EGShares Announces Stock Split
EGA Emerging Global Shares (EGShares) announced today a 2-for-1 stock split for three of its exchange traded funds (ETFs), and a 3-for-1 stock split for one of its ETFs.
A 2-for-1 stock split will be conducted for EGShares’ Emerging Markets Composite ETF (NYSE Arca: EEG); Emerging Markets Energy ETF (NYSE Arca: EEO); and Emerging Markets Financials ETF (NYSE Arca: EFN). A 3-for-1 stock split will be conducted for the company’s Emerging Markets Metals/Mining ETF (NYSE Arca: EMT).
“At EGShares, our goal is to provide both individual and institutional investors with exposure to emerging markets in the most efficient manner,” said Robert Holderith, President and CEO of EGShares. “With the performance of emerging market equities in the last 18 months, an analysis of our funds led us to the conclusion that four of our ETFs were being offered at prices which may put them out of the reach of some investors interested in buying 100 or more shares. The decision to split these stocks is perfectly aligned with our mission of providing investors with access to some of the world’s fastest growing economies.”
The 2-for-1 split will lower the share price of each of EEG, EEO and EFN by half their pre-split level and double the number of outstanding shares. The 3-for-1 split will lower the share price of EMT by a third its pre-split level and triple the number of outstanding shares.The share split allows each shareholder-of-record of EEG, EEO and EFN at the close of business on September 13, 2010 to receive one additional share for every share of the ETF held on that date. Each EMT shareholder-of-record, at the close of business on September 13, 2010, will receive two additional shares for every share of the ETF held on that date. The shares will be payable after the close of trading on September 15, 2010.
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