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Initial offer for Grindrod LowVolTrax participatory interests ("Grindrod LowVolTrax securities") referencing the S&
Grindrod Index Tracker Managers (RF) Proprietary Limited
Grindrod LowVolTrax
Share code: LVLTRX ISIN: ZAE000190112
The Grindrod S&P South Africa Low Volatility Exchange Traded Fund portfolio ("Grindrod
LowVolTrax"), a fifth portfolio in Grindrod Index Tracker Collective Investment Scheme in Securities
(formerly known as the Property Index Tracker Collective Investment Scheme in Securities)(“Gtrax”)
registered as such in terms of the Collective Investment Schemes Control Act, 45 of 2002, managed
by Grindrod Index Tracker Managers (RF) Proprietary Limited (previously Property Index Tracker
Managers Proprietary Limited)(“GITM” or “Manager”).
Initial offer for Grindrod LowVolTrax participatory interests ("Grindrod LowVolTrax securities")
referencing the S&P South Africa low volatility index ("index"), to be listed on the main board
of the JSE Limited ("JSE") in the "Exchange Traded Funds" sector.
This announcement is issued in compliance with the Listings Requirements of the JSE for information
purposes only. The information set out below has been extracted from the third supplement to the
offering circular (the "fourth supplement") which is available as set out below.
1. INTRODUCTION
Gtrax is a collective investment scheme in securities. Grindrod LowVolTrax participatory interests are
designed to provide investors with an efficient and easily accessible means by which to achieve a
return that tracks the price and yield performance of the S&P South Africa Low Volatility Index. The
portfolio will attempt to place an investor in substantially the same position, from capital and income
perspective, as if they held the underlying constituents of the S&P South Africa Low Volatility Index in
their correct weightings.
Investors will be entitled to subscribe for participatory interests in terms of the initial offer:
- in respect of cash subscriptions, a price (payable in Rands) per participatory interest
equivalent to approximately 1/100th of the average S&P South Africa Low Volatility Index
level during the ramp up period; or
- in respect of in specie subscriptions, by delivery of one or more baskets plus the specified
cash amount (as defined in the Gtrax offering circular) (entitling the applicant to 100 000
participatory interests per basket delivered) on the terms and subject to the conditions set out
in the Gtrax offering circular as read together with this supplement.
Participatory interests will be issued in dematerialised form only on the terms and subject to the
conditions more fully described in the third supplement.
Following the listing, securities holders may either trade their securities on the JSE, redeem them for
cash or, in respect of every 100 000 Grindrod LowVolTrax securities to be redeemed, redeem them
for one basket of constituent securities.
2. SALIENT DATES AND TIMES AND FURTHER ANNOUNCEMENT
The initial offer will remain open from 09:00 on Tuesday, 1 April 2014 until 12:00 on Wednesday, 2
April 2014. Letters of Allotment will be issued in the name of successful applicants on Friday, 4 April
2014 and will convert to Grindrod LowVolTrax securities and be listed on the JSE at commencement
of trading on Monday, 14 April 2014. A further announcement containing the results of the initial offer
including the issue price will be published on SENS on Thursday, 9 April 2014.
3. NOTICE
Grindrod LowVolTrax participatory interests are not in any way sponsored, endorsed, sold or
promoted by the JSE or S&P Dow Jones Indices LLC (“S&P) and none of these parties makes any
warranty or representation whatsoever, expressly or implied, either as to the basis of calculation of, or
as to the results to be obtained from the use of the Index and/or the value at which the said Index
stands at any particular time on any particular day or otherwise. The Index is compiled and calculated
by S&P. However, S&P shall not be liable (whether in negligence or otherwise) to any person for any
error in the Index and S&P shall not be under any obligation to advise any person of any error therein.
The securities being issued pursuant to this supplement are not eligible for sale in the United States
or in any other jurisdiction in which trading in the securities would be illegal. The securities have not
been, and will not be, registered under the U.S. Securities Act of 1933, as amended, and the U.S.
Commodity Futures Trading Commission under the U.S. Commodity Exchange Act has not approved
trading in the securities. The securities may not be offered, sold or delivered within the United States
or to U.S. persons, nor may any U.S. person at any time trade or maintain a position in the securities.
4. DIRECTORS, TRUSTEE AND REGISTERED OFFICE
The directors of the Manager are:
Director: Ian Michael Groves (Independent non-executive chairman)
Address: Grindrod Tower, 4th Floor, 8a Protea Place, Sandton, 2196
Director: David Andrew Polkinghorne (Non-executive director)
Address: 1st Floor North, 20 Kingsmead Boulevard, Kingsmead Office Park, Durban, 4000
Director: Craig Brabazon Hollowes (Non-executive director)
th
Address: 4 Floor, Rivonia Village, Rivonia Boulevard, Sandton, 2191
Director: Gareth Craig Stobie (Managing director)
Address: Grindrod Tower, 4th Floor, 8a Protea Place, Sandton, 2196
The trustee of Gtrax, Societe Generale, is located at 2nd Floor, Jan Smuts Avenue, Rosebank, 2196.
The registered office of Gtrax is located at Grindrod Tower, 4th Floor, 8a Protea Place, Sandton,
2196.
5. COPIES OF THE OFFERING CIRCULAR AND FOURTH SUPPLEMENT
Copies of the original Gtrax offering circular and the fourth supplement, in English, may be obtained
during normal business hours from the registered office as detailed above, from 1 April 2014. A copy
of the offering circular and the third supplement will be available on the website (www.gtrax.co.za)
during the same period.
6. SUBSCRIPTION CONDITIONS APPLICABLE TO THE INITIAL OFFER
The initial offer is subject to the conditions detailed in the offering circular as read with the third
supplement and as summarised below:
- You cannot withdraw an application once submitted. It will be irrevocable.
- All subscriptions for Grindrod LowVolTrax securities will be treated as primary market
acquisitions.
- All subscribers for new Grindrod LowVolTrax securities must have a valid account with a
broking member of the JSE.
- Subscribers that do not have an account with a JSE member can open an account with any
broker on the JSE. A list of brokers is available on the JSE website at www.jse.co.za.
- Subscribers can also contact Grindrod Securities (a division of Grindrod Asset Management
Proprietary Limited), which has been appointed as the participating broker to assist first time
retail clients in opening an account. Grindrod Securities’ contact details appear in the
third supplement.
- If a prospective investor is in any way unclear as to the correct procedure to be followed, or
the terms and conditions applicable to subscriptions for Grindrod LowVolTrax securities under
the initial offer, the investor is advised to contact his professional advisors, alternatively to
contact the Manager (see below for contact details).
- A controlled client should liaise with his broker, which will subscribe via its nominated CSDP.
- A non-controlled client should liaise with its nominated CSDP, which will in turn liaise with
Societe Generale, the issuer`s CSDP.
1 April 2014
Corporate advisor, sponsor and orginator: Grindrod Bank Limited
Trustee: Societe Generale
The Manager: GITM
Tel no.: 011 459 1860
Email: etfs@grindrodbank.co.za.
Date: 01/04/2014 11:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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