ACTION: Lloyds Banking Group plc (“LYG”) announced a distribution of Rights to holders of Lloyds Banking Group plc Ordinary Shares. The Rights were not registered in the United States and will not be distributed to holders of LYG American Depositary Shares (“ADS’s”). In lieu of the Rights, The Bank of New York Mellon, as the agent for LYG, sold the rights in the home market and will distribute the proceeds of the sale to LYG ADS Holders. The distribution is $0.84774 per ADS (gross rate of $0.86774 - $0.02000 Depositary Fee).
The ADS record date is May 21, 2009. The payable date is June 30, 2009. The New York Stock Exchange (“NYSE”) has set June 23, 2009 as the ex-distribution date.
This corporate event will be coordinated with the Options Clearing Corporation.
CATEGORY: Cash Distribution
EQUITY SYMBOL: Lloyds Banking Group plc (“LYG”)
ONECHICAGO SYMBOL: LYG1C changes to LYG2C;
CME FUTURES SYMBOL: LY8 for the LYG2C; LYG for the re-listed LYG1C
EFFECTIVE DATE: June 23, 2009
MULTIPLIER: 100 (e.g., 1.00 equals $100.00)
NEW DELIVERABLE PER CONTRACT: For the re-listed LYG1C:
100 Lloyds Banking Group plc (“LYG”) ADRs
For the LYG2C:
1) 100 Lloyds Banking Group plc (“LYG”) ADRs
2) $84.77 Cash
* The cash portion of the deliverable remains permanently fixed as part of the deliverable, and does not vary with price changes of securities also included in the deliverable.
APPLICABLE CONTRACT MONTHS: July, August, September, December 2009
SETTLEMENT PRICES AND POSITIONS: The underlying price for the LYG2C Futures contract deliverable, expressed in term of current market value, would be calculated as follows:
LYG2C = LYG + 0.8477
Please note that the valuation would apply only to the LYG2C deliverable in terms of current market value of the deliverable securities. The resulting price would not be equivalent to the daily settlement price of a futures contract month, whose determination would include cost of money carrying charges, adjustment for dividends, and other factors.
NOTES: The forecasted effect of the upcoming corporate event on each clearing firm’s positions can be viewed in infopac in the Corporate Event Initial Forecast Report (ONE712), the Corporate Event Final Forecast Report (ONE713), and the Corporate Event Forecast Audit Report (CPDBU710).
The details after the corporate event has been applied can be viewed in the Corporate Event Activity Report (ONE711).
If you have any questions regarding the information provided in the document, please call CME Clearing Risk Management hotline at (312) 648-3888.