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LONDON - iShares Physical Metals Plc announced Thursday the issuance of 200,000 securities of its iShares Physical Silver ETC, representing Tranche Number 966 of the series. The securities were issued under the company's Secured Precious Metal Linked Securities Programme.
Following this issuance, the total number of securities in the series will increase from 64,770,740 to 64,970,740. The issue price per security is $49.736140, with a metal entitlement of 0.952799539 per security as of the subscription trade date.
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 company noted that the securities constitute secured, limited recourse obligations that rank equally among themselves.
The metal counterparty for this issuance is JPMorgan Chase Bank, N.A., London Branch, while the paying agent is Citibank N.A. London Branch.
According to the announcement, the securities are designed to provide investors with exposure to silver without requiring physical delivery of the metal. The underlying silver will be held in allocated accounts to meet the issuer's obligations under the securities.
The announcement was made in a regulatory filing based on a press release statement from the company.
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