OOK, Inc. (the “Company”), a registered investment company, today announced that its sole remaining director and Chief Executive Officer has determined to liquidate the Company’s underlying investment portfolio (the “Fund”) effective September 30, 2010 and subsequently dissolve the Company. The Fund offers shares known as (NYSE:OOK), the Oklahoma Exchange-Traded Fund (“Shares”) that are listed on NYSE Arca, Inc. (“NYSE Arca”).
The decision was made after consultation with Geary Advisors, LLC (“Advisor”), investment advisor of the Fund. Consideration was given to current market conditions, the inability of the Fund to attract significant market interest since its inception and the continued expenses of operating the Fund, and therefore determined that is was advisable and in the best interest of the Fund and its shareholders to liquidate the Fund. Since Inception, the following Directors, stating no unfavorable reason, resigned: John Shelley (9-30-09), Mike Braun (3-9-10) and Boe Parrish (6-18-10). Geary Advisors, LLC has agreed to pay all fees and expenses of the Fund. Any and all unpaid liabilities of the Advisor will be paid by the parent company, Geary Companies, Inc.
September 24, 2010, will be the last day of trading for the Shares on NYSE Arca, and the last day on which creation unit aggregations of the Shares may be purchased or redeemed. The Fund and its ticker symbol is:
OOK Oklahoma Exchange-Traded Fund (NYSE:OOK)
NYSE Arca will halt trading in the Shares of the Fund before the open of trading on September 27, 2010 and the Fund will be closed to new investment on that date. Shareholders may sell their Shares on or prior to September 24, 2010. From September 27, 2010 through September 30, 2010, shareholders may be able to sell their Shares to certain broker-dealers who may determine to continue to purchase such Shares, but there can be no assurance that any broker-dealer will be willing to purchase such Shares or that there will be a market for the Shares of the Fund. All sales of Shares to a broker-dealer, whether made before or after September 24, 2010, will be subject to typical transaction fees and charges. All shareholders remaining on September 30, 2010 will receive cash equal to the amount of the net asset value of their Shares as of September 30, 2010 including dividends into the cash portion of their brokerage accounts. Fund shareholders remaining September 30, 2010 will not incur transaction fees to sell their Shares. All other costs of closing the Fund will be borne by the Advisor.
Effective immediately, the Fund will be in the process of liquidating its portfolio. As a result, the fund will no longer pursue its investment objective of seeking to track the performance of its underlying index.
The Fund acknowledges non-compliance with the NYSE Arca’s audit committee requirements.
For additional information about the liquidation, shareholders of the Fund may call the Advisor at 1-405-235-5757.
An investor should carefully consider a Fund’s investment objective, risks, charges and expenses before investing. For this and more complete information about the Fund call 405-235-5757 or visit the website www.ooketf.com for a prospectus. Please read the prospectus carefully before investing.
There are risks involved with investing in exchange-traded funds, including possible loss of money. The fund is subject to increased risks associated with investing in a geographic sector compared to a more diversified investment. The prospectus is not an offer to buy or sell the portfolio shares, nor is the Fund soliciting an offer to buy their shares in any jurisdiction where the offer or sale is not permitted.
OOK ETF faces additional risks attributable to its investment in companies that are headquartered within the state of Oklahoma. The fund may be impacted more by events and conditions affecting Oklahoma to a greater extent than a fund that did not focus its investments in that manner. In addition, a large percentage of the Fund’s assets may be invested in companies in the energy sector. The energy sector consists of oil and gas drilling and production companies, pipeline companies, transmission companies and other business that are dependent on the exploration for and production of oil, gas, and coal. Companies in the energy sector may also be adversely affected by changes in worldwide energy price fluctuations, currency exchange rates, declining capital expenditures, government regulation, extreme weather conditions, and catastrophic equipment failures or accidents.
Geary Advisors, LLC and ALPS Distributors, Inc., are unaffiliated entities.