Barclays Bank PLC announced that it has commenced a consent solicitation for select issues of iPath® Commodities Exchange-Traded Notes with the ticker symbols listed below..
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Subject to the terms and conditions set forth in the Consent Solicitation Statement, dated November 19, 2013, and the accompanying Voter Instruction Form (the “VIF”), Barclays is soliciting consents (the “Consents”) to the proposed amendments described below separately for each issue of ETNs bearing the ticker symbols set out in the list below. Consents are being solicited from each person in whose name beneficial ownership of an issue of ETNs was recorded as of 5:00 p.m., Eastern Standard Time, on November 8, 2013, the record date for the Consent Solicitation. The Consent Solicitation will expire on January 31, 2014, or such earlier date (the “Effective Time”) on which the approval of holders of a majority in aggregate principal amount of a particular issue is received and Barclays declares the Proposed Amendment to be effective for such issue. Barclays may terminate or extend the Consent Solicitation at any time in its sole discretion.
If the Required Consents are received for an issue of ETNs in accordance with the Consent Solicitation Statement, the Proposed Amendment would amend the terms of that issue to provide Barclays with the following unqualified rights as of the date on which the Proposed Amendment is made effective:
• the right to redeem all, but not less than all, of the outstanding ETNs of that issue of ETNs, prior to maturity, on the terms described in the Consent Solicitation Statement; and
• the right to initiate a split or reverse split of the ETNs of that issue on the terms described in the Consent Solicitation Statement.
In addition, if the required Consents are received for an issue of ETNs in accordance with the Consent Solicitation Statement, the Proposed Amendment would also amend the terms of that issue as follows:
• The investor fee for that issue of ETNs would be reduced during the period from the Effective Time of the Proposed Amendment for that issue to the maturity date of the ETNs of that issue. The reduced investor fee would be an amount equal to 0.70% per annum times the principal amount of a holder’s ETNs times the relevant index factor, calculated on a daily basis. The current investor fee is an amount equal to 0.75% per annum times the principal amount of a holder’s ETNs times the relevant index factor, calculated on a daily basis.
• The minimum number of ETNs of that issue required to be redeemed for a holder to exercise its right to redeem ETNs of such issue prior to maturity will be reduced from 50,000 ETNs to 30,000 ETNs.
The Proposed Amendment for each issue of ETNs cannot be partitioned and will take effect as a single proposal if all conditions are met. If any conditions fail to be met for any issue of ETNs, none of the amendments listed above will become effective for that issue.
The ETNs subject to the Consent Solicitation trade on the NYSE Arca exchange under the following ticker symbols:
Name of ETN – Ticker Symbol
iPath® Dow Jones-UBS Commodity Index Total ReturnSM ETN – DJP
iPath® Dow Jones-UBS Livestock Subindex Total ReturnSM ETN – COW
iPath® Dow Jones-UBS Agriculture Subindex Total ReturnSM ETN – JJA
iPath® Dow Jones-UBS Softs Subindex Total ReturnSM ETN – JJS
iPath® Dow Jones-UBS Grains Subindex Total ReturnSM ETN – JJG
iPath® Dow Jones-UBS Energy Subindex Total ReturnSM ETN – JJE
iPath® Dow Jones-UBS Industrial Metals Subindex Total ReturnSM ETN – JJM
iPath® Dow Jones-UBS Precious Metals Subindex Total ReturnSM ETN – JJP
iPath® Dow Jones-UBS Cotton Subindex Total ReturnSM ETN – BAL
iPath® Dow Jones-UBS Coffee Subindex Total ReturnSM ETN – JO
iPath® Dow Jones-UBS Cocoa Subindex Total ReturnSM ETN – NIB
iPath® Dow Jones-UBS Sugar Subindex Total ReturnSM ETN – SGG
iPath® Dow Jones-UBS Copper Subindex Total ReturnSM ETN – JJC
iPath® Dow Jones-UBS Nickel Subindex Total ReturnSM ETN – JJN
iPath® Dow Jones-UBS Tin Subindex Total ReturnSM ETN – JJT
iPath® Dow Jones-UBS Aluminum Subindex Total ReturnSM ETN – JJU
iPath® Dow Jones-UBS Lead Subindex Total ReturnSM ETN – LD
iPath® Dow Jones-UBS Platinum Subindex Total ReturnSM ETN – PGM
iPath® Dow Jones-UBS Natural Gas Subindex Total ReturnSM ETN – GAZ
iPath® S&P GSCI ® Total Return Index ETN – GSP
iPath® S&P GSCI ® Crude Oil Total Return Index ETN – OIL
iPath® Global Carbon ETN – GRN
Under the indenture relating to the ETNs, the Depository Trust Company (“DTC”), as registered holder of the ETNs, must deliver (and not revoke) valid Consents in respect of at least a majority in aggregate principal amount of the outstanding ETNs of an issue to approve the Proposed Amendment with respect to that issue. For purposes of the Consent Solicitation, DTC has provided an omnibus proxy to the financial institutions acting as participants in its system to submit Consents on its behalf and such financial institutions have, in turn, provided proxies to Broadridge Financial Solutions, Inc. (“Broadridge”) to submit Consents on their behalf after soliciting and obtaining consent to the Proposed Amendment from the beneficial owners of the ETNs.
The process for vote submission described in the Consent Solicitation Statement allows beneficial owners of the ETNs to submit their Consents to the Proposed Amendment to Broadridge, which has been engaged by Barclays as the solicitation agent and tabulation agent for the Consent Solicitation. The Consent Solicitation is subject to the terms and conditions of the Consent Solicitation Statement and the VIF, including with respect to the timing for delivering Consents and the effectiveness of the Proposed Amendment.
None of Barclays, Broadridge, The Bank of New York Mellon (in its capacity as indenture trustee for the ETNs) or any of their respective subsidiaries or affiliates makes any recommendation as to whether beneficial owners of the ETNs should deliver Consents to the Proposed Amendment pursuant to the Consent Solicitation, and no one has been authorized by any of them to make such a recommendation. The Consent Solicitation Statement and the VIF, which contain important information regarding the terms and conditions of the Consent Solicitation and the respective rights and obligations of Barclays and the beneficial owners of the ETNs, should be read before any decision is made with respect to the Consent Solicitation.
Source: ETFWorld – Barclays Bank PLC
WMCR
Wilshire Micro-Cap ETF (based on the Wilshire US Micro-Cap Index)
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