Proposed conversion of WisdomTree Issuer PLC to an ICAV and transition to the ICSD settlement model
Today sub-funds (the Funds) of WisdomTree Issuer PLC (the Issuer) settles trades in all shares using the central securities depositaries (CSD) settlement model. In the UK, settlement is through the local CSD, Euroclear UK & Ireland Limited (the CREST System). The Funds are listed on multiple stock exchanges and, settlement occurs on multiple local CSDs. This has been the standard operating model for almost all of the funds that are domiciled in Ireland.
From 29 March 2021 the Issuer will lose the ability to use the CREST System as an issuing CSD. In order to continue to issue shares, it is proposed to transfer the settlement of trading in the shares to the International Central Securities Depositary (ICSD) structure (the ICSD Settlement Model) in August 2020.
In order to facilitate a streamlined transition to ICSD for the Issuer, it is also proposed that the Issuer convert from a public limited company to an Irish collective assetmanagement vehicle (ICAV) in May 2020 and become ‘WisdomTree Issuer ICAV’. The ICAV structure is specific to investment funds and allows for a smoother and less time consuming transition to ICSD than the scheme for a plc.
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