national grid plc - The Options Clearing Corporation

national grid plc - The Options Clearing Corporation

#41156 DATE: MAY 11, 2017 SUBJECT: NATIONAL GRID PLC – ANTICIPATED SHARE CONSOLIDATION/SPECIAL CASH DISTRIBUTION FUTURES SYMBOL: NGG1D NEW SYMBOL:...

75KB Sizes 0 Downloads 5 Views

Recommend Documents

Understanding Index Options - The Options Clearing Corporation
7. Equity vs. Index Options. 9 n Pricing Factors n Underlying Instrument n Volatility n Risk n Cash Settlement n Purchas

adjusted liberty global plc - The Options Clearing Corporation
Jul 14, 2016 - The new deliverable became 1) 100 Liberty Global plc Class A (LBTYA) Ordinary Shares, 2) 12 Liberty LiLAC

Understanding Equity Options - The Options Clearing Corporation
derlying security, whereas a put option conveys the right to sell an underlying security. For example, an. American-styl

barrick gold corporation - The Options Clearing Corporation
Oct 31, 2017 - BARRICK GOLD CORPORATION- FLEX POSITION. CONSOLIDATION. OPTION SYMBOL: 1ABX. DATE: 11/1/17. The Options C

danaher corporation - The Options Clearing Corporation
Jun 30, 2015 - TERMS: Approximately $107.53 of value of Potomac Holding LLC (“Newco”). Common Unit in exchange for e

whiting petroleum corporation - The Options Clearing Corporation
Nov 8, 2017 - Whiting Petroleum Corporation (WLL) has announced a 1-for-4 reverse stock split. As a result of the revers

National Grid plc National Grid Electricity Transmission plc
Jan 13, 2017 - National Grid Electricity Transmission plc. (incorporated with limited liability in England and Wales on

DYNEGY INC. - The Options Clearing Corporation
OCTOBER 2, 2012. SUBJECT: DYNEGY INC. - CONTRACT ADJUSTMENT. OPTION SYMBOL: DYNIQ. NEW SYMBOL: DYN1. DATE: 10/3/12. On S

RAYONIER INC. - The Options Clearing Corporation
Jun 17, 2014 - The RYN and RYAM components of the RYN1 deliverable will settle through National Securities Clearing. Cor

National Grid PLC - Computershare
National Grid PLC. Within USA, US territories & Canada. Outside USA, US territories & Canada. BNY Mellon. PO Box 43006.

#41156

DATE:

MAY 11, 2017

SUBJECT:

NATIONAL GRID PLC – ANTICIPATED SHARE CONSOLIDATION/SPECIAL CASH DISTRIBUTION FUTURES SYMBOL: NGG1D NEW SYMBOL: NGG2D DATE: 5/22/17???

National Grid plc (NGG) has announced a Share Consolidation and Special Cash Dividend whereby each NGG American Depositary Share will be converted into the right to receive approximately 0.916667 (New) National Grid plc (NGG) American Depositary Shares (ADS) plus $5.4074 ($5.4224 - $0.015 ADS cancellation fee) per NGG ADS. The Share Consolidation is subject to shareholder approval on May 19, 2017. Cash will be paid in lieu of fractional shares resulting from the share consolidation. The Share Consolidation is anticipated to become effective before the market open on May 22, 2017 and is in conjunction with payment of the Special Cash Dividend. CONTRACT ADJUSTMENT Pursuant to Article XII, Section 3, of OCC's By-Laws, all NGG1D Security Futures will be adjusted as follows: Effective Date:

May 22, 2017???

Option Symbol:

NGG1D changes to NGG2D

Settlement Prices:

No Change

Multiplier:

100 (e.g., for premium or strike dollar extensions 1.00 will equal $100)

New Deliverable Per Contract:

CUSIP:

1) 91 (New) National Grid plc (NGG) American Depositary Shares 2) Cash in lieu of approximately 0.6667 fractional NGG Share 3) $540.74 Cash ($5.4074 x 100) NGG (New): 636274409

PRICING Until the cash in lieu amount is determined, the underlying price for NGG2D will be determined as follows: NGG2D = 0.916667 (NGG) + 5.4074 DELAYED SETTLEMENT

The NGG component of the NGG2D deliverable will settle through National Securities Clearing Corporation (NSCC). OCC will delay settlement of the cash portion of the NGG2D deliverable until the cash in lieu of fractional NGG Share is determined. Upon determination of the cash in lieu amount, OCC will require delivery of the appropriate cash amount.

DISCLAIMER This Information Memo provides an unofficial summary of the terms of corporate events affecting listed options or futures prepared for the convenience of market participants. OCC accepts no responsibility for the accuracy or completeness of the summary, particularly for information which may be relevant to investment decisions. Option or futures investors should independently ascertain and evaluate all information concerning this corporate event(s). The determination to adjust options and the nature of any adjustment is made by a panel of The OCC Securities Committee pursuant to OCC By-Laws, Article VI, Sections 11 and 11A. The adjustment panel is comprised of representatives from OCC and each exchange which trades the affected option. The determination to adjust futures and the nature of any adjustment is made by OCC pursuant to OCC ByLaws, Article XII, Sections 3, 25, or 25A, as applicable. For both options and futures, each adjustment decision is made on a case by case basis. Adjustment decisions are based on information available at the time and are subject to change as additional information becomes available or if there are material changes to the terms of the corporate event(s) occasioning the adjustment. ALL CLEARING MEMBERS ARE REQUESTED TO IMMEDIATELY ADVISE ALL BRANCH OFFICES AND CORRESPONDENTS ON THE ABOVE. For questions regarding this memo, call Investor Services at 1-888-678-4667 or email [email protected] Clearing Members may contact Member Services at 1-800-544-6091 or, within Canada, at 1-800-424-7320, or email [email protected]