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PRESCIENT MANAGEMENT COMPANY (RF) PROPRIETARY LIMITED - Proposed Amalgamation of 91GINC into 91GIN Ballot Procedure

Release Date: 09/10/2026 13:21
Code(s): 91GINC     PDF:  
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Proposed Amalgamation of 91GINC into 91GIN – Ballot Procedure

Prescient Management Company (RF) (Pty) Ltd
(Registration number 2002/022560/07)
(Being the manager of the Prescient ETF Scheme)

Ninety One Global Diversified Income Prescient Feeder Actively Managed ETF
(being a portfolio under the Prescient ETF Scheme registered in the Republic of South Africa in terms of the Collective
Investment Schemes Control Act, 45 of 2002)
Share Code: 91GINC
Long Name: 91G Actively Managed ETF
Short Name: 91GAMETF
ISIN: ZAE000346813

Proposed Amalgamation of the Ninety One Global Diversified Income Prescient Feeder Actively Managed
ETF (‘91GINC”) with the Ninety One Global Diversified Income Feeder Actively Managed ETF (“91GIN”) –
Ballot Procedure

This announcement is important and requires immediate attention

The purpose of this announcement is to inform you of the Proposed Amalgamation of the Ninety One Global
Diversified Income Prescient Feeder Actively Managed ETF (‘91GINC” or “Source Portfolio”) with the Ninety
One Global Diversified Income Feeder Actively Managed ETF (“91GIN” or “Target Portfolio”) and provide
sufficient information to investors to make an informed decision and explain the voting procedure.

Ninety One SA (Pty) Ltd, the co-named investment manager of the Source Portfolio established under the Prescient
ETF Scheme, has requested the Manager to ballot investors in the 91GINC portfolio to obtain their approval for the
amalgamation with the Target Portfolio established under the Ninety One ETF Scheme.

Importantly, there will be no change to the investment objective or investment strategy of the Source Portfolio once
amalgamated with the Target portfolio. Ninety One SA (Pty) Ltd will remain the Investment Manager of the Target
Portfolio.

In terms of section 99 of the Collective Investment Schemes Control Act No. 45 of 2002 (“the Act”), the ballot will be
valid if the majority of investors, excluding the Manager, vote in favour of the amalgamation. Please note, an
absence of a response will be regarded as a vote in favour of the amalgamation.


Reason for the proposed amalgamation
The reason for the proposed amalgamation is that Ninety One Fund Managers SA (RF) (Pty) Ltd, the Manager of
Ninety One’s unit trusts, has established its own ETF Scheme. The proposed amalgamation enables Ninety One to
assume end-to-end responsibility for the ongoing governance and oversight of the Ninety One Global Diversified
Income Feeder Actively Managed ETF from fund management through to scheme administration, ensuring
accountability and control for investors. The merger will further enable clients to have a direct relationship with Ninety
One as the issuer and benefit from a unified client experience.
Importantly, there is no change to how your money is managed: there will be no change to the investment objective,
investment strategy or annual management fee of the Source Portfolio and Target portfolio. Ninety One SA (Pty) Ltd
will continue to be responsible for investment management of the Target Portfolio, among other ETF portfolios. As
the Source and Target Portfolios are identical in every respect, other than the changes noted in the section titled
‘Comparisons between the portfolios’ below, investors will not be prejudiced by the proposed amalgamation.
Underlying instruments will be transferred in specie, allowing investors to remain fully invested in the market.
Therefore, we believe that the merger is in the interest of investors.


How the amalgamation impacts your investment

Section 99 (3) (a) of the Act stipulates that on the effective date, every investor “shall hold in the new scheme or
portfolio, such participatory interests with an aggregate money value that is not less than the lower of the net asset
value or market value, as may be fair and reasonable in the circumstances of the participatory interests which such
investor, immediately before the date on which the proposed transaction becomes effective, held in an original
scheme or portfolio.”

In other words, when the portfolios are amalgamated, investors will be issued with replacement participatory interests
in the Target Portfolio. The replacement participatory interests will be equal in market/monetary value to the
participatory interests in the Source Portfolio held pre-amalgamation. All accrued income in the Source Portfolio will
be distributed by a special distribution before the transfer takes place. In terms of the Income Tax Act, the Capital
Gains Tax implications of the proposed amalgamation will not result in the realisation of a capital gain or loss, and
the CGT cost of your investment will be carried over to the Target Portfolio.



Comparison between the portfolios
The table below compares the Source Portfolio with the Target Portfolio and the impact on investors in the Source
Portfolio should the amalgamation ballot be successful.

     Ninety One Global Diversified               Ninety One Global Diversified               Changes - Impact on Investors
   Income Prescient Feeder Actively            Income Feeder Actively Managed
    Managed Exchange Traded Fund                    Exchange Traded Fund
         ("Source Portfolio")                         ("Target Portfolio")
 Investment Policy                           Investment Policy

 The Ninety One Global Diversified           The portfolio will be an actively            Change in wording although the
 Income Prescient Feeder Actively            managed exchange traded fund. The            same fundamental principles remain
 Managed Exchange Traded Fund                primary objective of the Ninety One          unchanged.
 (“Ninety One Global Diversified Income      Global Diversified Income Feeder
 Prescient Feeder AMETF”) is a feeder        Actively Managed Exchange Traded             The benchmark remains the Overnight
 fund and an actively managed ETF            Fund is to provide returns in excess of      US Dollar SOFR (ZAR).
 listed on the EXCHANGE. The portfolio       the Overnight US Dollar SOFR (or other
 will, apart from assets in liquid form,     appropriate reference rate) over a           The structure of the portfolio remains
 consist solely of participatory interests   rolling 12- to 18-month period,              an Actively Managed ETF which is a
 in the Ninety One Global Diversified        consisting of income with the                feeder fund into the same underlying
 Income Fund (“Underlying Fund”) a           opportunity for capital growth.              unit trust being the Ninety One Global
 fund approved under the Ninety One          In order to achieve this objective, the      Diversified Income Fund ("Underlying
 Premier Funds PCC Limited (the              Portfolio will primarily be invested in      Fund" or "Master Fund") approved
 "PCC"). The primary performance             participatory interests in the Ninety One    under the Ninety One Premier Funds
 objective of the Underlying Fund is to      Global Diversified Income Fund               PCC Limited.
 provide returns in excess of the            (“Master Fund”), which in turn invests in
 Overnight US Dollar SOFR (or other          a broad range of global fixed income         As the Master and Underlying Fund
 reference rate) over a rolling 12 to 18     instruments, including government and        being invested into remains the same
 month period, consisting of income with     corporate bonds from both developed          between the Target and Source
 the opportunity for capital growth. To      and emerging markets, which may be           Portfolios, the objective remains
 achieve its objective the Underlying        denominated in any currency, and may         consistent between these portfolios.
 Fund may invest in a broad range of         also include cash, money market
 global fixed income instruments.            instruments, and derivatives for efficient
                                             portfolio management and hedging
                                             purposes.
 Nothing in the supplemental deed shall      Nothing in the supplemental deed shall       No Change
 preclude the manager from varying the       preclude the Manager from varying the
 ratios of securities, to maximise           ratios of securities, to maximise capital
 investment potential in changing            growth and investment potential in
 economic environments or market             changing economic environments or
 conditions or to meet the requirements,     market conditions or to meet the
 if applicable, of any exchange formally     requirements, if applicable, of any
 recognised in terms of legislation and      exchange formally recognised in terms
 from retaining cash or placing cash on      of legislation and from retaining cash or
 deposit in terms of the Deed and any        placing cash on deposit in terms of the
 Supplemental Deeds thereto; provided        Deed and any Supplemental Deeds
 that the manager shall ensure that the      thereto; provided that the Manager shall
 aggregate value of the assets               ensure that the aggregate value of the
 comprising the portfolio shall consist of   assets comprising the portfolio shall
 securities of the aggregate value           consist of securities of the aggregate
 required from time to time by the Act.      value required from time to time by the
                                             Act.
      Ninety One Global Diversified               Ninety One Global Diversified           Changes - Impact on Investors
   Income Prescient Feeder Actively            Income Feeder Actively Managed
    Managed Exchange Traded Fund                     Exchange Traded Fund
          ("Source Portfolio")                         ("Target Portfolio")
 The Trustee shall ensure that the           The Trustee shall ensure that the         No Change
 investment policy set out in this           investment policy set out in this
 supplemental deed, the Deed and in all      supplemental deed, the Deed and in all
 Supplemental Deeds thereto is carried       Supplemental Deeds thereto is carried
 out.                                        out.


 For the purpose of this portfolio, the                                                Change
 manager shall reserve the right to close                                              Wording is included in the Source
 the portfolio to new investors on a date                                              Portfolio as a Prescient standard, but it
 determined by the manager. This will                                                  is not included in the Target Portfolio.
 be done in order to be able to manage                                                 This is implied by the regulations
 the portfolio in accordance with its                                                  applicable to these portfolios but being
 mandate. The manager may, once a                                                      excluded from the Target Portfolio
 portfolio has been closed, open that                                                  investment policy will not impact the
 portfolio again to new investors on a                                                 return or the rights of the investors
 date determined by the manager.                                                       amalgamating over to the Target
                                                                                       Portfolio.
 Investment Manager                          Investment Manager

 Ninety One SA (Pty) Ltd                     Ninety One SA (Pty) Ltd                   No Change
 Benchmark Definition                        Benchmark Definition

 Overnight SOFR (ZAR)                        Overnight SOFR (ZAR)                      No Change
 Annual Management Fee (excluding            Annual Management Fee (excluding
 VAT)                                        VAT)

 0.45%                                       0.45%                                     No Change
 Income Distribution Frequency               Income Distribution Frequency             Change
                                                                                       A reduction in income distribution
 the 6 month period ending on the last       the 12 month period ending on the last    frequency from semi-annual to annual.
 day March and September of each             day of March of each year;                The change is considered immaterial as
 year;                                                                                 investors continue to receive any
                                                                                       income entitlement. As the underlying
                                                                                       fund is an accumulating portfolio, de
                                                                                       minimis income distributions are
                                                                                       anticipated.
 ASISA Classification                        ASISA Classification

 Global - Multi Asset – Income               Global - Multi Asset – Income             No Change



Amalgamation ballot timeline and Salient Dates

                                                                                        Salient Date

 SENS announcement declaring the proposed ballot                                        Friday, 09 October 2026

 Deadline for investors to respond via Brokers/CSDPs by no later than 17:00             Monday, 23 November 2026

 Investor Register Extract Date for ballot voting procedures (30 business days after
                                                                                        Monday, 23 November 2026
 announcement)

 Deadline for Strate to provide ballot results to the Auditors                          Thursday, 26 November 2026

 Deadline for auditors to submit their findings report to Prescient                     Thursday, 03 December 2026

 FSCA issues approval letter                                                            Tuesday, 15 December 2026

 Announcement confirming the results of the ballot                                      Thursday, 17 December 2026
Rights of investors in 91GINC
In terms of clause 99 of CISCA and clause 59 of the Prescient ETF Scheme main deed, all investors in the 91GINC
portfolio are given an opportunity to vote in favour of, or against, the proposed amalgamation, as described in this
announcement.

Ernest & Young (Pty) Ltd, the independent auditors of the Manager, will verify the outcome of the ballot.

If investors do not participate in the amalgamation ballot timeously, they will be deemed to have voted in favour of
the amalgamation.

Investors that are not comfortable with the amalgamation proposal may elect to sell their securities at any time at
the prevailing market price of the ETF or redeem their securities. Please note that such a transaction may trigger a
Capital Gains Tax (“CGT”) event and investors may be liable for CGT at their next income tax assessment, as well
as brokerage costs.

If investors choose not to sell units prior to the effective date of the amalgamation, the amalgamation proposals as
set out in this announcement (if approved by investors) will automatically apply to their investment.


Approval and Commencements

Subject to the ballot voting procedure being successful and approval by the Financial Sector Conduct Authority (“the
Authority”) of Collective Investment Schemes, exchange control approval from the South African Reserve Bank
(“SARB”) and the approval by the JSE, the amalgamation will be effective from commencement of business on
Wednesday,13th of January 2027.

                                                                              Salient Date

 Exchange control approval obtained from SARB                                 Prior the finalisation announcement

 Finalisation announcement regarding the amalgamation
                                                                              Tuesday, 05 January 2027


 Distribution Announcement including Semi-Annual and Special distribution
                                                                              Thursday, 07 January 2027


 Last day to trade (LDT) the units of the Source Portfolio and cum
                                                                              Tuesday, 12 January 2027
 distribution

 Conversion ratio announcement between Source Portfolio and Target
                                                                              Tuesday, 12 January 2027
 Portfolio by 11h00

 Suspension of trading in the Source Portfolio., Listing and Commencement
                                                                              Wednesday, 13 January 2027
 of trading in Target Portfolio on the JSE

 Effective Date Amalgamation and Ex Date of the Special and Quarterly
                                                                              Wednesday, 13 January 2027
 Distribution

 Fraction rate announcement in terms of the Target Portfolio by 11:00am (if
                                                                              Thursday, 14 January 2027
 applicable)

 Record date for determining Source Portfolio holders entitled to received
 Target Portfolio units and Record date of the Special and quarterly          Friday, 15 January 2027
 distribution

 Accounts of dematerialised securities holders at CSDPs / Brokers updated
                                                                              Monday, 18 January 2027
 with removal of Source Portfolio and Target Portfolio units

 Payment Date of the Special and Quarterly Distribution                       Monday, 18 January 2027
 Termination (delisting) of the Source Portfolio                      Tuesday, 19 January 2027



The above dates and times are subject to amendment at the discretion of the Manager, subject to the approval of
the JSE, if required. Any such amendment will be published on SENS.


Action required
    1. Investors must read this announcement on the proposed changes to the Source Portfolio, their rights and
       the impact this will have on their investment.
    2. Investors are requested to notify their Broker/CSDPs in writing by no later than 17:00 on Monday, 23rd of
       November 2026, as to whether they approve the amalgamation as set out in this announcement or not.

    3. No action is required from investors that are no longer invested in the Source Portfolio


Should investors require further information about the proposed amalgamation or voting process as set out in this
announcement, please contact your financial advisor or contact Ninety One on email clientservice@ninetyone.com
Alternatively, investors may call the Ninety One Client Service Centre on 0860 500 100.


Ninety One thanks you for your continued support.


Cape Town
09 October 2026




Listing Advisor
Prescient Capital Markets (Pty) Ltd

Date: 09/10/2026 01:21:00
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