Information  X 
Enter a valid email address
  Print          More announcements

Tuesday 04 February, 2020

Legal&Gen UCITS ETF

Notice of Scheme Meeting & EGM

RNS Number : 8950B
Legal & General UCITS ETF PLC
04 February 2020
 

4 February 2020

 

LEGAL & GENERAL UCITS ETF PLC

 

                                                              (the "Company")

 

Proposal for International Central Securities Depositary Model of Settlement

 

Notice of Scheme Meeting

 

Notice of Extraordinary General Meeting

The Directors of the Company (the "Directors") wish to inform you that the Company has issued a shareholder circular to each registered holder of shares in the sub-funds of the Company, as set out in the schedule hereto, (the "Shareholders") for the purposes of convening:

1.   a meeting of Shareholders to approve a scheme of arrangement (as described in the circular) (the "Scheme") to effect change to the share settlement structure of the Company (the "Scheme Meeting"); and

2.   an extraordinary general meeting to approve the Scheme, to authorise the Directors to take such action as they deem necessary or appropriate to implement the Scheme and to adopt the revised Constitution of the Company (the "EGM").

The Scheme Meeting will be held at the registered office of the Company located at 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland on 27 February 2020 at 2.30pm (Irish Standard Time). The EGM will be held at the registered office of the Company located at 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland on 27 Febuary 2020 at 2.40pm (Irish Standard Time) (or, if later, as soon as the Scheme Meeting shall have been concluded or adjourned).

Background to the proposal to change the share settlement structure of the Company

The sub-funds of the Company are exchange-traded funds ("ETFs") and their participating shares are listed on multiple stock exchanges across Europe. Each exchange typically operates its own central securities depositary ("CSD") for settlement functions. Trading and settling participating shares under this structure involves moving the participating shares between various CSDs, which is complex, costly and inefficient.

In addition, following the United Kingdom's formal notification to leave the European Union (commonly known as "Brexit"), there has been uncertainty on the ability of exchange traded funds to access recognised clearing systems (such as CREST) following the effective date of Brexit. As a result of a temporary equivalence decision under Article 25 of the Central Securities Depositories Regulation (EU/2014/909) in respect of the UK-authorised CSDs, such CSDs (e.g. CREST) may continue to provide their services in the European Union until 29 March 2021. After this date, however, Irish securities (such as participating shares in the sun-funds) may no longer be settled through CREST or other UK-authorised CSDs.

The Directors are of the view that the International Central Securities Depositary ("ICSD") settlement model provides a level of protection against the uncertainty as to the ability of the ETFs to access recognised clearing and settlement systems (in particular CREST) post-Brexit and provides a more streamlined centralised settlement structure for the ETFs.

Further RNS/stock exchange announcements will be made to inform Shareholders of the outcome of the Scheme Meeting and the EGM.

A copy of the Scheme Circular incorporating notice of EGM has been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM and www.lgimetf.com.

 

Schedule

Converting Sub-Funds

Sub-Fund

ISIN

L&G Gold Mining UCITS ETF

IE00B3CNHG25

L&G Longer Dated All Commodities UCITS ETF

IE00B4WPHX27

L&G Russell 2000 US Small Cap UCITS ETF

IE00B3CNHJ55

L&G FTSE 100® Leveraged (Daily 2x) UCITS ETF

IE00B4QNJJ23

L&G FTSE 100® Super Short Strategy (Daily 2x) UCITS ETF

IE00B4QNK008

L&G DAX® Daily 2x Long UCITS ETF

IE00B4QNHH68

L&G DAX® Daily 2x Short UCITS ETF

IE00B4QNHZ41

L&G E Fund MSCI China A UCITS ETF

IE00BHBFDF83

L&G US Energy Infrastructure MLP UCITS ETF

IE00BHZKHS06

L&G ROBO Global® Robotics and Automation UCITS ETF

IE00BMW3QX54

L&G Cyber Security UCITS ETF

IE00BYPLS672

L&G All Commodities UCITS ETF

IE00BF0BCP69

L&G Longer Dated All Commodities ex-Agriculture and Livestock UCITS ETF                                                                                                       

IE00BYQJ1388

L&G Pharma Breakthrough UCITS ETF

IE00BF0H7608

L&G Ecommerce Logistics UCITS ETF

IE00BF0M6N54

L&G Battery Value-Chain UCITS ETF

IE00BF0M2Z96

L&G US Equity UCITS ETF

IE00BFXR5Q31

L&G UK Equity UCITS ETF

IE00BFXR5R48

L&G Global Equity UCITS ETF

IE00BFXR5S54

L&G Japan Equity UCITS ETF

IE00BFXR5T61

L&G Europe ex UK Equity UCITS ETF

IE00BFXR5V83

L&G Asia Pacific ex Japan Equity UCITS ETF

IE00BFXR5W90

L&G Clean Water UCITS ETF

IE00BK5BC891

L&G Artificial Intelligence UCITS ETF

IE00BK5BCD43

L&G Healthcare Breakthrough UCITS ETF

IE00BK5BC677

L&G Europe Equity (Responsible Exclusions) UCITS ETF

IE00BKLTRN76

L&G US Equity (Responsible Exclusions) UCITS ETF

IE00BKLWY790

 

FURTHER INFORMATION

 

Legal & General Investment Management Limited

Tel: 0345 070 8684

Email: [email protected]

 

J&E Davy (Sponsor)      

Fergal Meegan / Brian Garrahy    + 353 1 6796363

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCEANALELNEEEA

a d v e r t i s e m e n t