Barclays clarifies corporate actions.
BANKING AND CREDIT NEWS-July 13, 2017-Barclays clarifies corporate actions
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On June 30, 2017, OneOK Partners, L.P. (OKS) and OneOK, Inc. (OKE) closed on their previously announced merger, in which OKE acquired OKS, the company said.
Consistent with the index rules, the acquisition of OKS was treated as a special case of delisting. A notional cash allocation equal to the number of constituent shares times the closing price of OKS on June 30, 2017 was applied. The cash allocation will remain in the index until the next scheduled rebalance date.
The next rebalance begins on July 14, 2017 ("Next Rebalance Start Date") and June 29, 2017 was the selection date for this rebalance. Since the selection date was prior to the effective date of the OKS delisting, the target weights of the index constituents for the next index rebalance, included OKS. Barclays Bank PLC, as index sponsor of the Index (the "Index Sponsor"), has announced that the target weight for OKS will be converted to an equivalent cash allocation using the reference closing price of OKS on June 30, 2017. The cash allocation will be reallocated across the remaining index constituents in proportion of their target weights from the selection date.
The notional cash allocation present in the Index prior to the start of the next scheduled rebalance will be reinvested into the Index on the Next Rebalance Start Date. The Index is rebalanced quarterly over four index business days.
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