• Corporate Events; Gateway Financial Holdings, Inc. (“GBTS”) - Effective Friday, January 2, 2009

      • To
      • Clearing Member Firms
      • From
      • CME Clearing
      • #
      • 08-425
      • Notice Date
      • 31 December 2008
      • Effective Date
      • 02 January 2009
    • ACTION:                                                           On December 18, 2008, Shareholders of Gateway Financial Holdings, Inc. (“GBTS”) voted concerning the proposed merger with Hampton Roads Bankshares, Inc. (“HMPR”). The merger was approved and subsequently consummated on December 31, 2008. As a result, each existing GBTS Common Share will be converted into the right to receive .67 HMPR Common Shares.
      This action will be coordinated with the Options Clearing Corporation.
      CATEGORY:                                                     Cash Settlement
      EQUITY SYMBOL:                                            Gateway Financial Holdings, Inc. (“GBTS”)
      ONE CHICAGO SYMBOL:                                 GBTS1C will change to GBTS2C
      CME FUTURES SYMBOL:                                 GB8 for the GBTS2C, GBT will not be reintroduced
      MULTIPLIER:                                                   100 (e.g., 1.00 equals $100.00)
      EFFECTIVE DATE:                                           1/02/09
      NEW DELIVERABLE PER CONTRACT:             67 Hampton Roads Bankshares, Inc. (“HMPR”) Common Shares
      APPLICABLE CONTRACT MONTHS:                 January, February, March and June 2009
      SETTLEMENT PRICES AND POSITIONS:         The underlying price for the GBTS2C Futures contract deliverable, expressed in term of current market value, would be calculated as follows:
      GBTS2C = .67 (HMPR)
      Please note that the valuation would apply only to the GBTS2C 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 firms’ 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). If you have any questions regarding the information provided in the document, please call CME Clearing risk management hotline at (312) 648-3888.