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Repatriation of CoreShares S&P Global Property ETF and reduction to management fee
CoreShares Global Investments PCC
CoreShares Global Prop
Share code: GLPROP
ISIN: MU0518N00038
(“GLPROP”)
The CoreShares S&P Global Property Exchange Traded Fund (“CoreShares S&P Global Property”)
ETF portfolio, is a portfolio in the CoreShares Global Investments PCC (A Mauritius protected cell public
company limited by shares). The CoreShares S&P Global Property is an approved Foreign Collective
Investment Scheme in terms of Section 65 of the Collective Investment Scheme Control Act 2002. The
CoreShares S&P Global Property is managed by CoreShares ETF Manager Limited (“CEM” or “the
Manager”) and is further represented in South Africa by CoreShares Index Tracker Managers RF (Pty)
Ltd.
1. REPATRIATION OF CORESHARES S&P GLOBAL PROPERTY TRADED FUND AND
REDUCTION TO MANAGEMENT FEE
1.1 Background
CoreShares started offering South African and foreign investors exposure to, JSE listed, ETFs
referencing foreign assets through the CoreShares S&P 500 and CoreShares S&P Global Property
ETFs, each as a cell in the CoreShares Global Investments Protected Cell Company established in
Mauritius ("Mauritian CoreShares ETFs"), on 4 November 2018. The Mauritian CoreShares ETFs are
listed on the Stock Exchange of Mauritius ("SEM") with secondary listings on the Johannesburg Stock
Exchange ("JSE") on which almost all trade occurs. The vast majority of the investors in the Mauritian
CoreShares ETFs are South African investors.
CoreShares established the ETFs in Mauritius because ETFs established in South Africa were not
permitted to reference foreign assets by the South African National Treasury until early 2017. In 2017,
the South African National Treasury for the first time permitted South African ETFs to begin referencing
foreign assets directly. Accordingly, it has become unnecessary to offer the ETFs to South Africans, via
a secondary listing. A decision has therefore been made to “repatriate” the Mauritian CoreShares ETFs
and to obtain a primary listing on the JSE (“Repatriation”). The Repatriation also results in certain cost
efficiencies being realised and accordingly the management fee will be reduced.
1.2 Implementation and “roll over” of base cost
In order to effect the Repatriation, a new South African CoreShares S&P Global Property portfolio (the
CoreShares S&P Global Property Exchange Traded Fund) has been established on the South African
CoreShares ETF platform, being the CoreShares Index Tracker Collective Investment Scheme
managed by CoreShares Index Tracker Managers RF Proprietary Limited which will, in all material
commercial respects, mirror the existing Mauritian CoreShares S&P Global Property ETF.
The implementation of the Repatriation is structured in such a way that investors will automatically be
subscribed for an equal number of securities with the same base costs for capital gains tax (“CGT”)
purposes in the South African S&P Global Property ETF as they hold in the Mauritian CoreShares S&P
Global Property ETF prior to the Repatriation. The implementation steps will take place almost
simultaneously as part of one overarching transaction. The investors will not be prejudiced as the
intention is that the investors will receive the same economic rights when holding the South African
CoreShares S&P Global Property ETF, as they had before.
The primary listing of the Mauritian CoreShares S&P Global Property ETF on the SEM and its existence
as a cell in the CoreShares Global Investments PCC will be discontinued, and the South African
CoreShares S&P Global Property ETF portfolio will, after the Repatriation not be listed on any other
exchange, other than the JSE. However, this does not preclude the Manager from other listings of this
sort at a later date.
1.3 Action required by investors
No action is required by investors who wishes to participate in the Repatriation. Investors who wish not
to participate may redeem or sell their securities in the open market, before the implementation of the
Repatriation.
2. FEE REDUCTION
The annual management fee will be reduced to 0.40% (excluding VAT) from the commencement of
trading in the South African CoreShares S&P Global Property ETF.
3. APPROVAL AND TENTH SUPPLEMENT
Approval for the Repatriation of the CoreShares S&P Global Property participatory interests was
granted by the JSE on 8 February 2019.
The Tenth Supplement to the CoreShares offering circular, regarding the Repatriation of the
CoreShares S&P Global Property ETF is available at the registered office of CoreShares Index Tracker
Managers (RF) Proprietary Limited as well as on the website hosted at https://coreshares.co.za. For
further information on the Repatriation, kindly contact CoreShares at info@coreshares.co.za.
4. EXPECTED TIMELINE FOR THE IMPLEMENTATION OF THE REPATRIATION
Expected timeline for the implementation of the Repatriation 2019
Declaration and Finalisation Data SENS announcement of approval of Friday, 8 February
Repatriation
Last Day to Trade in the Mauritian CoreShares S&P Global Property Tuesday, 12 March
ETF
Suspension of trading of Mauritian CoreShares S&P Global Property Wednesday, 13March
ETF on the JSE
Commencement of trading in the South African CoreShares S&P Global Wednesday, 13 March
Property ETF on the JSE
Record date Friday, 15 March
Accounts of dematerialised securities holders updated at their CSDPs Monday, 18March
or brokers
Termination of trading of Mauritian CoreShares S&P Global Property Tuesday, 19 March
ETF
Note: Any changes to the expected dates above will be announced on SENS.
4. NOTICE
CoreShares S&P Global Property participatory interests are not in any way sponsored, endorsed, sold
or promoted by the JSE and it does not make any warranty or representation whatsoever, expressly or
implied, either as to the basis of calculation of, or as to the results to be obtained from the use of the
S&P Global Property Index (“the Index”) and/or the value at which the said Index stands at any particular
time on any particular day or otherwise. The Index is compiled and calculated on behalf of and on the
instructions of CITM by S&P Dow Jones Indices LLC. The JSE shall not be liable (whether in negligence
or otherwise) to any person for any error in the Index and the JSE shall not be under any obligation to
advise any person of any error therein.
The securities being issued pursuant to this announcement 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 the U.S.
Commodity Futures Trading Commission under the U.S. Commodity Exchange Act has not approved
trading in the securities. 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.
8 February 2019
Corporate advisor and sponsor: Grindrod Bank Limited
Trustee: Societe Generale
Date: 08/02/2019 02:00:00 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.
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