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JSE LIMITED - Stanlib SA Prop - Abridged prelisting statement regarding The Stanlib Exchange Traded Fund Programme, Stanprop

Release Date: 07/02/2013 14:35
Code(s): JSER     PDF:  
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Stanlib SA Prop - Abridged prelisting statement regarding The Stanlib Exchange Traded Fund Programme, Stanprop

STANLIB Collective Investments Limited
(Registration number 1969/003468/06)
(“STANLIB” or “the Manager”)(being the manager of the STANLIB SA Property ETF)

STANLIB SA Property ETF (“STANPROP”) (being a portfolio under the STANLIB Collective Investment
Scheme (“STANLIB CIS”) registered in the Republic of South Africa in terms of the Collective Investment
Schemes Control Act, 45 of 2002 (“CISCA”))
Share Code: STPROP
Abbreviated Name: STANPROP
ISIN: ZAE000175576

ABRIDGED PRELISTING STATEMENT REGARDING THE STANLIB EXCHANGE TRADED FUND
PROGRAMME, STANPROP

1. INTRODUCTION

   In compliance with the Listings Requirements of the JSE Limited (“JSE”), the JSE has approved the
   listing of the STANLIB Exchange Traded Fund Programme (“the ETF Programme Memorandum”)
   together with the listing of participatory interests in the STANPROP Exchange Traded Fund (“the
   STANPROP ETF”) (“the Third Supplement”). The information as it appears below has been extracted
   from the ETF Programme Memorandum and the Third Supplement further detail of which is set out in
   paragraph 3 and relates as follows:

      i.    the offer for subscription of participatory interests in the STANPROP ETF, a portfolio within
            the STANLIB CIS (“the Offer”); and
      ii.   the subsequent listing of the participatory interests in the “Exchange Traded Funds” on the
            JSE.

2. BACKGROUND

   STANLIB is a collective investment scheme established by a main deed registered and approved
   under the CISCA on 21 April 2010. STANLIB has undertaken an initiative to list and distribute ETF’s
   in the South African market which track local and international indices.

   STANPROP is the third portfolio to be listed under the STANLIB CIS. The JSE has approved the
   listing of the STANPROP ETF which is expected to be on or about Wednesday, 13 February 2013.


   The aim of the portfolio is to provide returns linked to the performance of the SA Listed Property Index
   (“the Index”) in terms of both price performance as well as income from the component securities of
   the Index. The portfolio will aim to track the performance of the Index. In order to achieve the
   abovementioned objective, the portfolio will generally invest in all of the component securities of the
   index in proportion to their weighting in the index and will under normal circumstances aim to invest at
   least 90% of its total assets in the shares, or equivalent securities, composing the index. However,
   due to various factors, including the costs and expenses involved as well as illiquidity of securities, it
   may not be possible or practicable to purchase the entire component securities in their weightings or
   purchase them at all. In such event, the Investment Adviser may use quantitative techniques to hold a
   representative sample of the Index.
      Such techniques involve considering the inclusion of each security based on its investment
      characteristics, fundamental characteristics and liquidity. In no event will the portfolio be managed
      according to the traditional approach of active investment management, rather a passive approach
      will be applied. The portfolio may hold liquid assets on an ancillary basis. The portfolio aims to hold
      component securities in the index so that the weighting of each security it holds does not diverge
      substantially from the weighting of that component in the index. The portfolio will not exercise any
      voting rights in respect of constituent securities.


3. STRUCTURE

      The STANPROP portfolio is managed by STANLIB. The Manager is an approved manager of
      Collective Investment Schemes and as such is governed in terms of the Collective Investment
      Schemes Control Act, 2002. The Manager has entered into an agreement with the Asset Manager,
      Stanlib Asset Management Limited, in terms of which the Asset Manager will monitor changes to the
      Index constituents and execute transactions to reflect these changes on behalf of the manager. ABSA
      Bank Limited will act as the independent Trustee and will fulfil its duties as specified in the Collective
      Investment Schemes Control Act, 2002 (Act No.45 of 2002) and the Regulations published in terms of
      this Act.


4. SUBSCRIPTION CONDITIONS APPLICABLE TO THE OFFER

4.1       Conditions of the Offer

          Once submitted, an application is irrevocable.

          All subscriptions for STANLIB ETF securities will be treated as primary market acquisitions and
          no application forms are required.

          All subscribers to STANLIB ETF securities must have a valid account with a broking member of
          the exchange. Subscribers that do not have an account with a JSE member can contact any
          broker registered with the JSE to open an account. A list is available on the JSE website being
          www.jse.co.za.

4.2       Participating in the Offer

          To participate in the Offer, you must contact your broker. If you do not have a broker then contact
          the participating broker the details of which are set out on the inside front cover to the ETF
          Programme Memorandum. Information regarding the subscription procedures for each STANLIB
          ETF is detailed in Annexure 3 of the ETF Programme Memorandum.

4.3       The issue price of a STANLIB ETF security

          The issue price of each STANLIB ETF security will be the cost of acquiring the underlying
          portfolio less any applicable costs, divided by the number of securities.
4.4      Discharging the issue price during the Offer

         The price payable by an investor if he subscribes for securities during Offer period may be settled
         in one of two ways, either by a payment in cash (in Rands or the index currency) or by the
         delivery of one or more baskets of securities (i.e. in specie subscriptions).

         4.4.1   In specie subscriptions

                 In respect of in specie subscriptions, the minimum price payable by an investor is one
                 basket of securities.

                 The value of the STANLIB ETF security is subject to fluctuation from time to time relative
                 to the market value of the assets comprised in the relevant STANLIB ETF portfolio.

4.5      Minimum subscriptions

         Given that the portfolio is not a closed-ended fund, there is no upper limit on the number of
         securities available for purchase unless specifically indicated in the relevant supplement.

         In respect of cash subscriptions, the minimum subscription amount will be detailed in the relevant
         supplement for both Rand subscriptions and index currency subscriptions (if applicable).

         Investors will not receive a certificate. STANLIB ETF securities are issued in dematerialised form
         only, meaning that they are not evidenced by a certificate, but instead are held in electronic form
         and recorded in a sub-register maintained by a Central Securities Depository Participant.

5. Documents

      Copies of the ETF Programme Memorandum and the Third Supplement can be obtained from the
      offices of the Manager being, 17 Melrose Boulevard, Melrose Arch during normal office hours, or on
      the STANLIB website: www.STANLIB.com, from Thursday, 7 February 2013.


Johannesburg
7 February 2013

Investment Bank and Sponsor
The Standard Bank of South Africa Limited

Date: 07/02/2013 02:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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