| Mon 9 Jun 2003, 9:13 | | Trackhedge (proprietary) Limited - Initial Offer F |
|
Trackhedge (Proprietary) Limited - INITIAL OFFER FOR SUBSCRIPTION FOR NEWRAND
INDEX SECURITIES
Trackhedge (Proprietary) Limited
(Registration number 2003/008245/07)
("Issuer")
(Issuer/NewRand website: www.absa.co.za)
Absa Corporate and Merchant Bank ("ACMB") is proud to announce its new product
initiative - NewRand Index Securities. NewRand Index Securities will be listed
and traded on the JSE Securities Exchange South Africa ("JSE") and offer the
investor a single, affordable way with which to participate in the growth
potential of the top ten South African Rand hedge stocks. NewRand Index
Securities are intended to replicate the price and yield performance of the New
Rand Index, created by ACMB, and provided and calculated by FTSE and the JSE.
INITIAL OFFER FOR SUBSCRIPTION FOR NEWRAND INDEX SECURITIES
This announcement does not constitute an offer to sell or an invitation to
purchase NewRand Index Securities, but is published in terms of the Listings
Requirements of the JSE. The information contained herein has been extracted
from the offering circular issued by Issuer, dated 9 June 2003 (the "offering
circular"), which document is available for inspection at the addresses set out
in paragraph 6 below.
1. The listing of NewRand Index Securities on the JSE
The JSE has granted Issuer approval for the listing of NewRand Index
Securities on the JSE under the "Exchange Traded Funds" sector of the JSE with
effect from Wednesday, 25 June, 2003.
There is no maximum number of NewRand Index Securities which may be issued in
terms of the Initial Offer. There is also no minimum number of NewRand Index
Securities which must be issued in terms of the Initial Offer. There is,
however, a minimum subscription amount which must be invested (R1,000.00).
The Initial Offer opens at 09:00 on Monday, 9 June 2003, and closes at 12:00
on Friday, 20 June 2003.
2. Description of NewRand Index Securities
NewRand Index Securities are listed securities to be issued by the Issuer, a
private limited liability company. NewRand Index Securities will be tradable on
the JSE on the Exchange Traded Funds board under the code "NRD".
The NewRand Index is created by ACMB and provided and calculated by FTSE/JSE.
Selected from the top 40 companies by market capitalisation listed on the JSE,
the NewRand index comprises 10 equally weighted shares with the highest long-
term correlation with the Rand / US dollar exchange rate. This means that the
Index will achieve the same returns as a portfolio representing the same 10
shares individually purchased.
3. Background
Issuer was incorporated in South Africa on 8 April 2003. It is a private
limited liability company. The entire issued share capital of Issuer is held by
the NewRand Owner Trust, a registered, discretionary trust.
4. Main business of Issuer
The sole business of the Issuer is the issue of NewRand Index Securities.
5. Directors
The directors of Issuer are set out below:
Name Address
Andries Benjamin La Grange ACMB
180 Commissioner Street
Johannesburg, 2001
John Richard Parker Doidge Maitland Trust Limited
1st Floor, Protea Place
Sandton 2146
Anthony Addison Maitland Trust Limited
1st Floor, Protea Place
Sandton 2146
6. Copies of the offering circular
Copies of the offering circular are available in English, during normal
business hours until Monday, 30 June 2003 at the following address: ACMB, 180
Commissioner Street, Johannesburg 2001. Alternatively, telephone the information
helpline 0860 122 122.
Johannesburg
9 June 2003
Originator
ABSA Corporate and Merchant Bank
Corporate Finance
(Registration number 1986/004794/06)
Sponsor
Gensec Bank Limited
(Registration number 1996/004744/06)
