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PREFEX - Prefex Co Limited - Listing Of Prefex Securities
ISSUER: PREFEX CO LIMITED
INSTRUMENT: PREFEX SECURITIES
ABBREVIATED NAME: PREFEX
SHARE CODE: PREFEX
ISIN CODE: ZAE000164570
LISTING OF PREFEX SECURITIES
This announcement is issued in compliance with section 19.60 of the JSE Listings
Requirements for information purposes only. The information set out below has
been extracted from the PrefEx offering circular dated 19 March 2012 which is
available as set out below.
INTRODUCTION
PrefEx Securities are ETF securities that aim 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 J251 Index, an index that tracks the
performance of preference shares issued by constituent companies and traded on
the JSE. PrefEx Securities will attempt to place an investor in substantially
the same position, from a capital and income perspective, as if they held the
underlying constituents of the J251 index in their correct weightings. This
will be achieved by:
the issue of PrefEx Securities, in dematerialised form only, on the terms and
subject to the conditions set out in the offering circular, the value of each
PrefEx Security being approximately equal to 1/100th of the J251 Index level;
utilising the cash proceeds from the initial offer to acquire the constituents
securities of the J251 Index, which once acquired will be held by the PrefEx
Trust, the trustee of which will be Societe Generale;
permitting subscriptions (in cash or in specie);
allowing the holders of PrefEx Securities, to either trade them through the JSE
on the secondary market or redeem them in blocks; and
procuring that the PrefEx Trust distributes in full its income to investors
quarterly at the end of May, August, November and February.
Application has been made to and granted by the JSE for the listing of the
PrefEx Securities under the abbreviated name "PrefEx" and the JSE code "PREFEX"
in the "Exchange Traded Funds" sector of the JSE on Wednesday, 28 March 2012.
PrefEx Securities will not be listed on any other exchange.
SALIENT DATES AND TIMES
Opening date of the initial offer at 09:00:
Monday, 19 March 2012
Closing date of the initial offer at 12:00:
Tuesday, 20 March 2012
Ramp up period commences: Thursday, 22 March 2012
Ramp up period ends: Friday, 23 March 2012
Release of announcement on SENS as to the results
of the initial offer: Monday, 26 March 2012
Listing date: Wednesday, 28 March 2012
NOTICE
Prospective purchasers of ETFs should ensure that they fully understand the
nature of the ETF, the possible Exchange Control Regulations implications and
the extent of their exposure to risks, and that they consider the suitability of
the ETF as an investment in light of their own circumstances and financial
position.
The JSE`s approval of the listing of PrefEx Securities is not to be taken in any
way as an indication of the merits of an ETF or of PrefEx Securities. The JSE
has not verified the accuracy and truth of the contents of the offering circular
and, to the extent permitted by law, will not be liable for any claim of
whatever kind. Claims against the JSE Guarantee Fund may only be made in respect
of trading in ETFs on the JSE and in accordance with the terms of the rules of
the Guarantee Fund and can in no way relate to the issue of PrefEx Securities by
the PrefEx Co.
The J251 index is calculated by FTSE International Limited ("FTSE") in
collaboration with the JSE. Neither FTSE nor the JSE sponsors, endorses or
promotes this product. All copyright in the index values and constituent lists
vests in FTSE and the JSE jointly. The issuer has obtained full licence from
the JSE to use such copyright in the creation of PrefEx Securities. FTSETM, FT-
SERegistered and FootsieRegistered are trade marks of London Stock Exchanger plc
and The Financial Times Limited 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.
AVAILABILITY OF DOCUMENTATION
Copies of the offering circular, in English, may be obtained during normal
business hours from Grindrod Asset Management (Proprietary) Limited, 1st Floor,
Building 3, Commerce Square, 39 Rivonia Road, Sandton (+27 11 459 1860) or on
the website (www.grindrodsecurities.co.za).
Johannesburg
19 March 2012
Originator and sponsor:
Grindrod Bank Limited
Investment advisor:
Grindrod Asset Management (Proprietary) Limited
Market maker:
Grindrod Securities Limited (a division of Grindrod Asset Management
(Proprietary) Limited)
Trustee and custodian:
Societe Generale
Legal advisors:
Webber Wentzel
Auditors:
Deloitte & Touche
Trust administrator:
Matiland Trust Limited
Consultant to the originator:
etfSA.co.za
Date: 19/03/2012 09:00:01 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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