Wrap Text
Ballot Procedure: Proposed Amalgamation of RWESG with RWGPR
Prescient Management Company (RF) (Pty) Ltd
(Registration number 2002/022560/07)
("Prescient" or "the Manager")
(Being the manager of the Prescient ETF Scheme)
REITWAY GLOBAL PROPERTY ESG PRESCIENT ETF ("RWESG")
(being a portfolio under the Prescient ETF Scheme registered in the Republic of South Africa in terms of the
Collective Investment Schemes Control Act, 45 of 2002 ("CISCA"))
Share Code: RWESG
Short Name: RWESGPROP
ISIN: ZAE000322194
PROPOSED AMALGAMATION OF THE REITWAY GLOBAL PROPERTY ESG PRESCIENT ETF ('RWESG")
WITH THE REITWAY GLOBAL PROPERTY MF PRESCIENT ETF ("RWGPR") – BALLOT PROCEDURE
This announcement is important and requires immediate attention
Reitway Global (Pty) Ltd, the Investment Manager of the RWESG and the RWGPR has requested the Manager to
ballot investors in the RWESG portfolio ("the Source Portfolio") to obtain their approval for the amalgamation with the
RWGPR portfolio, on the assumption that the current ballot process for the RWGPR ("the Target Portfolio") will be
successful.
The purpose of this announcement is to inform investors of the proposed amalgamation, provide sufficient information
to RWESG investors to make an informed decision and explain the voting procedure.
The Target Portfolio is undergoing a ballot to change the index that is tracks from the Reitway Global Property Index
to the Reitway Global Property MF Index. Investors are referred to the SENS announcement published by the
Manager on 30 January 2026 regarding this change and further information is available from the Manager. This
amalgamation is subject to investors in the Target Portfolio voting in favour of the index change and investors in the
Source Portfolio voting in favour of this amalgamation.
In terms of the section 99 of the Collective Investment Schemes Control Act No. 45 of 2002 ("the Act"), the ballot will
be valid if the majority of investors, excluding the Manager, vote in favour of the amalgamation. Please note, an
absence of a response will be regarded as a vote in favour of the amalgamation.
Section 99 (3) (a) of the Act stipulates that on the effective date, every investor "shall hold in the new scheme or
portfolio, such participatory interests with an aggregate money value that is not less than the lower of the net asset
value or market value, as may be fair and reasonable in the circumstances of the participatory interests which such
investor, immediately before the date on which the proposed transaction becomes effective, held in an original
scheme or portfolio."
In other words, when the portfolios are amalgamated, investors will be issued with replacement participatory interests
in the Target Portfolio. The replacement participatory interests will be equal in market/monetary value to the
participatory interests in the Source Portfolio held pre-amalgamation
Reason for the proposed amalgamation
The investment universe of the RWESG and the RWGPR is substantially the same resulting in no significant
differences in the performances of the portfolios over a long period. The amalgamation of these portfolios will ensure
that the target portfolio reaches critical mass ensuring more efficient management of the portfolio.
Comparison between the portfolios
The table below compares the performance of the Source Portfolio (RWESG) and the Target Portfolio (RWGPR) at
the end of quarter 4 of 2025:
Portfolio Gross End Market Value QTD Gross YTD Gross QTD Net YTD Net
Return Return Return Return
RWESG 19,131,961.88 -4.98155 -4.82892 -5.06414 -5.15714
RWGPR 29,632,333.76 -5.50336 -3.80707 -5.58551 -4.13891
The table below compares the Source Portfolio (RWESG) with the Target Portfolio (RWGPR) and the impact on
investors in the Source Portfolio should the amalgamation ballot be successful.
Reitway Global Property ESG Reitway Global Property MF Changes - Impact on
Prescient Exchange Traded Fund Prescient Exchange Traded Investors
(Source Portfolio) Fund (Target Portfolio)
Investment Policy The investment policy of the The investment policy of the Changed
Portfolio shall be to track as closely Portfolio shall be to track as The index being tracked in
as possible the Reitway Global closely as possible the Reitway the target fund is the
Property ESG Index ("Index") with Global Property MF Index Reitway Global Property
the intention of allowing an investor ("Index") with the intention of ESG Index which differs to
to obtain market exposure to the allowing an investor to obtain that of the source fund,
constituent securities which are held market exposure to the being the Reitway Global
in the Portfolio. constituent securities which are Property MF Index. The
held in the Portfolio. constituents within these
indices are similar but are
not same which would
result in differing fund
returns on investors
holdings. Please refer to
the comparison of fund
returns included in this
announcement to
determine the impact to
your individual
investments.
The Portfolio will be passively The Portfolio will be passively No Change
managed in that the Manger will not managed in that the Manger will
buy and sell securities based on not buy and sell securities based
economic, financial and/or market on economic, financial and/or
analysis but rather, will buy and sell market analysis but rather, will
securities solely for the purposes of buy and sell securities solely for
ensuring that the Portfolio tracks the the purposes of ensuring that the
Index. As such the investment Portfolio tracks the Index. As such
objective and style of the Portfolio the investment objective and style
will be full replication of the Index. of the Portfolio will be full
Accordingly, the financial or other replication of the Index.
condition of any company or entity Accordingly, the financial or other
include in the Index will not result in condition of any company or entity
the elimination of its securities from include in the index will not result
the Portfolio, unless the securities of in the elimination of its securities
such company or entity are from the Portfolio, unless the
removed from the Index itself securities of such company or
entity are removed from the index
itself.
Investors may obtain participatory Investors may obtain participatory No Change
interests in the Portfolio on the interests in the Portfolio on the
secondary market or by subscribing secondary market or by
for new participatory interest in the subscribing for new participatory
Portfolio on the primary market. In interest in the Portfolio on the
order to achieve this object, the primary market. In order to
Manger may, subject to the Act and achieve this object, the Manger
the Scheme Deed, create and issue may, subject to the Act and the
or redeem and cancel an unlimited Scheme Deed, create and issue
number of participatory interests in or redeem and cancel an
the Portfolio unlimited number of participatory
interests in the Portfolio.
The manager shall further be The manager shall further be No Change
entitled in its discretion and only on entitled in its discretion and only
a temporary basis, to employ such on a temporary basis, to employ
other investment techniques and such other investment techniques
financial instruments, whether listed and financial instruments, whether
or unlisted, for the purposes of listed or unlisted, for the purposes
efficient portfolio management with of efficient portfolio management
the aim of reducing risk, reducing with the aim of reducing risk,
cost or generating capital or income reducing cost or generating capital
for the Portfolio with an acceptable or income for the Portfolio with an
level of risk in line with the acceptable level of risk in line with
investment objective of the Portfolio, the investment objective of the
subject to the provision of the Portfolio, subject to the provision
Scheme Deed, the JSE Listing of the Scheme Deed, the JSE
Requirements and the Act from time Listing Requirements and the Act
to time. from time to time.
The Portfolio may also include The Portfolio may also include No Change
participatory interest or any other participatory interest or any other
form of participation in portfolios of form of participation in portfolios of
collective investment schemes or collective investment schemes or
other similar collective investment other similar collective investment
schemes as the Act may allow from schemes as the Act may allow
time to time which are consistent from time to time which are
with the Portfolios investment policy consistent with the Portfolios
investment policy.
The composition of the Portfolio will The composition of the Portfolio No Change
be adjusted periodically to confirm will be adjusted periodically to
to changes in the composition and confirm to changes in the
weightings of securities in the Index composition and weightings of
so as to ensure that the composition securities in the Index so as to
and weightings of the Portfolio are a ensure that the composition and
reflection of the composition and weightings of the Portfolio are a
weightings of the securities reflection of the composition and
contained in the Index weightings of the securities
contained in the Index.
The Portfolio shall hold securities The Portfolio shall hold securities No Change
purely for the economic rights and purely for the economic rights and
benefits attaching thereto and, benefits attaching thereto and,
accordingly, if any takeover bid or accordingly, if any takeover bid or
other corporate action occurs in other corporate action occurs in
relation to any constituent company, relation to any constituent
the Portfolio shall not surrender any company, the Portfolio shall not
securities held by the Portfolio surrender any securities held by
which may be subject to such the Portfolio which may be subject
takeover bid or other corporate to such takeover bid or other
action, unless such surrender is corporate action, unless such
mandatory (and then only to the surrender is mandatory (and then
extent of such mandatory only to the extent of such
surrender) in terms of any mandatory surrender) in terms of
applicable law or under the rules of any applicable law or under the
a regulator y authority or body rules of a regulatory authority or
having jurisdiction over the Portfolio body having jurisdiction over the
and/or the applicable securities. Portfolio and/or the applicable
However, is any such takeover bid securities. However, is any such
of corporate cation results in a takeover bid of corporate cation
previously constituted company no results in a previously constituted
longer qualifying for inclusion in the company no longer qualifying for
Index, any securities in such inclusion in the Index, any
constituent company held by the securities in such constituent
Portfolio, shall be disposed of by the company held by the Portfolio,
Portfolio and the proceeds derived shall be disposed of by the
from such disposal shall be applied Portfolio and the proceeds derived
in effecting the appropriate from such disposal shall be
adjustment to the Portfolio so as to applied in effecting the
ensure same tracks the Index appropriate adjustment to the
Portfolio so as to ensure same
tracks the Index.
It is anticipated that ancillary assets It is anticipated that ancillary No Change
in liquid form will not form a assets in liquid form will not form a
substantial substantial part of the Portfolio's
part of the Portfolio's assets. assets. However, any liquid
However, any liquid assets that the assets that the portfolio holds may
portfolio be invested in short-term money
holds may be invested in short-term market investments.
money market investments.
It is recorded that the Portfolio's It is recorded that the Portfolio's No Change
ability to replicate the price and ability to replicate the price and
yield yield performance of the Index will
performance of the Index will be be affected by the costs and
affected by the costs and expenses expenses incurred by the
incurred by the Portfolio Portfolio.
Index Definition Reitway Global Property ESG Index Reitway Global Property MF Index Changed
The index being tracked in
the target fund is the
Reitway Global Property
ESG Index which differs to
that of the source fund,
being the Reitway Global
Property MF Index. The
constituents within these
indices are similar but are
not same which would
result in differing fund
returns on investors
holdings. Please refer to
the comparison of fund
returns included in this
announcement to
determine the impact to
your individual
investments.
Annual 60 basis points 60 basis points No Change
Management Fee
(excluding VAT)
Income the 3-month periods ending on the the 3-month periods ending on the No Change
Distribution last day of June, September, last day of June, September,
Declaration December and March of each year; December and March of each
year;
ASISA Category Global – Real Estate – General Global – Real Estate - General No Change
Amalgamation ballot timeline and Salient Dates
Salient Date
SENS announcement declaring the proposed ballot Thursday, 23 Apr 2026
Record Date for ballot voting procedures (30 business days after announcement) Friday, 5 Jun 2026
Last day for investors to respond via Brokers/CSDPs Friday, 5 Jun 2026
Deadline for auditors to submit their findings report to Prescient Monday, 22 Jun 2026
FSCA issues approval letter Monday, 6 Jul 2026
Announcement confirming the results of the ballot Tuesday, 7 Jul 2026
Rights of investors in RWESG
In terms of clause 98 of CISCA and clause 59 of the Prescient ETF Scheme main deed, all investors in the RWESG
portfolio are given an opportunity to vote in favour of, or against, the proposed investment policy changes, as
described in this announcement.
Ernest & Young (Pty) Ltd, the independent auditors of the Manager, will verify the outcome of the ballot.
If investors do not participate in the amalgamation ballot timeously, they will be deemed to have voted in favour of
the amalgamation.
Investors that are not comfortable with the amalgamation proposal may elect to sell their securities at any time at the
prevailing market price of the ETF or redeem their securities. Please note that such a transaction may trigger a
Capital Gains Tax ("CGT") event and investors may be liable for CGT at their next income tax assessment, as well
as brokerage costs.
If investors choose not to sell units prior to the effective date of the amalgamation, the amalgamation proposals as
set out in this announcement (if approved by investors) will automatically apply to their investment.
Approval and Commencements
Subject to the ballot voting procedure being successful and approval by the Financial Sector Conduct Authority ("the Authority")
of Collective Investment Schemes, the amalgamation will be effective from commencement of business on 16 July 2026.
Salient Date
Finalisation announcement regarding the amalgamation. Wednesday, 08 Jul 2026
Last day to trade (LDT) the units of the Source Portfolio (RWESG) Wednesday, 15 Jul 2026
Suspension of trading in the Source Portfolio (RWESG) Thursday, 16 Jul 2026
Conversion ratio announcement between Source Portfolio (RWESG) and Target Portfolio Friday, 17 Jul 2026
(RWGPR)
Record date for determining RWESG holders entitled to received RWGPR units Monday, 20 Jul 2026
Accounts of dematerialised securities holders at CSDPs / Brokers updated with removal Monday, 20 Jul 2026
of RWESG and replacement RWGPR units
Termination (delisting) of the Source Portfolio (RWESG) Tuesday, 21 Jul 2026
A separate announcement will be made regarding the special income distribution to holders of RWESG and RWGPR
The above dates and times are subject to amendment at the discretion of the Manager, subject to the approval of
the JSE, if required. Any such amendment will be published on SENS.
Action required
1. Investors must read this announcement on the proposed changes to the Source Portfolio, their rights and
the impact this will have on their investment.
2. Investors are requested to notify their Broker/CSDPs in writing by no later than 17:00 on Friday, 5th of June
2026, as to whether they approve the amalgamation as set out in this announcement or not.
3. No action is required from investors that are no longer invested in the Source Portfolio
Should investors require further information on the proposed amalgamation as set out in this announcement they
must contact Greg Rawlins, CEO of Reitway Global (Pty) Ltd on email: gregr@reitwayglobal.com.
Cape Town
23 April 2026
Listing Advisor
Prescient Capital Markets (Pty) Ltd
Date: 23-04-2026 01:10:00
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