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CORESHARES INDEX TRACKER MANAGERS (RF) PROPRIETARY LIMITED - Result of ballot voting procedure in respect of amendment to PTXTEN and amalgamation with PTXSP

Release Date: 16/07/2019 13:45
Code(s): PTXTEN PTXSPY     PDF:  
 
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Result of ballot voting procedure in respect of amendment to PTXTEN and amalgamation with PTXSP

CoreShares Index Tracker Managers (RF) Proprietary Limited
CoreShares PropTrax 10 ETF
Share code: PTXTEN
ISIN: ZAE000155362

CoreShares PropTrax SAPY ETF
Share code: PTXSPY
ISIN: ZAE000101911

A portfolio in the CoreShares Index Tracker Collective Investment 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 (“CoreShares”)

BALLOT VOTING PROCEDURES IN RESPECT OF (1) THE AMENDMENT OF THE INVESTMENT
POLICY OF THE CORESHARES PROPERTY TOP TEN EXCHANGE TRADED FUND (“PTXTEN”)
AND (2) THE AMALGAMATION OF THE CORESHARES PROPERTY SAPY EXCHANGE TRADED
FUND (“PTXSPY”) WITH THE CORESHARES PROPERTY TOP TEN EXCHANGE TRADED
FUND(“PTXTEN”)

Investors are referred to the announcements released on SENS on 17 May 2019 regarding the ballot
voting procedures in respect of the amendment of the investment policy of the PTXTEN and the
amalgamation of the PTXSPY AND PTXTEN are advised that the audited results of the voting ballot
procedures were as follows:

1. Summary of Votes: Amendment to investment policy of PTXTEN

                               Total        Total       Responses in          Responses
                               responses    received                          against the
                               not                      favour of the
                               received                                       amendment to
                                                        amendment to
                                                                              Investment policy
                 Total units                            Investment policy
                                                                              of PTXTEN
                                                        of PTXTEN



 Units     per   16 739 868    14 233 250   2 506 618        2 384 729              121 889
 shareholder
 register (#)



 % of total        100%         85.03%       14.97%
 units

 %        of                                                  95.14%                 4.86%
 responses
 received


CoreShares is regulated by the Financial Sector Conduct Authority (formerly the Financial Services
Board). In terms of Section 98(2) of the Collective Investment Schemes Control Act of 2002 and clause
67 of the Main Deed of the Scheme, investor consent is required to effect the proposed amendment,
which allow for the following:

                                                 
•      Investors holding no less than 25% in value of the total number of participatory investors in the
       Portfolio, excluding CoreShares, must respond to the ballot voting request, for it to be successful
       (Clause 67.1 of Main Deed).
•      If the majority of those who have responded to the ballot, have voted in favour, then the amendment
       will be successful.
•      Where less than 25% of investors respond, a second ballot must be conducted where only the
       majority result of those who have responded, will determine whether the amendment will be
       successful or not i.e. 25% quorum is not required (Clause 67.3 of Main Deed).

Less than 25% of the total number of participatory investors in the portfolio responded to the
first ballot request, therefore the ballot voting procedure was not successful and a second ballot
voting procedure will be conducted.


2. Summary of Votes: Amalgamation - PTXTEN Ballot

                                  Total        Total        Responses in           Responses
                                  responses    received     favour of the          against the
                                  not                       amalgamation of        amalgamation of
                    Total units   received                  the CoreShares         the CoreShares
                                                            Property SAPY          Property SAPY
                                                            Exchange Traded        Exchange Traded
                                                            Fund (“PTXSPY”)        Fund (“PTXSPY”)
                                                            into the               into the
                                                            CoreShares             CoreShares
                                                            Property Top Ten       Property Top Ten
                                                            Exchange Traded        Exchange Traded
                                                            Fund (“PTXTEN”)        Fund (“PTXTEN”)

    Units     per   16 739 868    13 898 876   2 840 992         2 725 771               115 221
    shareholder
    register (#)

    % of total        100%         83.03%       16.97%
    units
    %        of                                                   95.94%                  4.06%
    responses
    received


3. Summary of Votes: Amalgamation - PTXTSPY Ballot

                                  Total        Total        Responses in           Responses
                                  responses    received     favour of the          against the
                                  not                       amalgamation of        amalgamation of
                    Total units   received                  the CoreShares         the CoreShares
                                                            Property SAPY          Property SAPY
                                                            Exchange Traded        Exchange Traded
                                                            Fund (“PTXSPY”)        Fund (“PTXSPY”)
                                                            into the               into the
                                                            CoreShares             CoreShares
                                                            Property Top Ten       Property Top Ten
                                                            Exchange Traded        Exchange Traded
                                                            Fund (“PTXTEN”)        Fund (“PTXTEN”)




                                                     
 Units     per     3 027 799      2 868 016       159 783           148 441                  11 342
 shareholder
 register (#)

 % of total         100%          94.72%          5.28%
 units
 %        of                                                        92.90%                   7.10%
 responses
 received


In terms of section 99 of the Act, the ballot will be valid if the majority of investors, excluding the
manager, vote in favour of the amalgamation. Absence of a response will be regarded as a vote in
favour of the amalgamation.


4. Summary of overall results


    Investors in PTXSPY and PTXTEN have provided consent for the amalgamation of the two
    portfolios however, investors holding less than 25% in value of the total number of participatory
    investors in PTXTEN responded to the ballot to amend the investment policy of PTXTEN which
    then requires a second ballot to be conducted where only the majority result of those who have
    responded, will determine whether the amendment will be successful or not i.e. 25% quorum is not
    required (Clause 67.3 of Main Deed) as stated in Paragraph 1 above.


    Please note that although the ballot for the amalgamation of the PTXSPY and PTXTEN succeeded,
    the amalgamation will only will only be effective in the event that the second ballot to amend the
    investment policy of PTXTEN is successful and regulatory approval obtained from the FSCA.


    The salient dates and information relating to the second ballot voting procedure to amend the
    investment policy of PTXTEN will be announced on SENS in due course.


    Should you require any further assistance please send an email to info@coreshares.co.za .


    16 July 2019

    Corporate advisor and sponsor: Grindrod Bank Limited

    Trustee: Société Générale




                                                      

Date: 16/07/2019 01:45:00
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