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RWGPR Ballot: Change in Index and Portfolio name
Prescient Management Company (RF) (Pty) Ltd
(Registration number 2002/022560/07)
("Prescient" or "the Manager")
(Being the manager of the Prescient ETF Scheme)
REITWAY GLOBAL PROPERTY PRESCIENT ETF ("RWGPR")
(a portfolio under the Prescient ETF Scheme registered in the Republic of South Africa in terms of the Collective
Investment Schemes Control Act, 45 of 2002 ("CISCA"))
Share Code: RWGPR
Short Name: RWGLOPROP
ISIN: ZAE000331021
BALLOT VOTING PROCEDURE IN RESPECT OF THE PROPORSED CHANGES IN THE INVESTMENT POLICY
AND NAME OF THE REITWAY GLOBAL PROPERTY PRESCIENT ETF ("RWGPR")
THIS LETTER IS IMPORTANT AND REQUIRES YOUR ATTENTION
The purpose of this letter is to inform you of the proposed amendments to the investment policy of RWGPR and to
provide you with sufficient information to vote on this proposal.
Reitway Global (Pty) Ltd ("Reitway"), FSP no.43747, has requested Prescient to ballot investors to obtain approval
for the below proposed amendments:
1. Replacing the index that the RWGPR portfolio currently tracks, Reitway Global Property Index to the
Reitway Global Property MF Index.
2. Changing the portfolio name of the RWGPR portfolio from Reitway Global Property Prescient Exchange
Traded Fund to Reitway Global Property MF Prescient Exchange Traded Fund
Rationale for the proposed amendments
After review and analysis overtime, Reitway, the investment manager of RWGPR, is of the opinion that the proposed
index, the Reitway Global Property MF Index, has demonstrated superior performance characteristics relative to
the current index, the Reitway Global Property Index, including enhanced total return potential over relevant time
periods. The change to the proposed index is intended to align the RWGPR fund with a more efficient index that
better reflects its strategic objectives and improves long-term investor outcomes.
To substantiate Reitway' s opinion, a graph that compares the USD total return of both the proposed index, the
Reitway Global Property MF Index and the current index, the Reitway Global Property Index, back tested over 16
years is available upon request via email from gregr@reitwayglobal.com.
The table below compares the current and proposed indices across various performance measures over a 16-year
period to further illustrate that the proposed Index is expected to outperform the current index, hence the incentive
to replace the current index
Performance Current Index - Reitway Global Proposed Index -Reitway Global Property MF
Measures Property Index Index TR
Drawdown -43.26% -38.21%
Total Return 361.95% 634.81%
Return p.a. 9.64% 12.74%
Volatility p.a. 18.76% 21.50%
Sharpe Ratio 0.51 0.59
Sortino Ratio 0.64 0.75
From an index composition perspective, the most significant difference between the current and proposed index is
in universe of constituents selected from and the methodology applied by the provider to select the constituents.
• The current index only selects constituents from the GPR 250 Universe whereas the proposed index includes
securities from both the GPR 250 Universe or the Custom REIT Universe.
• The current index methodology creates fifty-five portfolio options out of a defined Global Property universe
together with the respective past performances in six monthly increments from six months to seventy-two
months. This results in six hundred and sixty options from which the best historically performing portfolio is
chosen to represent the strategy for the next rebalance period.
• The proposed index methodology identifies and applies the below six factors to each constituent in the index
universe to derive a final score. The 50 highest ranked securities, based on the product of the derived final
scores and the free float market capitalization, are selected as index components.
The 6 factors identified and applied by the proposed index are
• 12-1 MOMENTUM
• 3-MONTHS EPS REVISION
• FFO ROA
• ACCRUALS
• NET DEBT TO EBITDA
• EBITDA MARGIN
The Index guidelines, composition and level for both the current and proposed indices are available on the index
calculator's website:
- The link to guideline: Index Guideline
- The link to composition and further details: Solactive | Indices
The impact to your investment
If the ballot is successful and approved by the FSCA:
- The table below lists the current investment policy, as well as the proposed changes to the new investment
policy. These changes will be achieved by means of a Name Change event that will settle through Strate. In
other words, there will be no conversion ratio applicable as investors will hold the same number of shares in
the Reitway Global Property MF Prescient Exchange Traded Fund as they held in Reitway Global Property
Prescient Exchange Traded Fund. Therefore, a rounding methodology and/or fractions will not apply.
Current Portfolio Name Proposed Index definition Impact on Investors
Reitway Global Property Reitway Global Property MF There is no negative impact to this
Prescient Exchange Traded Fund Prescient Exchange Traded Fund change. Changing the portfolio name
clearly indicates to investors which
index the RWGPR ETF tracks. This is
important considering the RWGPR
fund is a passively managed ETF that
tracks the performance of the index
and therefore provides investors with a
reasonable return expectation.
Reitway Global Property Index Reitway Global Property MF The change to the proposed index is
Index intended to align the RWGPR ETF
with a more efficient index that better
reflects its strategic objectives and
improves long-term investor outcomes.
The implementation of this change will
result in trading within the RWGPR to
update the constituents held within
RWGPR to match the proposed index
composition as at the effective date of
the rebalance. This required trading
will incur both trading and custody
costs that will be covered by the
RWGPR ETF fund and not directly
covered by investors. These costs will
reflect in both the Total Expense Ratio
and Transaction Cost reported on the
Monthly Disclosure Documents
published the month after the
rebalance.
Reitway Global Property Index Reitway Global Property MF The change to the proposed index is
Index intended to align the RWGPR ETF
with a more efficient index that better
reflects its strategic objectives and
improves long-term investor outcomes.
The implementation of this change will
result in trading within the RWGPR to
update the constituents held within
RWGPR to match the proposed index
composition as at the effective date of
the rebalance. This required trading
will incur both trading and custody
costs that will be covered by the
RWGPR ETF fund and not directly
covered by investors. These costs will
reflect in both the Total Expense Ratio
and Transaction Cost reported on the
Monthly Disclosure Documents
published the month after the
rebalance.
- For the RWGPR ETF to track the proposed index, the ETF will need to be rebalanced. As part of this
rebalance, the investment manager will review the current index constituents against the proposed index
constituents and determine the quantity of assets that need to be sold from or bought into RWGPR to reflect
the proposed index weightings. From Rebalance effective date, the RWGPR portfolio will track the
performance of the proposed index. The particulars related to this rebalance will be announced via SENS.
- No special distributions are applicable as a result of the proposed changes.
- The investment policy change does not release the trustees, custodian, or manager from any responsibility
to the investors.
- The below Important JSE Trading information will change as indicated:
o The portfolio name per the JSE listing supplement will change from REITWAY GLOBAL PROPERTY
PRESCIENT ETF to REITWAY GLOBAL PROPERTY MF PRESCIENT ETF
o The long name will change from RW GLOBAL PROPERTY ETF to RW GLOBAL PROP MF ETF
o The short name will remain as RWGLOPROP
o The ISIN will remain as ZAE000328654.
o The alpha code will remain as RWGPR.
o The instrument will retain its historical trading and reference data.
Your rights as an investor
In terms of clause 98 of CISCA and clause 59 of the Prescient ETF Scheme main deed, all investors in the RWGPR
portfolio are given an opportunity to vote in favour of, or against, the proposed investment policy changes, as
described in this announcement.
An amendment of the supplemental deed may only take place if:
1. at least 25% in value responded in writing, excluding the Manager, and
2. of which the majority voted in favour of the proposed changes as set out in this announcement
In an event that there are insufficient responses or a majority is not achieved, a second ballot, with amended salient
dates, will be required and be announced via SENS.
Ernest & Young (Pty) Ltd, the independent auditors of the Manager, will verify the outcome of the ballot.
Should you not be comfortable with the proposed changes, you may, at any time before last day to trade, redeem
your participatory interests and withdraw your money at the prevailing price in the market, as defined in the Main
Deed, subject to that it is a discretionary investment. By electing to redeem or sell your participatory interests, it will
constitute a CGT event for which you will be liable to pay CGT at your next income tax assessment.
If you choose not to redeem your investments, the proposed changes as set out in this announcement (to the extent
that they are approved by investors) will automatically apply to your investment on effective date.
Action required from investors:
1. Please read this announcement on the proposed changes to the portfolio, your rights as an investor and the
impact this will have on your investment.
2. Investors are requested to notify their Broker/CSDPs by no later than 17:00 on Tuesday, 9th of December
2025, as to whether they approve the proposed investment policy as set out in this announcement or not.
3. Brokers/CSDPs to communicate votes to Strate via E-voting or notify Strate on email,
Corporateactions@strate.co.za.
4. If you are no longer invested in this portfolio, no action is required.
Approval and Commencements
Subject to the ballot voting procedure being successful and approval by the Financial Sector Conduct Authority ("the
Authority") of Collective Investment Schemes, the investment policy amendment will be with effective from
commencement of business on Thursday, 12th February 2025.
Salient Date 2025
Declaration SENS Announcement of the ballot relating to Investment policy and
Friday, 31 October
name change
Record Date for Ballot voting procedures Friday, 05 December
Last day for investors/brokers/CSDPs to respond Tuesday, 09 December
Deadline for Auditors to submit their findings report to Prescient Thursday, 08 January
FSCA issues approval letter Monday, 02 February
SENS announcement confirming the results of the ballot Tuesday, 03 February
Last day to trade in the old name as an ETF Wednesday, 11 February
Ex-date (effective date of the proposed changes) Thursday, 12 February
Record Date Monday, 16 February
Accounts at the CSDPs or brokers will be updated with the new name Tuesday, 17 February
Any changes to the above salient dates will be announced on SENS.
Index Disclaimer:
"Solactive AG ("Solactive") is the licensor of the Reitway Global Property MF Index (the "Index"). The financial
instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive in any way and
Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in
investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results
obtained or to be obtained by any person or entity from the use of the Index. Solactive does not guarantee the
accuracy and/or the completeness of the Index and shall not have any liability for any errors or omissions with respect
thereto. Notwithstanding Solactive's obligations to its licensees, Solactive reserves the right to change the methods
of calculation or publication with respect to the Index and Solactive shall not be liable for any miscalculation of or any
incorrect, delayed or interrupted publication with respect to the Index. Solactive shall not be liable for any damages,
including, without limitation, any loss of profits or business, or any special, incidental, punitive, indirect or
consequential damages suffered or incurred as a result of the use (or inability to use) of the Index."
"Global Property Research B.V. ("GPR") is the licensor of the Reitway Global Property Index (the "Index"). The
financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by GPR in any way
and GPR makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in
investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results
obtained or to be obtained by any person or entity from the use of the Index. Licensor does not guarantee the
accuracy and/or the completeness of the Index and shall not have any liability for any errors or omissions with respect
thereto. Notwithstanding GPR's obligations to its licensees, GPR reserves the right to change the methods of
calculation or publication with respect to the Index and GPR shall not be liable for any miscalculation of or any
incorrect, delayed or interrupted publication with respect to the Index. GPR shall not be liable for any damages,
including, without limitation, any loss of profits or business, or any special, incidental, punitive, indirect or
consequential damages suffered or incurred as a result of the use (or inability to use) of the Index."
Should you require further information on the proposed change as set out in this announcement please contact .
Greg Rawlins, CEO of Reitway Global (Pty) Ltd on email: gregr@reitwayglobal.com.
Cape Town
31 October 2025
Listing Advisor
Prescient Capital Markets (Pty) Ltd
Date: 31-10-2025 03:15:00
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