Last checked at 11 Feb 2020 10:18
Miscellaneous
WisdomTree Foreign Exchange Limited
LEI: 213800X2UDCFSIYXXR28
11 February 2020
WisdomTree Foreign Exchange Limited
Collateralised Currency Securities
Notice of the proposed delisting of trading lines of Collateralised Currency Securities issued by WisdomTree Foreign Exchange Limited
Introduction
Notice is hereby given to security holders that application has been made to the London Stock Exchange for certain trading lines of securities issued by WisdomTree Foreign Exchange Limited to be delisted from that exchange (the “Delisting”).
The Delisting will become effective at 8am on 24 March 2020 (the “Effective Date”) and therefore the last opportunity to trade on the London Stock Exchange will be prior to close of business on 23 March 2020.
For each trading line of the security that will be delisted, at least one other trading line on a regulated European exchange will be maintained, however this may not be in the same currency as that which is delisted. Annex 1 to this notice, entitled ‘Trading Lines of Securities to be Delisted from the London Stock Exchange and the Remaining Trading Lines’, sets out the trading lines of securities to be delisted from the London Stock Exchange and the details of at least one other trading line of each security on a regulated European stock exchange which will remain after the Effective Date.
Investors are strongly advised to consult with their broker/advisor prior to the Effective Date to assess any actions that must be taken to affect a sale or conversion, the timing and the costs of such sale or conversion.
Reasons for the Delisting
WisdomTree aims to list securities on exchanges where there is a sufficient investment case, demand, concentrated liquidity and where they can trade with tight bid/offer spreads. In order to achieve this, WisdomTree regularly reviews the securities available to investors and the exchanges where these are listed.
As a result of a comprehensive review WisdomTree has identified listings which have not gathered significant turnover or demand from investors and therefore is carrying out these delistings in order to be able to concentrate liquidity and provide a better service on the remaining listings.
No security issued by WisdomTree Foreign Exchange Limited will be closed as a result of the Delisting.
Effect of the Delisting
From the date of this notice up to the close of business on 23 March 2020 (being the day prior to the Effective Date), you can continue to sell your securities on the London Stock Exchange via your broker or financial advisor.
Following the Effective Date, the pricing and valuation of the securities will continue and the latest Net Asset Value (NAV) for each security will continue be found on the relevant product page at www.wisdomtree.eu.
However, access to the underlying value of the security through the delisted trading lines will no longer be available following the Effective Date, and instead investors may access the underlying value of the security through a remaining listing.
Following the Effective Date, you should be able to continue to hold securities purchased through a trading line which has been delisted but you will not be able to sell those securities through that trading line. You should be able to sell those securities on exchange by converting your holding of these securities into a remaining trading line of the same product. This remaining trading line may trade in a different currency on the London Stock Exchange or on another exchange in another country which may or may not be in the same currency as the delisted trading line. You will need to contact your broker or financial advisor directly to do so and there may be additional costs associated with this conversion. Such charges could be significant and could be disproportionate to the investment amount.
Action to be taken
Prior to the Effective Date investors can take 2 actions:
Contact their broker or financial advisor to convert their securities from the delisted trading line(s) into the remaining trading line(s) up to the close of business on 23 March 2020; or Sell their securities before or up to the close of business on 23 March 2020 and if investors wish to maintain their exposure to the security, they may purchase a remaining trading line of this security.
Further information
Annex 2 of this notice contains answers to some of the key questions we believe investors will have in connection with the Delisting.
Further information is available on the website of WisdomTree Foreign Exchange Limited at www.wisdomtree.eu or by email to infoeu@wisdomtree.com
Steven Ross
Director
for and on behalf of
WisdomTree Foreign Exchange Limited
Annex 1
TRADING LINES OF SECURITIES TO BE DELISTED FROM THE LONDON STOCK EXCHANGE AND THE REMAINING TRADING LINES
| Product Name | ISIN | Product Page Link | Trading Lines of the Securities to be Delisted | Remaining Trading Lines of the Securities | |||||
| Trading Currency | Exchange Ticker | Sedol | Exchange | Trading Currency | Exchange Ticker | Sedol | |||
| WisdomTree Long CNY Short USD | JE00B6822V48 | https://www.wisdomtree.eu/en-gb/products/ucits-etfs-unleveraged-etps/currencies/wisdomtree-long-cny-short-usd | GBP | LCNP | B3NG362 | London Stock Exchange | USD | LCNY | B6822V4 |
| WisdomTree Long EUR Short USD | JE00B68GS416 | https://www.wisdomtree.eu/en-gb/products/ucits-etfs-unleveraged-etps/currencies/wisdomtree-long-eur-short-usd | GBP | EURP | B3K3HK8 | London Stock Exchange | USD | LEUR | B68GS41 |
| WisdomTree Long GBP Short USD | JE00B68GR111 | https://www.wisdomtree.eu/en-gb/products/ucits-etfs-unleveraged-etps/currencies/wisdomtree-long-gbp-short-usd | GBP | GBPP | B3NGF11 | London Stock Exchange | USD | LGBP | B68GR11 |
| WisdomTree Long JPY Short USD | JE00B68GSP26 | https://www.wisdomtree.eu/en-gb/products/ucits-etfs-unleveraged-etps/currencies/wisdomtree-long-jpy-short-usd | GBP | JPYP | B3NGNL7 | London Stock Exchange | USD | LJPY | B68GSP2 |
| WisdomTree Short CNY Long USD | JE00B66M4S72 | https://www.wisdomtree.eu/en-gb/products/ucits-etfs-unleveraged-etps/currencies/wisdomtree-short-cny-long-usd | GBP | SCYP | B4NZ2G9 | London Stock Exchange | USD | SCNY | B66M4S7 |
| WisdomTree Short EUR Long USD | JE00B68GSM94 | https://www.wisdomtree.eu/en-gb/products/ucits-etfs-unleveraged-etps/currencies/wisdomtree-short-eur-long-usd | GBP | SEUP | B3YRZJ1 | London Stock Exchange | USD | SEUR | B68GSM9 |
| WisdomTree Short GBP Long USD | JE00B68GRJ90 | https://www.wisdomtree.eu/en-gb/products/ucits-etfs-unleveraged-etps/currencies/wisdomtree-short-gbp-long-usd | GBP | USD2 | B3NGVY6 | London Stock Exchange | USD | SGBP | B68GRJ9 |
| WisdomTree Short JPY Long USD | JE00B68GT596 | https://www.wisdomtree.eu/en-gb/products/ucits-etfs-unleveraged-etps/currencies/wisdomtree-short-jpy-long-usd | GBP | SJPP | B3VBHQ7 | London Stock Exchange | USD | SJPY | B68GT59 |
Annex 2
KEY QUESTIONS
GENERAL
Why are trading lines of securities being delisted?
WisdomTree aims to list securities on exchanges where there is a sufficient investment case, demand, concentrated liquidity and where they can trade with tight bid/offer spreads. In order to achieve this, WisdomTree regularly reviews the securities available to investors and the exchanges where these are listed.
As a result of a comprehensive review WisdomTree has identified listings which have not gathered significant turnover or demand from investors and therefore is carrying out these delistings in order to be able to concentrate liquidity and provide a better service on the remaining listings.
For each trading line of the security that will be delisted, at least one other trading line on a regulated European exchange will remain.
Where will the securities continue to be listed?
All securities will continue to have at least one trading line available on a regulated European exchange. Details are provided in the table at Annex 1 of this document of the exchange where listings will remain and the relevant ISINs, SEDOLs and exchange codes.
When will the delisting become effective?
The Delisting will become effective at 8am on 24 March 2020 (the “Effective Date”) and therefore the last opportunity to trade on the London Stock Exchange will be prior to close of business on 23 March 2020.
Does this mean you will consider delisting more trading lines in the future?
This exercise is a rationalisation of listings for the benefit of investors and is unrelated to any future decision to delist more trading lines of securities. WisdomTree continues to review its securities and may delist further trading lines at a later date but any such delisting will be fully communicated to the investors.
What happens to the Net Asset Value (NAV) of the securities from the Effective Date?
Following the Effective Date, the pricing and valuation of the securities will continue and the latest Net Asset Value (NAV) for each security can be found on the relevant product page at www.wisdomtree.eu.
However, access to the underlying value of the security through the delisted trading lines will no longer be available following the Effective Date, and instead investors may access the underlying value of the security through a remaining listing.
The remaining listing may be on the London Stock Exchange in a different currency or on an exchange in a different country which may or may not be in a different currency. Therefore, the value maybe more difficult to access.
IMPACT ON INVESTORS
What do I need to do before the delisting becomes effective? Prior to the Effective Date, investors can take 2 actions:
Contact their broker or financial advisor to convert their securities from the delisted trading line(s) into the remaining trading line(s) up to the close of business on 23 March 2020; or Sell their securities before or up to the close of business on 23 March 2020 and if investors wish to maintain their exposure to the security, they may purchase a remaining trading line of this security.
Investors who consider selling their securities after the delisting from the London Stock Exchange should be aware that this will require a conversion of their securities onto a remaining trading line prior to being able to sell their securities on exchange.
To perform the conversion of the securities, the broker/advisor may charge a fee. Such charges could be significant and could be disproportionate to the investment amount.
Investors are therefore strongly advised to consult with their broker/advisor prior to the delisting date to assess any actions that must be taken to affect a sale or conversion, the timing and the costs of such sale or conversion.
What other listings remain of the securities?
For each trading line of the security that will be delisted, at least one other trading line on a regulated European exchange will be maintained, however this may not be in the same currency as that which is delisted. Annex 1 to this notice, entitled ‘Trading Lines of Securities to be Delisted and the Remaining Trading Lines’, sets out the trading lines of securities to be delisted from the London Stock Exchange and the details of at least one other trading line of the securities on a regulated European stock exchange which will remain after the Effective Date.
How do I sell my securities after the delisting becomes effective?
Investors who are still holding the delisted trading lines of securities will need to sell their securities in the currency and on the exchange in which the securities remain listed. As a result, their costs of holding and sale may increase but they are not required to sell by a certain date.
Investors should be able to trade securities outside of the listed trading lines by asking their broker to execute the order on their behalf. Some brokers may not offer this service to investors. WisdomTree cannot comment on the pricing structure of individual brokers or investment platforms whose charges could be significant and could be disproportionate to the investment amount.
Are you an institutional investor with further questions regarding your options?
Please contact our capital markets team at capitalmarkets.eu@wisdomtree.com
Do you have any further questions regarding the delistings?
Further information is available on the website of WisdomTree Foreign Exchange Limited at www.wisdomtree.eu or by email to infoeu@wisdomtree.com.