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Initial offer for Grindrod Top50 participatory interests referencing the S&P South Afr - GTOP50
CoreShares Index Tracker Managers (RF) Proprietary Limited
Grindrod Top50
Share code: CTOP50 ISIN: ZAE000204327
The Grindrod S&P South Africa Top50 Exchange Traded Fund portfolio ("Grindrod Top50"), a sixth
portfolio in the CoreShares Index Tracker Collective Investment Scheme (formerly Grindrod Index
Tracker Collective Investment Scheme)("the Scheme") registered as such in terms of the Collective
Investment Schemes Control Act, 45 of 2002, managed by CoreShares Index Tracker Managers (RF)
Proprietary Limited (formerly Grindrod Index Tracker Managers Proprietary Limited)("the Manager").
INITIAL OFFER FOR GRINDROD TOP50 PARTICIPATORY INTERESTS ("GRINDROD TOP50
SECURITIES") REFERENCING THE S&P SOUTH AFRICA TOP50 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 third supplement to the
offering circular (the "fifth supplement") which is available as set out below.
1. INTRODUCTION
Gtrax is a collective investment scheme in securities. Grindrod Top50 participatory interests provide
investors with an efficient and easily accessible means by which to achieve a return that tracks the price
and yield performance of the S&P South Africa Top50 Index. The portfolio will attempt to place an
investor in substantially the same position, from capital and income perspective, as if they held the
underlying constituents of the S&P South Africa Top50 Index in their correct weightings. The “S&P
South Africa 50 Index” is an index which measures the performance of the 50 largest companies by
float-adjusted market capitalisation within the S&P South Africa Composite Index. The “S&P South
Africa Composite Index” is a market capitalization weighted index designed to measure the performance
of the South African equity market. The S&P South Africa Composite Index covers equities listed on
the Johannesburg Stock Exchange with float-adjusted market values of US$ 100 million or more and
annual dollar value traded of at least US$50 million.
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 1/100th of the average S&P South Africa Top50 Index level during the ramp up period; or
- in respect of in specie subscriptions, by delivery of one or more baskets plus the specified cash
amount (as defined in the Gtrax offering circular) (entitling the applicant to 100 000 participatory
interests per basket delivered) on the terms and subject to the conditions set out in the Gtrax
offering circular as read together with this supplement.
Participatory interests will be issued in dematerialised form only on the terms and subject to the
conditions more fully described in the third 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 Grindrod Top50 securities to be 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 Monday, 4 May 2015 until 12:00 on Tuesday, 5 May
2015. Letters of Allotment will be issued in the name of successful applicants on Wednesday, 6 May
2015 and will convert to Grindrod Top50 securities and be listed on the JSE at commencement of
trading on Wednesday, 13 May 2015. A further announcement containing the results of the initial offer
including the issue price will be published on SENS on Monday, 11 May 2015.
3. NOTICE
Grindrod Top50 participatory interests are not in any way sponsored, endorsed, sold or promoted by
the JSE or S&P Dow Jones Indices LLC (“S&P) and none of these parties makes any warranty or
representation whatsoever, expressly or implied, either as to the basis of calculation of, or as to the
results to be obtained from the use of the Index and/or the value at which the said Index stands at any
particular time on any particular day or otherwise. The Index is compiled and calculated by S&P.
However, S&P shall not be liable (whether in negligence or otherwise) to any person for any error in the
Index and S&P shall not be under any obligation to advise any person of any error therein.
The securities being issued pursuant to this supplement 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 the U.S. Commodity
Futures Trading Commission under the U.S. Commodity Exchange Act has not approved trading in the
securities. 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 the Manager are:
Director: Ian Michael Groves (Independent non-executive chairman)
Address: Grindrod Tower, 4th Floor, 8a Protea Place, Sandton, 2196
Director: David Andrew Polkinghorne (Non-executive director)
Address: 1st Floor North, 20 Kingsmead Boulevard, Kingsmead Office Park, Durban, 4000
Director: Craig Brabazon Hollowes (Non-executive director)
Address: 4th Floor, Rivonia Village, Rivonia Boulevard, Sandton, 2191
Director: Gareth Craig Stobie (Managing director)
Address: Grindrod Tower, 4th Floor, 8a Protea Place, Sandton, 2196
The trustee of Gtrax, Societe Generale, is located at 2nd Floor, Jan Smuts Avenue, Rosebank, 2196.
The registered office of Gtrax is located at Grindrod Tower, 4th Floor, 8a Protea Place, Sandton, 2196.
5. COPIES OF THE OFFERING CIRCULAR AND THIRD SUPPLEMENT
Copies of the original Gtrax offering circular and the fifth supplement, in English, may be obtained during
normal business hours from the registered office as detailed above, from Monday, 4 May 2015. A copy
of the offering circular and the third supplement will be available on the website (www.coreshares.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 third
supplement and as summarised below:
- You cannot withdraw an application once submitted. It will be irrevocable.
- All subscriptions for Grindrod Top50 securities will be treated as primary market acquisitions.
- All subscribers for new Grindrod Top50 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 Grindrod Securities (a division of Grindrod Asset Management
Proprietary Limited), which has been appointed as the participating broker to assist first time
retail clients in opening an account. Grindrod Securities’ contact details appear in the
third 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 Grindrod Top50 securities under the initial
offer, the investor is advised to contact his professional advisors, alternatively to contact the
Manager (see below for contact details).
- 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
Societe Generale, the issuer`s CSDP.
4 May 2015
Corporate advisor, sponsor and orginator: Grindrod Bank Limited
Trustee: Societe Generale
The Manager: CoreShares Index Tracker Managers (RF) Proprietary Limited
Tel no.: 011 459 1860
Email: etfs@grindrodbank.co.za.
Date: 04/05/2015 05:48:00 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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