| Mon 11 Oct 2010, 11:00 | | STAN40/ STANSX - Stanlib Collective Investments / Stanlib Top 40 Fund / |
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STAN40/ STANSX - Stanlib Collective Investments / Stanlib Top 40 Fund /
Stanlib SWIX 40 Fund - Prelisting announcement regarding the Stanlib Exchange
Traded Fund Programme, Stanlib40 and Stanlibsx
STANLIB Collective Investments Limited
(Registration number 1969/003468/06)
("the Manager" or "SCIL")(being the manager of the STANLIB TOP 40 FUND and
STANLIB SWIX 40 FUND)
STANLIB TOP 40 FUND ("STANLIB40")(being a portfolio under the STANLIB ETF
Collective Investment Scheme ("STANLIB CIS")registered in the Republic of
South Africa in terms of the Collective Investment Schemes Control Act, 45 of
2002 ("CISCA"))
Share Code: STAN40
Abbreviated Name: STANLIB40
ISIN: ZAE000148425
STANLIB SWIX 40 FUND ("STANLIBSX")(being a portfolio under the STANLIB ETF
CIS registered in the Republic of South Africa in terms of CISCA)
Share Code: STANSX
Abbreviated Name: STANLIBSX
ISIN: ZAE000148607
PRELISTING ANNOUNCEMENT REGARDING THE STANLIB EXCHANGE TRADED FUND ("ETF")
PROGRAMME, STANLIB40 AND STANLIBSX
1. INTRODUCTION
In compliance with the Listings Requirements of the JSE Limited ("JSE"),
the JSE has approved the listing of the STANLIB ETF Programme ("the ETF
programme memorandum") together with the listing of participatory
interests in the STANLIB TOP 40 FUND ("the first supplement") and the
STANLIB SWIX 40 FUND ("the second supplement"). The information as it
appears below has been extracted from the ETF programme memorandum and
first and second supplements further detail of which is set out in
paragraph 3 and relates to the listing of the participatory interests in
the "Exchange Traded Funds" sector on the JSE.
2. BACKGROUND
STANLIB ETF CIS is a collective investment scheme established by a main
deed registered and approved under the CISCA on 21 April 2010. STANLIB
has undertaken an initiative to list and distribute ETF`s in the South
African market which track local and international indices.
STANLIB40 and STANLIBSX are respectively the first and second portfolios
to be listed under the STANLIB ETFCIS. The listing of both the STANLIB40
and STANLIBSX participatory interests is expected to be effective on or
about 18 October 2010.
The investment objective of the STANLIB40 and STANLIBSX portfolios`
("the portfolios") is to provide returns linked to the performance of
the FTSE/JSE Top 40 Index ("Top 40") and the FTSE/JSE SWIX Top 40 Index
("SWIX"). In order to achieve the abovementioned objective, the
portfolios will generally invest in all of the component securities of
the index in proportion to their weighting in the index and will under
normal circumstances aim to invest at least 90% of its total assets in
the shares, or equivalent securities, composing the index. However, due
to various factors, including the costs and expenses involved as well as
illiquidity of securities, it may not be possible or practicable to
purchase the entire component securities in their weightings or purchase
them at all. In such event, the Investment Adviser may use quantitative
techniques to hold a representative sample of the Index. Such techniques
involve considering the inclusion of each security into the portfolio of
the Company based on its investment characteristics, fundamental
characteristics and liquidity.
The shares of the portfolios are identical to that of the FTSE/JSE
Africa Index Series in that they are the 40 largest companies ranked by
market value. The SWIX Top 40 in particular down weights the shares in
the Top 40 index held by non-South African shareholders thereby reducing
the net weightings of resources and dual listed stocks and increasing
the weightings of financial, industrial and telecommunications shares,
relative to the Top 40 Index.
3. STRUCTURE
The portfolios are managed by SCIL who is an approved manager of
Collective Investment Schemes and as such is governed in terms of the
CISCA. SCIL has entered into an agreement with the Asset Manager being
STANLIB Asset Management, in terms of which the Asset Manager will
monitor changes to the Index constituents and execute transactions to
reflect these changes on behalf of the Manager. ABSA Bank Limited will
act as the Independent Trustee; which will fulfil its duties as
specified in the CISCA and the Regulations published in terms of this
Act.
4. CONDITIONS APPLICABLE TO THE LISTING
4.1 The issue price of a STANLIB ETF security
The issue price of each STANLIB ETF security will be the cost of
acquiring the underlying portfolio less any applicable costs, divided by
the number of securities.
5. Documents
Copies of the ETF programme memorandum and the first and second
supplements may be obtained from the offices of the Manager being, 17
Melrose Boulevard, Melrose Arch, Johannesburg, during normal office
hours from, Tuesday, 12 October 2010.
For more information please contact:
Leonard Jordaan
Tel: + (27) 11 448 5143
Mobile: + (27) 82 928 0165
e-mail:Len.Jordaan@stanlib.com
Johannesburg
11 October 2010
Investment Bank and Sponsor
Standard Bank
Date: 11/10/2010 11:00:01 Produced by the JSE SENS Department.
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