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LONDON - iShares Physical Metals Plc announced on Monday the issuance of 120,000 additional securities of its iShares Physical Silver ETC, representing Tranche Number 959 of the series. The securities were issued under the company's Secured Precious Metal Linked Securities Programme.
According to the final terms document, the new securities have an issue price of $46.399628 per unit with a metal entitlement of 0.952862254 troy ounces of silver per security. The tranche increases the total number of securities in the series to 61,839,428, up from 61,719,428 prior to this issuance.
The securities are backed by physical silver held in allocated form by the custodian, JPMorgan Chase Bank, N.A., London Branch. They have been admitted to trading on the regulated market of the London Stock Exchange and may be admitted to additional exchanges in the future.
The ETCs carry a total expense ratio (TER) of 0.20% per annum, which is applied to the metal entitlement on a daily basis. This results in a daily deduction of an amount of silver from the metal entitlement.
The securities are undated with no final maturity date and rank equally among themselves as secured, limited recourse obligations of the issuer. They are designed to provide investors with exposure to silver without requiring physical delivery of the metal.
The information was provided in a regulatory filing published by the London Stock Exchange's news service.
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