We, Barclays PLC, a public limited company organized under the laws of England and Wales (“Barclays”), issued to holders of Barclays ordinary shares, nominal value 25 pence (“ordinary shares”), transferable rights to buy new ordinary shares (“new ordinary shares”) and, through JPMorgan Chase Bank, N.A. (“J.P. Morgan” or the “ADS rights agent”), our ADS depositary and ADS rights agent, to holders of Barclays American Depositary Shares (“ADSs”), transferable rights to subscribe for new ADSs (“new ADSs”), pursuant to a rights issue (the “Rights Issue”). The Rights Issue, as it relates to holders of ADS rights, expired on October 1, 2013, and following are further details of the Rights Issue as it relates to holders of ADS rights:
- The actual subscription price of $12.004280 per offered ADS was determined by Barclays to be the U.S. dollar equivalent of four times the ordinary share subscription price of 185 pence per new ordinary share on October 2, 2013. Barclays determined the actual U.S. dollar ADS subscription price by converting the ordinary share subscription price from pounds sterling into U.S. dollars at a rate of $1.6222 per pound sterling (the spot rate as published by Bloomberg at 12:00 p.m. (New York City time) on October 2, 2013).
- To subscribe for new ADSs, holders of ADS rights were required to deposit with J.P. Morgan, the ADS rights agent, $12.34 per new ADS so subscribed, which represented 105% of the estimated ADS subscription price as of September 13, 2013. The ADS deposit amount exceeded the actual ADS subscription price by $0.335720 per new ADS. The ADS rights agent will refund such excess U.S. dollar deposit price to the subscribing ADS rights holders without interest.
- The ADS depositary will issue the new ADSs promptly following the delivery of the underlying new ordinary shares to the ADS depositary’s custodian by credit to its book-entry account in the CREST settlement system, which delivery to the custodian is expected to be on or about October 4, 2013.