TORONTO, May 14, 2020 /CNW/ - Horizons ETFs Management
(Canada) Inc. ("Horizons
ETFs") has announced today that it intends to consolidate the
shares of certain exchange traded funds (the "ETFs") as
indicated in the table below.
Share Consolidations
After the close of trading on Friday, May
22, 2020, on the Toronto Stock Exchange (the "TSX"),
the shares of each of the ETFs listed in the table below will be
consolidated on the basis of the ratio indicated (the
"Consolidation Ratio"), and will begin trading on a
post-consolidated basis on Monday, May 25,
2020, the effective date of the consolidations:
|
ETF
|
Ticker
|
Consolidation
Ratio
|
|
BetaPro Canadian Gold
Miners -2x Daily Bear ETF
|
HGD
|
1 : 2
|
|
BetaPro Natural Gas
2x Daily Bull ETF
|
HNU
|
1 : 5
|
|
BetaPro Silver -2x
Daily Bear ETF
|
HZD
|
1 : 2
|
When a share consolidation occurs, the net asset value per share
is increased by the same ratio as the share consolidation so that
the share consolidation has no impact on the value of the
investor's total share position. An investor's cost per share is
also increased by the same ratio as the share consolidation,
although their total cost remains unchanged.
No fractional shares will be issued. Where a consolidation
results in fractional shares, the number of post-consolidation
shares will be rounded down to the nearest whole share, in the case
of a fractional interest that is less than 0.5, or rounded up to
the nearest whole number, in the case of a fractional interest that
is 0.5 or greater.
Horizons ETFs reserves the right to cancel or amend these
corporate actions, if we deem it appropriate to do so, before the
effective date.
Shareholder Information
Shareholders of the ETFs do not need to take any action to
effect these transactions. Shareholders will have their brokerage
accounts automatically updated to reflect the consolidations. A
shareholder's broker may take several days to reflect these
transactions in the shareholder's account (the "Settlement
Period"). However, the shareholder is still able to trade the
shares of the ETFs during this time. If they wish to do so,
Horizons ETFs recommends investors contact their broker by phone
during the Settlement Period in order to trade the
post-consolidation shares.
SOURCE Horizons ETFs Management (Canada) Inc.