First Trust ISE-Revere Natural Gas Index Fund declares approval of 1 for 5 reverse share split.
M2 EQUITYBITES-April 25, 2016-First Trust ISE-Revere Natural Gas Index Fund declares approval of 1 for 5 reverse share split
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First Trust Advisors LP (First Trust) revealed on Saturday that the First Trust Exchange-Traded Fund's board of trustees on behalf of First Trust ISE-Revere Natural Gas Index Fund (NYSE Arca:FCG), approved a 1 for 5 reverse share split.
Accordingly, this reverse share split will result in every five outstanding shares being converted into one share, thus reducing the number of outstanding shares while fractional shares will be paid out in cash. Once this split is complete, each shareholder's account will reflect one-fifth fewer shares with a net asset value per share showing the combined shares.
Further, First Trust said that the fund's shares will continue to trade under the same ticker symbol, however, its current CUSIP number will be replaced by the new number, 33733E807. Also, the reverse share split will be effective as of the opening of business on NYSE Arca Inc on or about 2 May 2016, subject to all regulatory requirements and other conditions being satisfied.
Launched on 8 May 2007, the fund seeks investment results that correspond generally to the price and yield before fees and expenses, of an equity index called the ISE-REVERE Natural Gas Index.
First Trust along with its affiliate First Trust Portfolios LP, is the fund's investment adviser, These are private companies that provide different investment services such as asset management and financial advisory services, with collective assets under management or supervision of about USD96bn, as of 31 March 2016.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Apr 25, 2016|
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