spheria Asst Mgt will do well out of this. Was just reading this last night. Wasn't interested by BKL but have put NZM on a list - into several media forms but owns second biggest real estate portal in N.Z. OneRoof. He likens it to a younger Domain and says N.Z is 10 years behind Australia in R/E digital transition.
www.aussiestockforums.com
BKL - Blackmores Limited
Immunity products...they are flying over the last three or four months” Alistair Symington, CEO, Blackmores Ltd - I'd use "immunity" in inverted commas; nice to see the company has pulled out of its lurches downwards.
www.aussiestockforums.com
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another round of sitting on the sidewalk with a wad of cash for me ( a profit , to be sure , but not as big as the OZL deal , for me )
however activity like this rips holes in my portfolio strategy
where do i park the cash from these take-overs ?
however activity like this rips holes in my portfolio strategy
where do i park the cash from these take-overs ?
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I'm looking at Deterra Royalties (DRR) but chart looks sub optimal, could go either way?
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i already have some DRR ( and recently reduced )
now in theory they still have a reasonable war-chest , can they find a wise investment or do they sit there like Rinker waiting for a cash-poor ( asset-rich ) predator
i got to watch the Rinker take-over from the sidelines
now in theory they still have a reasonable war-chest , can they find a wise investment or do they sit there like Rinker waiting for a cash-poor ( asset-rich ) predator
i got to watch the Rinker take-over from the sidelines
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On August 10th, 2023, Blackmores Limited (BKL) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between BKL and its shareholders in connection with the acquisition of all the issued capital in BKL by Kirin Health Science Australia Pty Ltd.
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