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Garanzie collaterali per i Commodity Securities
09/10/08
9 ottobre 2008 - ETF Securities Limited, pioniere e leader mondiale nello sviluppo degli Exchange Traded Commodities (ETC), è felice di fare il seguente annuncio riguardo i titoli (“Commodity Securities”) emessi da ETFS Commodity Securities Limited (“CSL”), che sono a fronte dei contratti corrispondenti di AIG Financial Products Corp., le cui obbligazioni a CSL sono garantite da American International Group, Inc (AIG)
AIG e CSL hanno firmato contratti reciproci ed assieme a Bank of New York Mellon (“BNY Mellon”) prevedono in sintesi:
- ad AIG è richiesto di coprire il collaterale per non meno del 100% del valore mark-to-market giornaliero di tutti i Commodity Securities emessi; e
- BNY Mellon, nel suo ruolo di gestore del collaterale, terrà il collaterale in un conto separato, in cui AIG e’ tenuto a depositare il collaterale e sul quale CSL potrebbe prendere il controllo attraverso la notifica a BNY di una avviso di controllo esclusivo.
Una volta che BNY Mellon apre conti nei mercati locali appropriati per la ricevuta del collaterale iniziale, gli accordi richiedono che AIG completi il trasferimento del suddetto collaterale entro tre giorni lavorativi e da li’ in avanti AIG trasferisca collaterale aggiuntivo nel caso, al momento in cui BNY Mellon effettua il suo mark-to-market giornaliero, il valore del collaterale nel conto sia sceso al di sotto del valore di tutte le Commodity Securities emesse.
Il collaterale sarà valutato ogni giorno da BNY Mellon utilizzando pricing vendors generalmente riconosciuti. Il collaterale potrebbe includere cash, obbligazioni governative sul debito certe e altre obbligazioni di debito che abbiano un rating non inferiore a AA secondo la classifica elaborata da Standard and Poor’s (o un equivalente rating di un'altra società di rating generalmente riconosciuta) ed il mix del collaterale è soggetto ad un numero di limiti di concentrazione.
Ulteriori informazioni riguardo gli accordi e le regole sottostanti sul collaterale saranno incluse nei prospetti supplementari, che speriamo di depositare tra pochi giorni all’UK Listing Authority e pubblicarle una volta avuta l’approvazione dall’ authority britannica.
Siamo lieti di ribadire che AIG ha continuato ogni volta ad onorare ogni obbligo previsto dall’ accordo con ETF Securities, incluso il trattamento regolare del processo di creation/redemption nella maniera consueta e l’aver effettuato tutti i pagamenti con puntualita’.
Conference Calls
Quando i prospetti supplementari saranno pubblicati, ETF Securities provvedera’ ad organizzare una conference call per discutere i dettagli della collateralizzazione dei Commodity Securities.
I dettagli della call saranno disponibili nel sito di ETF Securities e ulteriori informazioni potranno essere richieste a info@etfsecurities.com.
Per ulteriori informazioni:
Graham Tuckwell, Chairman, ETF Securities Ltd
Hector McNeil, Head of Sales, ETF Securities Ltd
Tel: +44 20 7448 4330
Informazioni per la stampa:
Ecomunicare
Tel: +39 02 67101008
Sergio Imbonati sergio.imbonati@ecomunicare.com
Antonio Sidoti antonio.sidoti@ecomunicare.com
This release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any
offer to purchase or subscribe for, any transferable securities to be issued by the ETF Securities Limited group
(“ETFS”), nor shall it or any part of it nor the fact of its distribution form part of or be relied on in connection
with any contract or investment decision relating thereto. Any offer, invitation or solicitation shall be made
solely by means of a prospectus and recipients of this release who are considering a purchase of securities are
reminded that any such purchase should be made solely on the basis of the information contained in such
prospectus and any supplementary prospectus(es). This release does not constitute any recommendation
regarding the securities of ETFS.
The communication of this release is not being made by, and this release has not been approved by, an
authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 (the “FSMA”).
Accordingly this release is not being distributed to, and must not be passed on to, the general public in the
United Kingdom. The communication of this release or any other document issued in connection with the offer
and sale of any ETCs is only being made to and directed at those persons in the United Kingdom falling within
the definition of Investment Professionals (as defined in Article 19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (the “Order”), or high net worth entities, and other persons to whom it
may otherwise lawfully be communicated, falling within Article 49(1) of the Order or any person to whom it
may otherwise lawfully be made (all such persons together being referred to as “relevant persons”). The
communication of this release (or any other document issued in connection with the offer and sale of the
ETCs) must not be acted upon or relied upon by persons who are not relevant persons. Persons distributing
this release must satisfy themselves that it is lawful to do so. All applicable provisions of the FSMA must be
complied with in respect of anything done in relation to the ETCs in, from or otherwise involving the United
Kingdom.
This is not an offer of securities for sale in the United States. Securities issued by the ETFS group (“Securities”)
have not been and will not be registered under the US Securities Act or any other applicable law of the United
States. These Securities are being offered and sold only outside the United States to non-US persons in
reliance on the exemption from registration provided by Regulation S of the US Securities Act. The Issuer has
not been and does not intend to become registered as an investment company under the Investment Company
Act and related rules. These Securities and any beneficial interest therein may not be reoffered, resold, pledged
or otherwise transferred in the United States or to US persons. If the Issuer determines that any Security
Holder is a Prohibited US Person (being a US Person who is not a "qualified purchaser" as defined in the
Investment Company Act), the Issuer may redeem the Securities held by that Security Holder in accordance
with the provisions described in the Prospectus. The Securities may not be purchased with plan assets of any
"employee benefit plan" within the meaning of section 3(3) of the United States Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), any "plan" described in section 4975(e)(1) of the United States
Internal Revenue Code of 1986, as amended (the "Code") or any entity whose underlying assets include "plan
assets" of any of the foregoing by reason of an employee benefit plan's or other plan's investment in such
entity, which employee benefit plan, plan or entity is subject to Title I of ERISA or section 4975 of the Code or
any United States Federal, state, or local law or non-United States law that is substantially similar to the
prohibited transaction provisions of section 406 of ERISA or section 4975 of the Code (any such employee
benefit plan, plan or entity, a "Prohibited Benefit Plan Investor"). If the Issuer determines that any Security
Holder is a Prohibited Benefit Plan Investor, the Issuer may redeem the Securities held by that Security Holder
in accordance with the provisions described in the Prospectus relating to those Securities."
“Dow Jones,” “AIG®” “Dow Jones-AIG Commodity IndexSM,” “DJ-AIGCISM”, “Dow Jones-AIG Commodity 3-
Month Forward Index” are service marks of Dow Jones & Company, Inc. and American International Group,
Inc. (“American International Group”), as the case may be, and will be licensed for use for certain purposes by
ETF Securities Ltd. ETCs based on the DJ-AIGCISM or related subindices (including single commodity subindices)
or 3-Month Forward Indexes are not sponsored, endorsed, sold or promoted by Dow Jones, AIG
Financial Products Corp. (“AIG-FP”), American International Group, or any of their respective subsidiaries or
affiliates, and none of Dow Jones, AIGFP, American International Group, or any of their respective subsidiaries
or affiliates, makes any representation regarding the advisability of investing in such product(s).
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