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TRACKHEDGE (PTY) LIMITED - NRD - Trackhedge Shareholder Update

Release Date: 27/09/2013 10:26
Code(s): NRD     PDF:  
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NRD - Trackhedge Shareholder Update

TRACKHEDGE (PROPRIETARY) LIMITED
(Registration number 2003/008245/07)
Issuer code: THG
JSE Code: NRD
ISIN: ZAE000047841
(“Trackhedge” or “the IssuerCo”)

SHAREHOLDER UPDATE

Notice is hereby given that the following information bears mentioning:

The investment objective of the NewRand Trust is to track the Index and to match, on any given day,
as closely as possible, the IssuerCo’s contingent contractual obligations to deliver Baskets of Shares
under the delivery rights attaching to Index Securities. The investment policy of the NewRand Trust is
to pursue the objective of replicating, as far as possible and practicable, the price and yield
performance of the Index, by holding an Underlying Portfolio that substantially represents all of the
shares contained in the Index in substantially the same weightings as they are included in the Index.

The Directors are concerned that due to changes in market conditions, the increase in foreign
exchange allowances now available to investors, and new products being introduced to potential
investors, all since the Securities were launched some 10 years ago, the value of the Securities and
the corresponding Underlying Portfolio has now dropped through disinvestment by nearly 90 % from
only 2 years ago. The result of this drop in the value of assets is that, with the relatively high fixed
costs of operating such a Company, the costs are being carried by a significantly smaller number of
investors with the resultant greater contribution per Rand invested.

The directors feel that it is incumbent on them to protect the interest of the investors by exploring all
methods of minimising the potential downside of their carrying a greater proportion of costs, up to and
including the orderly winding up the Company.

Investors will be notified of proposals and decisions as a result of the above.

27 September 2013

Sponsor
Absa Bank Limited (acting through its Corporate and Investment Banking division)

Date: 27/09/2013 10:26:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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