BlueScope Steel Limited (ASX Code: BSL) – Adjustment Implications for BSL Exchange Traded Options (ETOs)

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BlueScope Steel Limited $0.70 Special Dividend – Adjustment implications for ETOs

ASX Notice No 1000.26.08 dated 26 August 2026 outlined the adjustment method for BlueScope Steel Limited (ASX Code: BSL) ETOs due to the announcement of a $0.70 special dividend and an ordinary dividend of $0.65, both dividends will have an ex-dividend date of Tuesday, 8 September 2026.

Effective Date

The effective date of this adjustment is Tuesday, 8 September 2026.

ASX determined that the last cum-dividend VWAP based on trading on ASX markets on Monday, 7 September 2026 was $32.5967

Standard Method of Adjustment – 100 Old Contract Size

Theoretical New Contract Size = Old Contract Size + (total special dividend paid per Old Contract Size)/(S – OD – SD)

Theoretical New Contract Size = 100 + ($0.70*100)/($32.5967-$0.65-$0.70)

=102.2402 rounded to 102 where the difference of 0.2402 will be cash adjusted based on the below formula.

Strike Factor = Old Contract Size/Theoretical New Contract Size

Strike Factor = 100/102.2402

= 0.978089

Standard Method of Adjustment – 103 Old Contract Size

Theoretical New Contract Size = Old Contract Size + (total special dividend paid per Old Contract Size)/(S – OD – SD)

Theoretical New Contract Size = 103 + ($0.70*103)/($32.5967-$0.65-$0.70)

=105.3074 rounded to 105 where the difference of 0.3074 will be cash adjusted based on the below formula.

Strike Factor = Old Contract Size/Theoretical New Contract Size

Strike Factor = 103/105.3074

= 0.978089

Please note that this is a non-rights style adjustment.

Cash Equalisation Adjustment Payments for Contract Size Roundings

The cash adjustment is calculated by taking the difference between the contract value of the option before and after the adjustment. Variants to the formula apply for rights style adjustments and when the adjustment occurs on the day of the option’s expiry.

Cash adjustment = (BOP * BUV) – (AOP * AUV)

Where

BUV =Before (adjustment) Unit Value = BP * BU rounded to nearest cent

AUV =After (adjustment) Unit Value = AP * AU rounded to nearest cent

BU = units per lot (multiplier) before the adjustment (old traded entity)

AU = units per lot (multiplier) after the adjustment (old traded entity)

BP = for rights style, =SP/Adjustment Factor, for non-rights style=SP.

AP = for rights style, =SP, for non-rights style=SP * Adjustment Factor.

SP = settlement price of the option if not the options expiry day, otherwise the intrinsic price (underlying price-strike price for calls, strike-underlying price for puts) if on expiry date. Refer Notes 1 and 2 below

BOP =pre-adjusted open position Refer Notes 1 and 3 below

AOP =post-adjusted open position Refer Notes 1 and 3 below

Note:

1. Cash adjustments on expiry will apply to exercised positions only.

2. The intrinsic price used for exercised positions on expiry is based on the adjusted strike price for rights style adjustments and the pre-adjusted strike price for non-rights style adjustments. Set negative intrinsic prices to zero i.e. if an out of the money is exercised, the intrinsic price and hence cash adjustment is zero.

3. Pre and post adjusted positions will be the same unless there is a position adjustment factor applied to the open position associated with the adjustment. For rights style use the start of day position (i.e. exclude any UA trading activity), for non-rights style use the (end-of-day) position prior to the adjustment.

4. Cash adjustments will also apply to LEPO positions.

5. For short positions, the result of the cash adjustment formula should have its sign reversed (multiply by -1). For non-LEPO positions the truncation approach ensures that the seller (writer) is always debited and the buyer (taker) is credited. Because the LEPO strike is usually returned to 1c after the adjustment, the holder of a short LEPO position may be credited and long position may be debited.

Refer to table below for adjusted strike and contract size

Old Size	New Size	Old Strike (Cents)	New Strike (Cents)	Exercise
100	102	1	1	E
100	102	2200	2152	A
100	102	2300	2250	A
100	102	2301	2251	E
100	102	2400	2347	A
100	102	2401	2348	E
100	102	2500	2445	A
100	102	2501	2446	E
100	102	2550	2494	A
100	102	2600	2543	A
100	102	2601	2544	E
100	102	2650	2592	A
100	102	2700	2641	A
100	102	2701	2642	E
100	102	2750	2690	A
100	102	2751	2691	E
100	102	2800	2739	A
100	102	2801	2740	E
100	102	2850	2788	A
100	102	2851	2789	E
100	102	2900	2836	A
100	102	2901	2837	E
100	102	2950	2885	A
100	102	2951	2886	E
100	102	3000	2934	A
100	102	3001	2935	E
100	102	3050	2983	A
100	102	3051	2984	E
100	102	3100	3032	A
100	102	3101	3033	E
100	102	3150	3081	A
100	102	3151	3082	E
100	102	3200	3130	A
100	102	3201	3131	E
100	102	3250	3179	A
100	102	3251	3180	E
100	102	3300	3228	A
100	102	3301	3229	E
100	102	3350	3277	A
100	102	3351	3278	E
100	102	3400	3326	A
100	102	3401	3327	E
100	102	3450	3374	A
100	102	3451	3375	E
100	102	3500	3423	A
100	102	3501	3424	E
100	102	3550	3472	A
100	102	3551	3473	E
100	102	3600	3521	A
100	102	3601	3522	E
100	102	3650	3570	A
100	102	3651	3571	E
100	102	3700	3619	A
100	102	3701	3620	E
100	102	3750	3668	A
100	102	3800	3717	A
100	102	3801	3718	E
100	102	3850	3766	A
100	102	3900	3815	A
103	105	1	1	E
103	105	1452	1420	A
103	105	1549	1515	A
103	105	1550	1516	E
103	105	1646	1610	A
103	105	1647	1611	E
103	105	1694	1657	A
103	105	1743	1705	A
103	105	1744	1706	E
103	105	1791	1752	A
103	105	1840	1800	A
103	105	1841	1801	E
103	105	1888	1847	A
103	105	1889	1848	E
103	105	1936	1894	A
103	105	1937	1895	E
103	105	1985	1942	A
103	105	1986	1943	E
103	105	2033	1988	A
103	105	2034	1989	E
103	105	2082	2036	A
103	105	2083	2037	E
103	105	2130	2083	A
103	105	2131	2084	E
103	105	2178	2130	A
103	105	2179	2131	E
103	105	2227	2178	A
103	105	2228	2179	E
103	105	2275	2225	A
103	105	2276	2226	E
103	105	2324	2273	A
103	105	2325	2274	E
103	105	2372	2320	A
103	105	2373	2321	E
103	105	2420	2367	A
103	105	2421	2368	E
103	105	2469	2415	A
103	105	2470	2416	E
103	105	2517	2462	A
103	105	2518	2463	E
103	105	2566	2510	A
103	105	2567	2511	E
103	105	2614	2557	A
103	105	2615	2558	E
103	105	2663	2605	A
103	105	2664	2606	E
103	105	2711	2652	A
103	105	2712	2653	E
103	105	2759	2699	A
103	105	2760	2700	E
103	105	2808	2746	A
103	105	2809	2747	E
103	105	2856	2793	A
103	105	2857	2794	E
103	105	2905	2841	A
103	105	2906	2842	E
103	105	2953	2888	A
103	105	2954	2889	E
103	105	3001	2935	A
103	105	3002	2936	E
103	105	3050	2983	A
103	105	3051	2984	E
103	105	3098	3030	A
103	105	3099	3031	E
103	105	3147	3078	A
103	105	3148	3079	E
103	105	3195	3125	A
103	105	3196	3126	E
103	105	3243	3172	A
103	105	3244	3173	E
103	105	3292	3220	A
103	105	3293	3221	E
103	105	3340	3267	A
103	105	3341	3268	E
103	105	3389	3315	A
103	105	3390	3316	E
103	105	3437	3362	A
103	105	3438	3363	E
103	105	3485	3409	A
103	105	3486	3410	E
103	105	3534	3457	A
103	105	3535	3458	E
103	105	3582	3504	A
103	105	3583	3505	E
103	105	3631	3551	A
103	105	3632	3552	E
103	105	3679	3598	A
103	105	3680	3599	E
103	105	3728	3646	A
103	105	3776	3693	A
103	105	3777	3694	E
103	105	3824	3740	A
103	105	3873	3788	A

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Greg Fitzpatrick, Senior Manager Clearing Operations

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Clearing Operations
clearing@asx.com.au

Notice

BlueScope Steel Limited (ASX Code: BSL) – Adjustment Implications for BSL Exchange Traded Options (ETOs)

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