Barclays Bank PLC (“Barclays”) announced today that it has extended by
one month 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 November 30, 2015, 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:
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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;
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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
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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 11717
Attn: Barclays Commodities Consent Solicitation
Consents may be submitted as follows:
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By First Class Mail: Proxy Services P.O. Box 9175
Farmingdale, NY 11735-9847
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By Courier: Broadridge Financial Solutions, Inc. 1155
Long Island Ave.
Edgewood, NY 11717
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By Electronic Communication: www.proxyvote.com
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To Confirm Please Call: 1-855-601-2252
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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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