Barclays Bank PLC (“Barclays”) announced today that it has
extended by three months the expiration date of its consent
solicitation (the “Consent Solicitation”) for the iPath® Bloomberg
Energy Subindex Total ReturnSM ETN (“the ETNs”). The ETNs trade on
the NYSE Arca exchange under the ticker symbol JJE.
Barclays is continuing to solicit consents (the “Consents”) for
the ETNs to the proposed amendments described below (collectively,
the “Proposed Amendment”) on the terms and conditions as set forth
in the Consent Solicitation Statement, dated October 1, 2015 (the
“Consent Solicitation Statement”) and the accompanying Voter
Instruction Form (the “VIF”). Consents are being solicited from
each person in whose name beneficial ownership of the ETNs was
recorded as of 5:00 p.m., Eastern Standard Time, on September 24,
2015, the record date for the Consent Solicitation.
The Consent Solicitation will now expire on February 29, 2016,
or such earlier date (the “Effective Time”) on which the approval
of holders of a majority in aggregate principal amount (the
“Required Consents”) of the ETNs is received and Barclays declares
the Proposed Amendment to be effective. Barclays may terminate or
extend the Consent Solicitation at any time in its sole
discretion.
If the Required Consents are received for the ETNs in accordance
with the Consent Solicitation Statement, the Proposed Amendment
would, as of the date on which the Proposed Amendment is made
effective:
- require Barclays to automatically
redeem all, but not less than all, of the outstanding ETNs if, on
any calendar day prior to or on the final valuation date, the
closing indicative note value is less than $3.00 per ETN;
- reduce the investor fee for the ETNs
applicable to the period beginning on the day after the Amendment
Date and continuing until the maturity date from an amount equal to
0.75% per annum times the principal amount of the holder’s ETNs
times the index factor to an amount equal to 0.70% per annum times
the principal amount of the holder’s ETNs times the index factor,
in each case calculated on a daily basis; and
- reduce the minimum number of the ETNs
required to be redeemed for a holder to exercise its right to
redeem ETNs prior to maturity will be reduced from 50,000 ETNs to
30,000 ETNs.
The Proposed Amendment for the 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 the ETNs, none of the amendments
listed above will become effective.
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 to approve
the Proposed Amendment. 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.
Any questions or requests for assistance concerning the Consent
Solicitation may be directed to Broadridge, the solicitation agent
and tabulation agent for the Consent Solicitation, at the following
address and telephone number:
Broadridge Financial Solutions, Inc.1155 Long
Island Avenue, Edgewood, NY 11717Attn: Barclays Commodities Consent
Solicitation
Consents may be submitted as follows:
By First Class Mail:Proxy ServicesP.O. Box 9175
Farmingdale, NY 11735-9847
By Courier:Broadridge Financial Solutions,
Inc.1155 Long Island Ave.
Edgewood, NY 11717
By Electronic
Communication:www.proxyvote.com
To Confirm Please Call:1-855-601-2252
About iPath® ETNs
An investment in iPath ETNs involves significant risks and
may not be suitable for all investors. The ETNs are riskier
than ordinary unsecured debt securities and have no principal
protection. For more information on risks associated with
the ETNs, please see "Selected Risk Considerations" below and the
risk factors included in the relevant prospectus.
The prospectus relating to the ETNs can be found on EDGAR, the
SEC website, at: www.sec.gov. The prospectus is also available on
the product website at www.iPathETN.com.
Selected Risk Considerations
An investment in the iPath ETNs described herein (the “ETNs”)
involves risks. Selected risks are summarized here, but we urge you
to read the more detailed explanation of risks described under
“Risk Factors” in the applicable prospectus supplement and pricing
supplement.
You May Lose Some or All of Your Principal: The ETNs are
exposed to any decrease in the level of the underlying index
between the inception date and the applicable valuation date.
Additionally, if the level of the underlying index is insufficient
to offset the negative effect of the investor fee and other
applicable costs, you will lose some or all of your investment at
maturity or upon redemption, even if the value of such index has
increased. Because the ETNs are subject to an investor fee and any
other applicable costs, the return on the ETNs will always be lower
than the total return on a direct investment in the index
components. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.
Credit of Barclays Bank PLC: The ETNs are unsecured debt
obligations of the issuer, Barclays Bank PLC, and are not, either
directly or indirectly, an obligation of or guaranteed by any third
party. Any payment to be made on the ETNs, including any payment at
maturity or upon redemption, depends on the ability of Barclays
Bank PLC to satisfy its obligations as they come due. As a result,
the actual and perceived creditworthiness of Barclays Bank PLC will
affect the market value, if any, of the ETNs prior to maturity or
redemption. In addition, in the event Barclays Bank PLC were to
default on its obligations, you may not receive any amounts owed to
you under the terms of the ETNs.
Market and Volatility Risk: The prices of physical
commodities, including the commodities underlying the index
components, can fluctuate widely due to supply and demand
disruptions in major producing or consuming regions. Additionally,
the market value of the ETNs may be influenced by many
unpredictable factors including changes in supply and demand
relationships, governmental policies and economic events.
A Trading Market for the ETNs May Not Develop: Although
the ETNs are listed on NYSE Arca, a trading market for the ETNs may
not develop and the liquidity of the ETNs may be limited, as we are
not required to maintain any listing of the ETNs.
No Interest Payments from the ETNs: You may not receive
any interest payments on the ETNs.
Restrictions on the Minimum Number of ETNs and Date
Restrictions for Redemptions: You must redeem at least 50,000
ETNs (30,000 ETNs if the Proposed Amendment is accepted for an
issue) of the same issue at one time in order to exercise your
right to redeem your ETNs on any redemption date. You may only
redeem your ETNs on a redemption date if we receive a notice of
redemption from you by certain dates and times as set forth in the
pricing supplement.
Uncertain Tax Treatment: Significant aspects of the tax
treatment of the ETNs are uncertain. You should consult your own
tax advisor about your own tax situation.
BlackRock Investments, LLC, assists in the promotion of the
ETNs.
The ETNs may be sold throughout the day on the exchange through
any brokerage account. There are restrictions on the minimum number
of ETNs you may redeem directly with the issuer as specified in the
applicable prospectus. Commissions may apply and there are tax
consequences in the event of sale, redemption or maturity of ETNs.
Sales in the secondary market may result in significant
losses.
“Bloomberg®”, “Bloomberg Commodity IndexSM”, “Bloomberg
Commodity Index Total ReturnSM”, “Bloomberg Energy Subindex Total
ReturnSM” and “BCOM” are service marks of Bloomberg Finance L.P.
and its affiliates (collectively, “Bloomberg”) and have been
licensed for use for certain purposes by Barclays Bank PLC. Any
ETNs based on the indices are not sponsored, endorsed, sold or
promoted by Bloomberg, UBS AG, UBS Securities LLC (“UBS”),
or any of their subsidiaries or affiliates. None of Bloomberg, UBS
AG, UBS Securities or any of their subsidiaries or affiliates makes
any representation or warranty, express or implied, to the owners
of or counterparties to the ETNs or any member of the public
regarding the advisability of investing in securities or
commodities generally or in the ETNs particularly.
© 2015 Barclays Bank PLC. All rights reserved. iPath, iPath ETNs
and the iPath logo are registered trademarks of Barclays Bank PLC.
All other trademarks, servicemarks or registered trademarks are the
property, and used with the permission, of their respective
owners.
NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE
Barclays is an international financial services provider engaged
in personal, corporate and investment banking, credit cards and
wealth management with an extensive presence in Europe, the
Americas, Africa and Asia. Barclays’ purpose is to help people
achieve their ambitions – in the right way. With 325 years of
history and expertise in banking, Barclays operates in over 50
countries and employs over 130,000 people. Barclays moves, lends,
invests and protects money for customers and clients worldwide. For
further information about Barclays, please visit our website
www.barclays.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20151130006248/en/
Press:BarclaysMark Lane, +1
212-412-1413mark.lane@barclays.com
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