Boston, MA 06/16/2014 (wallstreetpr) – Barclays Bank PLC announced two weeks ago that the expiry date of consent solicitation of the company for select issues of iPath® Commodities Exchange-Traded Notes (ETNs) shall be extended. The ETNs are dependent on the Consent Solicitation trade and are listed on NYSE Arca exchange under various names, one of which is also iPath Global Carbon ETN (NYSEARCA:GRN).
Solicitation Of Consents Going On Individually For Every Issue Of ETN
Barclays is going for the solicitation of the consents for every single issue of the ETNs on those terms and conditions which are laid down in Consent Solicitation Statements for the ETNs.
Who Is Solicitating The Consent?
The consents which are being given to these iPath Global Carbon ETN (NYSEARCA:GRN) are solicitated from every single person whose name was recorded as the beneficial ownership of an issue of ETNs on the record date for Consent Solicitations, i.e., January 28, 2014 for the Coffee ETNs as well as November 8, 2013 for the other issues of ETNs sans Coffee ETNs.
New Expiry Date Of Consent Solicitation
The Consent Solicitation, as per the revised date, will expire now on July 31, 2014. It may also expire on the “Effective Time,” as they say it, on which the holders of the major portion of aggregate principal amount of certain kind of an issue give approval. Barclays has already declared that the Proposed Amendment shall remain effective for the issue of this kind. At the same time, it is expected that Barclays might terminate or even extend the Consent Solicitation any time depending upon the company’s own judgement.
However, in case the Required Consents will be given for the issue of iPath Global Carbon ETN (NYSEARCA:GRN) as per the Consent Solicitation Statements, then the Proposed Amendment will also be allowed to amend terms of that particular issue in order to allow Barclays to get a few unqualified rights on the date at which Proposed Amendment will become effective.
