.jpg)
Hong Kong Exchanges and Clearing Limited (HKEx) has announced the arrangements for the adjustment to GCL-Poly Energy Holdings Ltd (GCL-Poly) structured products and options to account for GCL-Poly’s distribution of special dividend.
Overview
|
Company (Stock Code) |
GCL-Poly (3800) |
|
Corporate Action |
Special Dividend of HK$0.0862 per Share |
|
Ex-date |
22 December 2015 |
For details, please refer to the announcement made by GCL-Poly on 8 December 2015.
Highlights of the adjustment arrangements are set forth below. Investors should consult their brokers for further details, or if they have any questions regarding the adjustment.
Structured products with shares of GCL-Poly as underlying asset
The listing documents of all existing structured products with the shares of GCL-Poly as underlying asset contain provisions that deal with a cash distribution including a special dividend. Structured product issuers will make announcements in the evening of 21 December 2015 regarding the relevant adjustments (including the adjusted entitlement, adjusted exercise price and adjusted call price, as appropriate) and investors should read the contents of such announcements carefully.
GCL-Poly Options
Trading Arrangements
The trading arrangements for the existing GCL-Poly stock options under trading symbol PLE will be as follows:
| 1. |
Adjustment and Transfer of Outstanding Positions Open positions of GCL-Poly stock option series under trading symbol PLE which exist after the market close on the business day immediately before the ex-date will be adjusted and transferred to stock option series under trading symbol PLA. |
|
|
|
| 2. |
Introduction of New Stock Option Series for Trading On the ex-date, new GCL-Poly stock option series based on the standard contract size will be introduced for trading under the standard trading symbol PLE. |
Details of the adjustment procedures for GCL-Poly stock option series under trading symbol PLE are as follows:
|
Adjustment Term |
Formula |
Remarks |
|
Adjustment Ratio (AR) |
(underlying stock closing price – special dividend) (underlying stock closing price) |
Rounded to the nearest 4 decimal places |
|
Adjusted Exercise Price (AEP) |
Exercise price of outstanding stock option series x AR |
Rounded to the nearest 2 decimal places |
|
Adjusted Contract Size (ACS) |
Exercise price of outstanding stock option series x (5,000 shares / AEP) |
Rounded to the nearest 4 decimal places |
|
Contract |
Trading Symbol |
Contract Size(Shares) |
Availability For Trading |
Addition of New Stock Option Series on and after the ex-date |
|
Adjusted |
PLA |
ACS |
From ex-date to 29 December 2016 |
No |
|
Standard |
PLE |
5,000 |
From ex-date onwards |
Yes |
Investors should note that the adjusted and standard stock option series will have different contract sizes. There will not be any changes to the number of open positions and other contract terms after the transfer of positions.
For detailed trading and clearing operational arrangement, please refer to the circular.
