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PTXTEN - PROPTRAX TEN - Initial offer for PROPTRAX TEN participatory
interests, to be listed on the main board of the JSE Limited in the "Exchange
Traded Funds" sector
PROPTRAX TEN
Share code: PTXTEN ISIN: ZAE000155362
The Property Index Tracker Top Ten Equally Weighted Listed Property Index ETF
Portfolio ("PropTrax Ten portfolio"), a second portfolio in the Property
Index Tracker Collective Investment Scheme registered as such in terms of the
Collective Investment Schemes Control Act, 45 of 2002, managed by Property
Index Tracker Managers (Proprietary) Limited ("PropTrax Managers").
INITIAL OFFER FOR PROPTRAX TEN PARTICIPATORY INTERESTS ("PROPTRAX TEN
SECURITIES") REFERENCING THE PROPERTY INDEX TRACKER TOP TEN EQUALLY WEIGHTED
LISTED PROPERTY 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 second supplement to the offering circular (the "second
supplement") which is available as set out below.
1. INTRODUCTION
PropTrax is a collective investment scheme in securities. Securities in
the new PropTrax Ten Portfolio will track the price and yield
performance of the Index thereby giving investors exposure to the top 10
securities on the JSE`s "Real Estate Investment and Services" sector and
"Real Estate Investment Trusts" sector, with a primary listing on the
JSE, as measured by investable market capitalisation but on an equally
weighted basis.
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 1/10th of the
average PropTrax Top Ten Index level during the ramp up period
(approximately 1/100 000th of the average price (excluding any
transaction or brokerage costs or fees) at which baskets of
constituent securities are acquired during this period; or
- in respect of in specie subscriptions, by delivery of one or more
baskets plus the specified cash amount (as defined in the PropTrax
offering circular) (entitling the applicant to 100 000
participatory interests per basket delivered).
Participatory interests will be issued in dematerialised form only on
the terms and subject to the conditions more fully described in the
second 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 PropTrax Ten securities 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 Wednesday, 4 May 2011
until 12:00 on Thursday, 19 May 2011.
Letters of Allotment will be issued in the name of successful applicants
on Friday, 20 May 2011 and will convert to PropTrax securities and be
listed on the JSE at commencement of trading on Monday, 30 May 2011.
A further announcement containing the results of the initial offer
including the issue price will be published on SENS on Wednesday, 25 May
2011.
3. NOTICE
PropTrax Managers has been granted permission to use the "PropTrax Ten"
name and to track the Index.
PropTrax Ten participatory interests are not in any way sponsored,
endorsed, sold or promoted by FTSE International Limited ("FTSE"), the
London Stock Exchange Plc (the "LSE") or The Financial Times Limited
("FT") and neither FTSE nor the LSE nor FT makes any warranty or
representation whatsoever, expressly or implied, either as to the
results to be obtained from the use of the Index and/or the figure at
which the Index stands at any particular time on any particular day or
otherwise. The Index is compiled and calculated by FTSE with the JSE.
However, neither the JSE, FTSE, the LSE nor FT shall be liable (whether
in negligence or otherwise) to any person for any error in the Index and
neither the JSE, FTSE, the LSE nor FT shall be under any obligation to
advise any person of any error therein. "FTSE(TM)", "FTSE(R)" and
"Footsie(R)" are trade marks of the LSE and FT and are used by FTSE and
the JSE under licence. "JSE" is a trade mark of the JSE and is used by
FTSE under licence.
The securities being issued 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
trading in securities has not been approved by the U.S. Commodity
Futures Trading Commission under the U.S. Commodity Exchange Act. 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 PropTrax Managers are:
Director : Jeff Zidel (Non-executive chairman)
Address : 4th Floor, Rivonia Village
Rivonia Boulevard
Rivonia
Sandton, 2191
Director : Stephen Delport (Executive)
Address : 4th Floor, Rivonia Village
Rivonia Boulevard
Rivonia
Sandton, 2191
Director : Craig Hallowes (Nonexecutive)
Address : 4th Floor, Rivonia Village
Rivonia Boulevard
Rivonia
Sandton, 2191
Director : Djurk Venter (Independent nonexecutive)
Address : 4th Floor, Rivonia Village
Rivonia Boulevard
Rivonia
Sandton, 2191
Director : Jodie Ellinor-Dreyer (Nonexecutive)
Address : 4th Floor, Rivonia Village
Rivonia Boulevard
Rivonia
Sandton, 2191
The trustee of PropTrax, Absa Bank Limited, is located at 6th Floor,
Absa Towers North, 6E1, Johannesburg.
The registered office of PropTrax is located at 4th Floor, Rivonia
Village, Rivonia Boulevard, Rivonia, Sandton, 2191.
5. COPIES OF THE OFFERING CIRCULAR AND SECOND SUPPLEMENT
Copies of the offering circular and the second supplement, in English,
may be obtained during normal business hours from the registered office
as detailed above, from 4 May 2011 until 19 May 2011. A copy of the
offering circular and the second supplement will be available on the
website (www.proptrax.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 second supplement and as summarised below:
- You cannot withdraw an application once submitted. It will be
irrevocable.
- All subscriptions for PropTrax Ten securities will be treated as
primary market acquisitions. No application forms are required.
- All subscribers for new PropTrax Ten 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 Independent Securities (Proprietary)
Limited ("Independent Securities"), which has been appointed as the
participating broker to assist first time retail clients in opening
an account. Independent Securities` contact details appear in the
second 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 PropTrax Ten securities under the initial offer,
the investor is advised to contact his professional advisors,
alternatively to contact PropTrax Managers directly on 011 612
6888.
- 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 Absa Bank Limited, the issuer`s
CSDP.
4 May 2011
Corporate advisor, legal advisor and sponsor
Java Capital
Trustee
Absa Bank Limited
Date: 04/05/2011 11:15:31 Supplied by www.sharenet.co.za
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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