Guideline relating the. Solactive Coal Index

Transcription

1 Guideline relaing he Solacive Coal Index Version 1.0 daed April 27h,

2 Conens Inroducion 1 Index specificaions 1.1 Shor name and ISIN 1.2 Iniial value 1.3 Disribuion 1.4 Prices and calculaion frequency 1.5 Weighing 1.6 Decision-making bodies 1.7 Publicaion 1.8 Hisorical daa 1.9 Licensing 2 Composiion of he Index 2.1 Selecion of he index componens 2.2 Ordinary adjusmen 2.3 Exraordinary adjusmen 3 Calculaion of he Index 3.1 Index formula 3.2 Accuracy 3.3 Adjusmens 3.4 Dividends and oher disribuions 3.5 Corporae acions 3.6 Calculaion of he Index in he even of a marke disrupion 4 Definiions 5 Appendix 5.1 Conac daa 5.2 Calculaion of he Index change in calculaion mehod This documen conains he underlying principles and regulaions regarding he srucure and he operaing of Solacive Coal Index. Srucured Soluions AG shall make every effor o implemen regulaions. Srucured Soluions AG does no offer any explici or aci guaranee or assurance, neiher peraining o he resuls from he use of he Index nor he Index value a any cerain poin in ime nor in any oher respec. The Index is merely calculaed and published by Srucured Soluions AG and i srives o he bes of is abiliy o ensure he correcness of he calculaion. There is no obligaion for Srucured Soluions AG irrespecive of possible obligaions o issuers o advise hird paries, including invesors and/or financial inermediaries, of any errors in he Index. The publicaion of he Index by Srucured Soluions AG is no recommendaion for capial invesmen and does no conain any assurance or opinion of Srucured Soluions AG regarding a possible invesmen in a financial insrumen based on his Index. 2

3 Inroducion This documen is o be used as a guideline wih regard o he composiion, calculaion and managemen of he Solacive Coal Index. Any changes made o he guideline are iniiaed by he Commiee specified in secion 1.6. The Solacive Coal Index is calculaed and published by Srucured Soluions AG. 1 Index specificaions The Solacive Coal Index ( Solacive Coal, he Index ) is an Index of Srucured Soluions AG and is calculaed and disribued by his provider. I racks he price movemens in shares of companies, which have heir main business in he area of Coal as defined in 4.1. The Index is published in EUR. 1.1 Shor name and ISIN The Solacive Coal Index is disribued under ISIN DE000SLA0C01; he WKN is SLA0C0. The Index is published in Reuers under he code <.COLEX> and in Bloomberg under he code COLEX <Index>. 1.2 Iniial value The Index is based on 100 as a he close of rading on he sar dae of Disribuion The Solacive Coal Index is published via he price markeing services of Boerse Sugar AG and is disribued o all affiliaed vendors. Each vendor decides on an individual basis as o wheher he will disribue/display he Index via his informaion sysems. 1.4 Prices and calculaion frequency The price of he Coal Index is calculaed on each Business Day based on he prices on he respecive Exchanges on which he Index Componens are lised. The mos recen prices of all Index Componens are used. Prices of Index Componens no lised in he Index Currency are ranslaed using spo foreign exchange raes quoed by Reuers. Should here be no curren price available on Reuers, he mos recen price or he Trading Price on Reuers for he preceding Trading Day is used in he calculaion. The daily index closing value is calculaed using Reuers/WMCO closing spo raes from 4pm London ime. The Solacive Coal Index is calculaed every Business Day from 9:00am o 10:30pm, CET. In he even ha daa canno be provided o Reuers or o he pricing services of Boerse Sugar AG he Index canno be disribued. Any incorrec calculaion is adjused on a rerospecive basis. 1.5 Weighing On each Adjusmen Day he Index Componens of he Solacive Coal Index are weighed equally. 3

4 1.6 Decision-making bodies A Commiee composed of saff from Srucured Soluions AG is responsible for decisions regarding he composiion of he Solacive Coal Index as well as any amendmens o he rules ( in his documen referred o as he "Commiee or he Index Commiee ). The fuure composiion of he Solacive Coal Index is se by he Commiee. The Commiee shall also decide abou he fuure composiion of he Index if any Exraordinary Evens should occur and he implemenaion of any necessary adjusmens Members of he Commiee can recommend a any ime changes o he composiion of he Index or o he guideline and submi hem o he Commiee for approval. 1.7 Publicaion All specificaions and informaion relevan for calculaing he Index are made available on he hp:// web page and sub-pages. 1.8 Hisorical daa Hisorical daa will be mainained from he launch of he Index on Licencing Licences o use he Index as he underlying value for derivaive insrumens are issued o sock exchanges, banks, financial services providers and invesmen houses by Srucured Soluions AG. 4

5 2 Composiion of he Index 2.1 Selecion of he Index Componens The iniial composiion of he Index is based on he following rules: On he Selecion Days, Srucured Soluions AG provides he Selecion Pool. From he Selecion Pool he 20 larges companies, according o Marke Capializaion are chosen. From any counry a maximum of 5 members are chosen as Index members. The commiee deermines he sar allocaion as follows: NAME CHINA SHENHUA ENERGY CO-H CHINA COAL ENERGY CO-H YANZHOU COAL MINING CO-H PEABODY ENERGY CORP CONSOL ENERGY INC COAL & ALLIED INDUSTRIES LTD EXXARO RESOURCES LTD ALPHA NATURAL RESOURCES INC MASSEY ENERGY CO WALTER ENERGY INC MONGOLIAN MINING CORP GLOUCESTER COAL LTD NEW WORLD RESOURCES NV-A-DI NEW HOPE CORP LTD MACARTHUR COAL LTD WINSWAY COKING COAL HOLDINGS FUSHAN INTERNATIONAL ENERGY WHITEHAVEN COAL LTD SOUTHGOBI RESOURCES LTD STRAITS ASIA RESOURCES LTD ISIN CNE R0 CNE CNE Q8 US US20854P1093 AU000000CNA2 ZAE US02076X1028 US US93317Q1058 KYG6264V1023 AU000000GCL3 NL AU000000NHC7 AU000000MCC0 VGG HK AU000000WHC8 CA SG1U Ordinary adjusmen The composiion of he Index is ordinarily adjused half yearly a he close of rading on he hird Friday in March and Sepember. If his happens o be no Business Day he adjusmen is conduced on he preceding Business Day. The composiion of he Solacive Coal Index is reviewed (see 2.1) on he Selecion Day and he appropriae decision made is announced. The firs adjusmen will be made in Sepember 2011 based on he Trading Prices of he Index Componens on he Adjusmen Day. Srucured Soluions AG shall publish any changes made o he Index composiion on he Selecion Day and consequenly wih sufficien noice before he Adjusmen Day. 2.3 Exraordinary adjusmen 5

6 If a company included in he Solacive Coal Index is removed from he Index beween wo Adjusmen Days due o an Exraordinary Even, if necessary, he Commiee shall designae a successor. The Solacive Coal Index is adjused on he same day. This is announced by Srucured Soluions AG afer he close of business on he day on which he new composiion of he Index was deermined by he Commiee. The Commiee will paricularly ake ino accoun he following wo aspecs when deciding abou exraordinary index adjusmens: 1) Coninuous index radabiliy 2) No increase in he number of Index Componens. In cases where 1) demands an increase in he number of Index Componens he number of Index Componens shall be reduced again as soon as reasonably possible as deermined by he Commiee. 6

7 3 Calculaion of he Index 3.1 Index formula The Solacive Coal Index is an index whose value on a Business Day is equivalen o he sum over all Index Componens of he producs of (a) he Number of Shares of he Index Componen, (b) he price of he Index Componen a he respecive Exchange and (c) he exchange rae from local currency ino index currency. As a formula: Index wih: = n i= 1 x * p * c x i, p i, c i, = Number of Shares of he Index Componen i on Trading Day = Price of Index Componen i on Trading Day = Exchange rae from local currency ino index currency for Componen i on Trading Day 3.2 Accuracy The value of he Index will be rounded o wo decimal places. The Number of Shares of he Index Componens will be rounded o six decimal places. Trading Prices will be rounded o four decimal places. 3.3 Adjusmens Indices need o be adjused for sysemaic changes in prices once hese become effecive. This requires he new Number of Shares of he affeced Index Componen o be calculaed on an ex-ane basis. Following he Commiee s decision he Solacive Coal Index is adjused for disribuions, capial increases, righs issues, splis, par value conversions and capial reducions. This procedure ensures ha he firs ex quoe can be properly refleced in he calculaion of he Index. This ex-ane procedure assumes he general accepance of he Index calculaion formula as well as open access o he parameer values used. The calculaion parameers are provided by Srucured Soluions AG. Any delay in calculaing he new Number of Shares of an Index Componen would creae problems. Therefore he procedure described above is he mos appropriae. 3.4 Dividends and oher disribuions Dividend paymens and oher disribuions are included in he Index. They cause an adjusmen of he Number of Shares of he corresponding Index Componen. The new Number of Shares is calculaed as follows: x i = x 1 p p D 7

8 wih x, = Number of Shares of he Index Componen i on Trading Day i D i, = Paymen on Trading Day muliplied by he Dividend Correcion Facor of he respecive counry 3.5 Corporae acions Principles Following he announcemen by a company included in he Index of he erms and condiions of a corporae acion he Index Calculaor deermines wheher such corporae acion has a diluion, concenraion or oher effec on he price of he Index Componen. If his should be he case he Index Calculaor shall make he necessary adjusmens o he affeced Index Componen and/or he formula for calculaing he Index and/or o oher erms and condiions of his documen ha he deems appropriae in order o ake ino accoun he diluion, concenraion or oher effec and shall deermine he dae on which his adjusmen shall come ino effec. Amongs oher hings he Index Calculaor can ake ino accoun he adjusmen made by an Affiliaed Exchange as a resul of he corporae acion wih regard o opion and fuures conracs on he respecive share raded on his Affiliaed Exchange Capial increases In he case of capial increases (from he company s own resources or hrough cash conribuions) he new Numbers of Shares are calculaed as follows: p p B N x = x * wih: rbi, = p rb BV + 1 x x -1 p -1 rb -1 B N BV = Number of Shares of Index Componen i on he day of he disribuion = Number of Shares of Index Componen i on he day prior o he disribuion = Closing price on he day prior o ex dae = Calculaed value of righs issue = Price of righs issue = Dividend disadvanage = Subscripion raio B=0 if capial is increased from he company s own resources. The las dividend paid or he announced dividend proposal is applied as he dividend disadvanage Capial reducions In he case of capial reducions he new Number of Shares is deermined as follows: 1 x = x * H H i x x -1 = Reducion raio of he company on day = Number of Shares of he affeced Index Componen on he day of he disribuion = Number of Shares of he affeced Index Componen on he day prior o he disribuion 8

9 3.5.4 Share splis and par value conversions In he case of share splis and par value conversions i is assumed ha he prices change in raio o he number of shares or o he par values. The new Number of Shares is calculaed as follows: x = x * N N N -1 N -1 x x -1 = Former par value of securiy class i (or new number of shares) = New par value of securiy class i (or former number of shares) = Number of Shares of he affeced Index Componen on he day of he disribuion = Number of Shares of he affeced Index Componen on he day prior o he disribuion 3.6 Calculaion of he Index in he even of a Marke Disrupion Even An Index is no calculaed in he even of a Marke Disrupion Even. If he Marke Disrupion Even coninues over a period of eigh Trading Days, he Index Calculaor calculaes he Index value, aking ino accoun he marke condiions prevailing a his poin in ime, he las quoed Trading Price for each of he Index Componens as well as any oher condiions ha i deems relevan for calculaing he Index value. 9

10 4. Definiions Selecion Pool in respec of a Selecion Day comprises hose companies ha fulfill he following condiions: (a) Main business operaions in coal mining, coal producion, coal preparaion or any oher processing of coal. (b) Lising on a regulaed sock exchange in he form of shares radable for foreign invesors wihou resricions. A he sar of he index, shares from he local exchanges of Indonesia, Russia and Thailand are excluded from he selecion pool. (c) Marke Capialisaion greaer han 250 Million USD. (d) Average daily Trading Volume greaer han USD over he las hree monhs prior o selecion dae. (e) Sufficien Free Floa Marke Capialisaion. Index Componen is each share currenly included in he Index. Number of Shares is in respec of an Index Componen and any given Business Day he number or fracion of shares included in he Index. I is calculaed for any Index Componen as he raio of (A) he Percenage Weigh of an Index Componen muliplied by he Index value and (B) is Trading Price. Percenage Weigh of an Index Componen is he raio of is Trading Price muliplied by is Number of Shares divided by he Index value. Dividend Correcion Facor is calculaed as 1 minus he applicable wihholding ax rae and/or oher applicable ax rae currenly prevalen in he respecive counry. In paricular an Exraordinary Even is - a Merger - a Takeoverbid - a delising - he Naionalisaion of a company - Insolvency. The Trading Price for his Index Componen on he day he even came ino effec is he las available marke price for his Index Componen quoed on he Exchange on he day he even came ino effec (or, if a marke price is no available for he day he even came ino effec, he las available marke price quoed on he Exchange on a day specified as appropriae by he Index Calculaor), as deermined by he Index Calculaor, and his price is used as he Trading Price of he paricular Index Componen unil he end of he day on which he composiion of he Index is nex se. In he even of he Insolvency of an issuer of an Index Componen he Index Componen shall remain in he Index unil he nex Adjusmen Day. As long as a marke price for he affeced Index Componen is available on a Business Day, his shall be applied as he Trading Price for his Index Componen on he relevan Business Day, as deermined in each case by he Index Calculaor. If a marke price is no available on a Business Day he Trading Price for his Index Componen is se o zero. The Commiee may also decide o eliminae he respecive Index Componen a an earlier poin in ime prior o he nex Adjusmen Day. The procedure in his case is idenical o an eliminaion due o and Exraordinary Even. An Index Componen is delised if he Exchange announces pursuan o he Exchange regulaions ha he lising of, he rading in or he issuing of public quoes on he Index Componen a he Exchange has ceased immediaely or will cease a a laer dae, for whaever reason (provided delising is no because of a Merger or a Takeoverbid), and he Index Componen is no immediaely lised, raded or quoed again on an exchange, rading or lising sysem, accepable o he Index Calculaor, Insolvency occurs wih regard o an Index Componen if (A) all shares of he respecive issuer mus be ransferred o a rusee, liquidaor, insolvency adminisraor or a similar public officer as resul of a volunary or compulsory liquidaion, insolvency or winding-up proceedings or comparable proceedings affecing he issuer of he Index Componens or (B) he holders of he shares of his issuer are legally enjoined from ransferring he shares. 10

11 A Takeoverbid is a bid o acquire, an exchange offer or any oher offer or ac of a legal person ha resuls in he relaed legal person acquiring as par of an exchange or oherwise more han 10% and less han 100% of he voing shares in circulaion from he issuer of he Index Componen or he righ o acquire hese shares, as deermined by he Index Calculaor based on noices submied o public or self-regulaory auhoriies or oher informaion considered by he Index Calculaor o be relevan. Wih regard o an Index Componen a Merger is (i) a change in he securiy class or a conversion of his share class ha resuls in a ransfer or an ulimae definie obligaion o ransfer all he shares in circulaion o anoher legal person, (ii) a merger (eiher by acquisiion or hrough forming a new srucure) or a binding obligaion on he par of he issuer o exchange shares wih anoher legal person (excep in a merger or share exchange under which he issuer of his Index Componen is he acquiring or remaining company and which does no involve a change in securiy class or a conversion of all he shares in circulaion), (iii) a akeover offer, exchange offer, oher offer or anoher ac of a legal person for he purposes of acquiring or oherwise obaining from he issuer 100% of he shares issued ha enails a ransfer or he irrevocable obligaion o ransfer all shares (wih he excepion of shares which are held and conrolled by he legal person), or (iv) a merger (eiher by acquisiion or hrough forming a new srucure) or a binding obligaion on he par of he issuer of he share or is subsidiaries o exchange shares wih anoher legal person, whereby he issuer of he share is he acquiring or remaining company and i does no involve a change in he class or a conversion of he all shares issued, bu he shares in circulaion direcly prior o such an even (excep for shares held and conrolled by he legal person) represen in oal less han 50% of he shares in circulaion direcly subsequen o such an even. The Merger Dae is he dae on which a Merger is concluded or he dae specified by he Index Calculaor if such a dae canno be deermined under he law applicable o he Merger. Naionalisaion is a process whereby all shares or he majoriy of he asses of he issuer of he shares are naionalised or are expropriaed or oherwise mus be ransferred o public bodies, auhoriies or insiuions. Exchange is, in respec of he Selecion Pool and every Index Componen, he respecive primary exchange where he Index Componen has is primary lising. The Commiee may decide o declare a differen sock exchange he Exchange for rading reasons, even if he company is only lised here via a Sock Subsiue. Sock Subsiue includes in paricular American Deposiory Receips (ADR) and Global Deposiory Receips (GDR). Wih regard o an Index componen (subjec o he provisions given above under Exraordinary Evens ) he Trading Price in respec of a Trading Day is he closing price on his Trading Day deermined in accordance wih he Exchange regulaions. If he Exchange has no closing price for an Index Componen, he Index Calculaor shall deermine he Trading Price and he ime of he quoe for he share in quesion in a manner ha appears reasonable o him. A Trading Day is in relaion o he Index or an Index Componen a Trading Day on he Exchange (or a day ha would have been such a day if a marke disrupion had no occurred), excluding days on which rading may be ceased prior o he normal Exchange closing ime. The Index Calculaor is ulimaely responsible as o wheher a cerain day is a Trading Day wih regard o he Index or an Index Componen or in any oher connecion relaing o his documen. A Business Day is a day on which Sugar Sock Exchange is open for rading. The Index Calculaor is Srucured Soluions AG or any oher appropriaely appoined successor in his funcion. The Index Currency is EUR. Marke Capializaion is wih regard o each of he shares in he Selecion Pool on a Selecion Day or Adjusmen Day he value published by Reuers (or a successor) as he Marke Capializaion for his day. As a he dae of his documen Marke Capializaion is defined by Reuers as he value of a company calculaed by muliplying he number of shares ousanding of he company by is share price. Free Floa Marke Capializaion is wih regard o each of he shares in he Selecion Pool or in he Index on a Selecion Day or Adjusmen Day he Marke Capializaion for his day muliplied by he raio of (A) he number of shares in circulaion and (B) he number of shares ousanding of he respecive company. 11

12 If Reuers (or a successor): (i) does no publish for a Selecion Day a Marke Capializaion for a share or (ii) adops anoher mehod for calculaing he Marke Capializaion for all shares or only wih regard o he share in quesion or uses differen assumpions in calculaing he Marke Capializaion for all shares or only wih regard o he share in quesion, and in he reasonable assessmen of he Index Calculaor involves maerial changes (he Index Calculaor makes he decision as o wheher such changes are o be deemed maerial by applying facors ha in his reasonable assessmen appear appropriae o him), he Index Calculaor will deermine he Marke Capializaion in respec of he shares or of a share included in he Selecion Pool and he respecive Selecion Day eiher from anoher publicly accessible source specified a his sole discreion or from oher sources ha in his assessmen are reasonable and appropriae in he even ha no oher publicly quoed suiable prices are available. Adjusmen Day is he hird Friday in March and Sepember. If his happens o be no Business Day, he Adjusmen Day is he immediaely preceding Business Day. Selecion Day is he Business Day 5 Business Days before he Adjusmen Day. An Affiliaed Exchange is wih regard o an Index Componen an exchange, a rading or quoaion sysem on which opions and fuures conracs on he Index Componen in quesion are raded, as specified by he Index Calculaor. A Marke Disrupion Even occurs if 1. one of he following evens occurs or exiss on a Trading Day prior o he opening quoaion ime for an Index Componen: A) rading is suspended or resriced (due o price movemens ha exceed he limis allowed by he Exchange or an Affiliaed Exchange, or for oher reasons): 1.1. across he whole Exchange; or 1.2. in opions or fuures conracs on or wih regard o an Index Componen or an Index Componen ha is quoed on an Affiliaed Exchange; or 1.3. on an Exchange or in a rading or quoaion sysem (as deermined by he Index Calculaor) in which an Index Componen is lised or quoed; or B) an even ha (in he assessmen of he Index Calculaor) generally disrups and affecs he opporuniies of marke paricipans o execue on he Exchange ransacions in respec of a share included in he Index or o deermine marke values for a share included in he Index or o execue on an Affiliaed Exchange ransacion wih regard o opions and fuures conracs on hese shares or o deermine marke values for such opions or fuures conracs; or 2. rading on he Exchange or an Affiliaed Exchange is ceased prior o he usual closing ime (as defined below), unless he early cessaion of rading is announced by he Exchange or Affiliaed Exchange on his Trading Day a leas one hour before (aa) he acual closing ime for normal rading on he Exchange or Affiliaed Exchange on he Trading Day in quesion or, if earlier. (bb) he closing ime (if given) of he Exchange or Affiliaed Exchange for he execuion of orders a he ime he quoe is given. Normal exchange closing ime is he ime a which he Exchange or an Affiliaed Exchange is normally closed on working days wihou aking ino accoun afer-hours rading or oher rading aciviies carried ou ouside he normal rading hours; or 3. a general moraorium is imposed on banking ransacions in he counry in which he Exchange is residen if he above-menioned evens are maerial in he assessmen of he Index Calculaor, whereby he Index Calculaor makes his decision based on hose circumsances ha he considers reasonable and appropriae. 12

13 5 Appendix 5.1 Conac daa Informaion regarding he Solacive Coal Index concep Srucured Soluions AG Beinasrasse Frankfur am Main Tel.: Fax: Calculaion of he Index change in calculaion mehod The applicaion by he Index Calculaor of he mehod described in his documen is final and binding. The Index Calculaor shall apply he mehod described above for he composiion and calculaion of he Index. However i canno be excluded ha he marke environmen, supervisory, legal, financial or ax reasons may require changes o be made o his mehod. The Index Calculaor may also make changes o he erms and condiions of he Index and he mehod applied o calculae he Index, which he deems o be necessary and desirable in order o preven obvious or demonsrable error or o remedy, correc or supplemen incorrec erms and condiions. The Index Calculaor is no obliged o provide informaion on any such modificaions or changes. Despie he modificaions and changes he Index Calculaor will ake he appropriae seps o ensure a calculaion mehod is applied ha is consisen wih he mehod described above. 13