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LONDON - iShares Physical Metals Plc announced on Tuesday the issuance of 156,000 Securities of iShares Physical Silver ETC, representing Tranche Number 969 of the series. The securities were issued under the company’s Secured Precious Metal Linked Securities Programme.
The issue price was set at $47.676786 per security with a metal entitlement of 0.952773409 per security pertaining to the subscription trade date. Following this issuance, the total number of securities in the series will increase from 65,232,740 to 65,388,740.
The securities are linked to physical silver and have been admitted to trading on the regulated market of the London Stock Exchange. They may also be admitted to trading on the regulated markets of the Frankfurt Stock Exchange and Borsa Italiana in the future.
These securities are undated with no final maturity date and carry a total expense ratio of 0.20% per annum. The metal entitlement is reduced daily at a rate equal to the portion of the total expense ratio applicable to that day.
The securities are secured, limited recourse obligations of the issuer that rank equally among themselves. The underlying metal is held in allocated form by or on behalf of the issuer through a custodian.
According to the press release, JPMorgan Chase Bank, N.A., London Branch serves as the metal counterparty for the series.
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