| Mon 13 Aug 2007, 8:45 | | PTXSPY - PROPTRAX SAPY - Initial offer for Proptra |
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JSE
PROPXS
PTXSPY - PROPTRAX SAPY - Initial offer for Proptrax Sapy, to be listed on
the main board of the JSE Limited
PROPTRAX SAPY
Share code: PTXSPY ISIN: ZAE000101911
A portfolio in the Property Index Tracker Collective Investment Scheme
("PropTrax") registered as such in terms of the Collective Investment
Schemes Control Act, 45 of 2002 (the "portfolio"), managed by Property
Index Tracker Managers (Proprietary) Limited ("PropTrax Managers")
INITIAL OFFER FOR PROPTRAX SAPY PARTICIPATORY INTERESTS ("PROPTRAX SAPY
SECURITIES") REFERENCING THE FTSE/JSE AFRICA LISTED PROPERTY INDEX ("SAPY
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 an offering circular and pre-listing statement (the
"circular"), together with the First Supplement thereto (the "supplement")
both issued on 13 August 2007, which are available as set out below.
1. INTRODUCTION
PropTrax is a collective investment scheme in securities. Securities in the
new PropTrax SAPY Portfolio will track the price and yield performance of
the SAPY Index (a price or capital index), thereby giving investors
exposure to the top twenty JSE listed property stocks (which have a primary
listing on the JSE).
Investors will be entitled to subscribe for participatory interests in
terms of the initial offer:
in cash, in Rands, for a minimum subscription of R1000, the proceeds from
the issue of every 100 000 PropTrax SAPY securities (after deduction of
costs and fees) being utilised to acquire one basket of the securities
comprising the SAPY Index ("constituent securities"); or
in specie, by the delivery of one or more whole baskets of the constituent
shares ("baskets of constituent securities") together with a specified
amount in cash equal to all transaction costs, taxes and fees entitling the
investor to 100 000 PropTrax SAPY securities per basket of constituent
securities delivered.
Participatory interests will be issued in dematerialised form only on the
terms and subject to the conditions more fully described in the circular,
the value of each of which will approximately equal 1/10th of the average
SAPY Index level during the rampup period.
Following the listing, securities holders may either trade their securities
on the JSE, redeem them for cash or, in respect of every 100 000 PropTrax
SAPY securities 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, 13 August 2007
until 12:00 on Friday, 24 August 2007.
Letters of allotment (LAs) will be issued in the name of successful
applicants on Monday, 27 August 2007 and will convert to PropTrax
securities and be listed on the JSE at commencement of trading on Monday,
10 September 2007.
A further announcement containing the results of the initial offer
including the issue price will be published on SENS on Friday, 7 September
2007.
3. NOTICE
PropTrax Managers has been granted permission to use the "SAPY" name and to
track the SAPY Index.
PropTrax SAPY participatory interests are not in any way sponsored,
endorsed, sold or promoted by FTSE International Limited ("FTSE"), the
London Stock Exchange Plc (the "LSE") or The Financial Times Limited ("FT")
and neither FTSE nor the LSE nor FT makes any warranty or representation
whatsoever, expressly or implied, either as to the results to be obtained
from the use of the SAPY Index and/or the figure at which the Index stands
at any particular time on any particular day or otherwise. The SAPY Index
is compiled and calculated by FTSE in collaboration with the JSE. However,
neither the JSE, FTSE, the LSE nor FT shall be liable (whether in
negligence or otherwise) to any person for any error in the Index and
neither the JSE, FTSE, the LSE nor FT shall be liable (whether in
negligence or otherwise) to any person or any error in the SAPY Index and
neither FTSE, the JSE, the LSE nor FT shall be under any obligation to
advise any person of any error therein. "FTSETrade Mark", "FTSERegistered"
and "FootsieRegistered" are trade marks of the LSE and FT and are used by
FTSE and the JSE under licence. "JSE" is a trade mark of the JSE and is
used by FTSE under licence.
The securities being issued 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 trading in securities has
not been approved by the U.S. Commodity Futures Trading Commission under
the U.S. Commodity Exchange Act. 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 PropTrax Managers are:
Director : Hayden Bamford (Executive)
Address : 4th Floor, Rivonia Village
Rivonia Boulevard
Rivonia
Sandton, 2191
Director : Janys Finn (Nonexecutive)
Address : 3rd Floor, 2 Arnold Road
Rosebank
Johannesburg, 2196
Director : Craig Hallowes (Nonexecutive)
Address : 4th Floor, Rivonia Village
Rivonia Boulevard
Rivonia
Sandton, 2191
The trustee of PropTrax, Absa Bank Limited, is located at 6th Floor, Absa
Towers North, 6E1, Johannesburg.
The registered office of PropTrax is located at 4th Floor, Rivonia Village,
Rivonia Boulevard, Rivonia, Sandton, 2191.
5. COPIES OF THE CIRCULAR AND THE SUPPLEMENT
Copies of the circular and the supplement, in English, may be obtained
during normal business hours from the registered office as detailed above,
from 13 August 2007 until 24 August 2007. A copy of the circular and the
supplement will also be available on the website (www.proptrax.co.za).
6. SUBSCRIPTION CONDITIONS APPLICABLE TO THE INITIAL OFFER
The initial offer is subject to the conditions detailed in the circular as
read with the supplement and as summarised below:
- You cannot withdraw an application once submitted. It will be
irrevocable.
- All subscriptions for PropTrax SAPY securities will be treated as
primary market acquisitions. No application forms are required.
- All subscribers for new PropTrax SAPY 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 BoE Stockbrokers (Proprietary) Limited
("BoE"), which has been appointed as the participating broker to
assist first time retail clients in opening an account. BoE`s contact
details appear in both the circular and the 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 PropTrax SAPY securities under the initial offer,
the investor is advised to contact his professional advisors,
alternatively to contact PropTrax Managers directly on 011 612-6888.
- 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 Absa Bank Limited, the issuer`s CSDP.
Johannesburg
13 August 2007
Corporate advisor, legal advisor and sponsor
Java Capital (Proprietary) Limited
Trustee
Absa Bank Limited
Date: 13/08/2007 08:45:03 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.
