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NEWFUNDS COLLECTIVE INVESTMENT SCHEME - Winding-up and Delisting of NewFunds Swix 40 Index Portfolio

Release Date: 06/12/2019 16:44
Code(s): NFSWIX     PDF:  
Wrap Text
Winding-up and Delisting of NewFunds Swix 40 Index Portfolio

NEWFUNDS SWIX 40 INDEX
ETF PORTFOLIO
Share code: NFSWIX
ISIN: ZAE000163754

Portfolios in the NewFunds Collective Investment Scheme in Securities registered
as such in terms of the Collective Investment Schemes Control Act, 45 of 2002
and managed by NewFunds (RF) Proprietary Limited (Registration Number
2005/034899/07) ("NewFunds")


Winding-up and Delisting of NewFunds Swix 40    Index Portfolio

Introduction

Holders of participatory interests in the NewFunds Swix 40 Index Portfolio
(“Investors”) are hereby advised that NewFunds (RF) Proprietary Limited (“the
Manager”), in its capacity as manager of the NewFunds Swix 40 Index Portfolio
(“the Portfolio”), has decided to wind-up and delist the Portfolio.

A notice (“Notice”) is being distributed to Investors today setting out further
details of the winding up of the Portfolio.

Rationale

The Portfolio is being unwound and delisted in terms of section 102(1) of the
Collective Investment Schemes Control Act 45 of 2002 (“CISCA”) for the reasons
set out below:

   •   The index which the Portfolio tracks has lost relevance and is unlikely
       to attract substantial new inflows.
   •   The Portfolio have not gathered significant assets and as such the size
       of the Portfolio is small and the operating costs of running the Portfolio
       are high relative to its size which is not beneficial to Investors.

The Manager is therefore of the opinion that it is in the best interests of
Investors to wind up the Portfolio in terms of Section 102 of CISCA.

Approvals to wind up the Portfolio

The Manager has received approvals to wind-up the Portfolio from the Financial
Sector Conduct Authority and the JSE.
Realization of the assets of the Portfolio (“Ramp-Down Period”)

The Manager will realize the assets of the Portfolio in terms of the provisions
of section 102(3) of CISCA during the Ramp-Down Period. Any costs, expenses and
liabilities of the Portfolio will be deducted from the proceeds of the
realization of the assets and the net proceeds, including any income accruals
in respect of the Portfolio will be distributed to Investors as per the timetable
below.

Investors should obtain their own independent advice as to the consequences of
the winding-up and delisting of the Portfolio.

Salient Dates and Times and Further Announcement


The table below sets out the salient dates and times in respect of the winding
up and delisting of the Portfolio.

                                                               2019
Record date to determine which Investors are entitled to
                                                               Friday, 29 November
receive the Notice from their CSDP
Notice distributed to Investors and announcement released
                                                               Friday, 06 December
on SENS
*Start of Ramp Down Period                                     Friday, 13 December
*End of Ramp Down Period                                       Wednesday, 18 December
**Distribution announcement released on SENS which sets out
                                                               Thursday, 19 December
the details of the final distribution to be paid, by 11:00
Expected LDT, being the last day to trade units in the
Portfolio in order to be recorded in the register to receive   Friday, 20 December
the final distribution on
Application for delisting of units submitted to the JSE        Monday, 23 December
Suspension of listing of units o expected to take place at
                                                               Monday, 23 December
the commencement of trade on
Record Date, being the date on which unit holders must be
recorded in the register to receive the final distribution,    Friday, 27 December
by close of trade on
Investors expected to have their accounts (held at their
CSDP or broker) credited with the final distribution, on or    Monday, 30 December
about
#Delisting of units on the JSE expected to take place at
                                                               Tuesday, 31 December
the commencement of trade on or about


# The Portfolio will officially be delisted from the JSE on 31 December 2019.

*The duration of the Ramp Down Period may be extended depending on prevailing
market liquidity, in which event the delisting date in respect of the Portfolio
will occur on a later date.

**A further announcement setting out the details of the final distribution to
be paid to Investors will be released on SENS on Thursday, 19 December 2019.

Dates and times set out in the timetable above are subject to change at the
discretion of the Manager. Any such changes shall be announced on SENS.

6 December 2019

JSE Sponsor

Vunani Corporate Finance

Date: 06-12-2019 04:44:00
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