Eleven HOLDRS Trusts to Terminate on December 23, 2011
Pursuant to the notice given on November 22, 2011 by Merrill Lynch, in its capacity as the Initial Depositor of HOLDRS (Holding Company Depositary Receipts), to The Bank of New York Mellon, the HOLDRS Trustee, the 11 HOLDRS Trusts will be terminated as of 5 p.m. eastern standard time on December 23, 2011 (the “Termination Date”).
- (1888PressRelease) December 23, 2011 - The Trustee disseminated the notice of termination to Cede & Co., the sole owner of the receipts issued by the 11 HOLDRS Trusts, on or around November 22, 2011.
The 11 HOLDRS Trusts that will terminate on the Termination Date are: B2B Internet HOLDRSSM Trust (BHH); Broadband HOLDRSSM Trust (BDH); Europe 2001 HOLDRSSM Trust (EKH); Internet HOLDRSSM Trust (HHH); Internet Architecture HOLDRSSM Trust (IAH); Internet Infrastructure HOLDRSSM Trust (IIH); Market 2001+ HOLDRSSM Trust (MKH); Software HOLDRSSM Trust (SWH); Telecom HOLDRSSM Trust (TTH); Wireless HOLDRSSM Trust (WMH); and Utilities HOLDRSSM Trust (UTH).
Effect of termination of the 11 terminating HOLDRS Trusts
The following sequence of events will take place following the termination. After the termination, the aforementioned HOLDRS Trusts will liquidate in accordance with their respective Depositary Trust Agreements. Under those agreements:
No new HOLDRS will be issued and trading of these HOLDRS on the NYSE Arca will be permanently suspended after the close of trading on the Termination Date. No other listing will be made.
The Trustee will discontinue the registration of transfers of HOLDRS, suspend the distribution of dividends or other distributions to owners thereof, and will not give any further notices.
During the period following the Termination Date in which the Trustee holds the underlying securities, owners of HOLDRS will have the right to withdraw the underlying securities evidenced by their HOLDRS, together with any dividends or other distributions or net proceeds from the sale of any rights or other property received with respect thereto, by delivering a round-lot or an integral multiple of a round lot of HOLDRS to the Trustee and paying the applicable taxes, other charges (if any) and Trustee’s fees. The Trustee has advised that the fee will be up to $10.00 for each round-lot of 100 HOLDRS or portion thereof.
After a period of four months following the Termination Date, the Trustee has the right to sell the underlying securities then held by the 11 terminating HOLDRS Trusts and, when exercised, will thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the owners of HOLDRS that have not theretofore been surrendered. At such time, owners of outstanding HOLDRS will become general creditors of the Trustee with respect to such net proceeds. The Trustee has announced it has decided to extend the period during which owners of HOLDRS may surrender their HOLDRS and request delivery of the underlying securities from four months (4) to twelve (12) months following the Termination Date.
Bank of America
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Source: Bank of America
Reporters May Contact:
Selena Morris, Bank of America Merrill Lynch, 1.212.236.2272
selena.morris ( @ ) bankofamerica dot com
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