| Mon 23 Feb 2009, 8:00 | | NFSH40 - NewFunds Shariah Top 40 Index ETF Portfolio - Initial Offer For |
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NFSH40 - NewFunds Shariah Top 40 Index ETF Portfolio - Initial Offer For
Newfunds Shariah Top 40 Index ETF Participatory Interests Referencing The
FTSE/JSE Shariah Top 40 Index ("Shariah Top 40 Index"), To Be Listed On The
Main Board Of The Jse Limited ("JSE") In The "Exchange Traded Funds" Sector
NewFunds Shariah Top 40 Index ETF Portfolio
Share code: NFSH40 ISIN: ZAE000130431
A portfolio in the NewFunds Collective Investment Scheme ("NewFunds CIS")
registered as such in terms of the Collective Investment Schemes Control Act, 45
of 2002 (the "portfolio"), managed by NewFunds (Proprietary) Limited
("NewFunds")
INITIAL OFFER FOR NEWFUNDS SHARIAH TOP 40 INDEX ETF PARTICIPATORY INTERESTS
REFERENCING THE FTSE/JSE SHARIAH TOP 40 INDEX ("SHARIAH TOP 40 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 issued on 3
September 2007 (the "offering circular"), as read with the Shariah Top 40
Portfolio Supplement (the "portfolio supplement") issued on 23 February 2009,
which is available as set out below.
1. INTRODUCTION
Securities in the new Shariah Top 40 Index ETF Portfolio of the NewFunds
CIS ("Shariah 40 securities") will track the price and yield performance of the
Shariah Top 40 Index, thereby giving investors exposure to Shariah compliant
companies. By investing in Shariah 40 securities investors that obey the codes
of Shariah compliancy in financial matters and transactions will gain easier
access to companies that ensure that their activities are Shariah compliant.
The Shariah Top 40 Index tracks only Shariah compliant companies falling
within the top 40 companies (by market capitalisation) whose ordinary shares are
listed on the Main Board of the JSE.
Shariah is the Divine Islamic Law which governs the practical aspects of a
Muslim`s daily life. In commerce, it determines business style and prescribes
compliance with halaal (Islamic-permitted) and ethical investing. Shariah
investors therefore avoid investing in companies whose operations are not
halaal, such non-halaal activities include gambling, the sale of alcohol,
weapons, arms and defence manufacturing, companies exceeding accepted debt
levels and other criteria. A constituent company in the Shariah Top 40 Index has
its Shariah compliant status verified quarterly by Yasaar Limited, an
independent provider of Shariah compliance solutions to global Islamic banking,
finance and insurance industries.
2. THE INITIAL OFFER
Investors will be entitled to subscribe for Shariah 40 securities in terms of
the initial offer:
- in cash, in Rands at the net asset value per Shariah 40 security on the
business day immediately preceding the Listing Date, the proceeds from the issue
of every one millon Shariah 40 securities being utilised to acquire one basket
of the securities comprising the Shariah Top 40 Index ("constituent shares"); or
- in specie, by the delivery of one or more whole baskets of the securities
comprising the Shariah Top 40 Index ("baskets of constituent shares") entitling
the investor to one million Shariah 40 securities per basket of constituent
shares delivered.
Shariah 40 securities will be issued in dematerialised form only on the terms
and subject to the conditions more fully described in the offering circular as
read with the portfolio supplement, the value of each of which will be the net
asset value per Shariah 40 security on the business day immediately preceding
the Listing Date.
Following the listing, securities holders may either trade their securities on
the JSE, redeem them for cash or, in respect of every one million Shariah 40
securities redeemed, redeem them for one basket of constituent shares.
3. SALIENT DATES AND TIMES AND FURTHER ANNOUNCEMENT
The initial offer will remain open from 09:00 on Monday, 23 February 2009 until
12:00 on Friday, 20 March 2009.
LAs will be issued in the name of successful applicants on Monday, 23 March 2009
and will convert to Shariah 40 securities at commencement of trading on Monday,
6 April 2009.
A further announcement containing the results of the initial offer including the
issue price and conversion ratio will be published on SENS on Friday, 3 April
2009.
4. NOTICE
NewFunds has been granted permission to use the name "FTSE/JSE Shariah Top 40
Index".
Shariah 40 securities 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 Shariah Top 40 Index ("the
Index") and/or the figure at which the Index stands at any particular time on
any particular day or otherwise. The 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 under any
obligation to advise any person of any error therein. "FTSE(TM)", "FT-SE(R)" and
"Footsie(R)" 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 Shariah 40 securities are not eligible for sale in the United States
("U.S.") or in any other jurisdiction in which trading in them would be illegal.
The Shariah 40 securities have not been, and will not be, registered under the
U.S. Securities Act of 1933, as amended, and trading in them has not been
approved by the U.S. Commodity Futures Trading Commission under the U.S.
Commodity Exchange Act. The Shariah 40 securities may not be offered, sold or
delivered within the U.S. or to U.S. persons, nor may any U.S. person at any
time trade or maintain a position in the Shariah 40 securities.
5. DIRECTORS, TRUSTEE AND REGISTERED OFFICE
The directors of NewFunds, all of whom are non-executive, are:
Director: Alan Jonathan Miller
Address: 65 Empire Road, Parktown, 2193
Director: Andre La Grange
Address: 15 Alice Lane, Sandton, 2196
Director: Ethan Gilbert Dube
Address: Vunani House, Block C, Athol Ridge Office Park, 151
Katherine Street, Sandton
Director: Butana Mangaliso Khoza
Address: Vunani House, Block C, Athol Ridge Office Park, 151
Katherine Street, Sandton
The trustee of NewFunds CIS, The Standard Bank of South Africa Limited, is
located at 20th Floor, Main Tower, Standard Bank Centre, Heerengracht, Cape
Town.
The registered office is located at 3rd Floor, Absa Towers East, 170 Main
Street, Johannesburg.
6. COPIES OF THE PORTFOLIO SUPPLEMENT AND THE OFFERING CIRCULAR
Copies of the portfolio supplement, in English, may be obtained during normal
business hours from the registered office as detailed above, from 23 February
2009 until 6 April 2009. A copy of the offering circular and the portfolio
supplement will be available on the website www.newfunds.co.za during the same
period.
7. SUBSCRIPTION CONDITIONS APPLICABLE TO THE INITIAL OFFER
The initial offer is subject to the conditions detailed in the offering circular
as read with the portfolio supplement and as summarised below:
You cannot withdraw an application once submitted. It will be irrevocable.
All subscriptions for new Shariah 40 securities will be treated as primary
market acquisitions.
All subscribers for new Shariah 40 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 Vunani Securities (Proprietary) Limited ("Vunani
Securities") and Absa Stockbrokers (Proprietary) Limited ("Absa Stockbrokers"),
who have been appointed as joint participating brokers to assist first time
retail clients in opening an account. Further information can be obtained from
Vunani Securities (www.vunanisecurities.co.za or on (011) 263 9528) and Absa
Stockbrokers (www.absastockbrokers.co.za or on (011) 647 0830).
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 Shariah
40 securities under the initial offer, the investor is advised to contact his
professional advisors, alternatively to contact NewFunds directly on (011) 895
5517.
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 the Issuer CSDP.
Johannesburg
23 February 2009
Corporate advisor, legal advisor and sponsor
Java Capital (Proprietary) Limited
Co-originator
Absa Bank Limited
Co-originator
Vunani Capital (Proprietary) Limited
Date: 23/02/2009 08:00:01 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.
