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Ballot Procedure: Investment Policy and Name Change for RWINC
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 Income Prescient ETF ("RWINC")
(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)
Alpha/Share Code: RWINC
Long Name: RW Global Income ETF
Short Name: RWINCOME
ISIN Code: ZAE000343372
BALLOT VOTING PROCEDURE IN RESPECT OF THE PROPOSED AMENDMENTS TO THE INVESTMENT
POLICY AND THE CONVERSION OF THE REITWAY GLOBAL PROPERTY INCOME PRESCIENT ETF TO A
FULLY DISCLOSED ACTIVELY MANAGED ETF
THIS LETTER IS IMPORTANT AND REQUIRES YOUR ATTENTION
The purpose of this announcement is to inform investors of the proposed changes to the Reitway Global Property
Income Prescient ETF, which include a change in investment strategy from an index-tracking exchange traded fund
to a fully disclosed actively managed ETF, a corresponding change to the fund name, and amendments to the
investment policy. This announcement is intended to provide investors with sufficient information to consider and
vote on these proposed changes.
Rationale for the Conversion of the Reitway Global Property Income Prescient ETF to an Actively Managed
ETF
Reitway Global (Pty) Ltd ("Reitway"), FSP no. 43747, the investment manager of RWINC, is of the opinion that
converting the Reitway Global Property Income Prescient ETF from an index-tracking exchange-traded fund to a fully
disclosed actively managed ETF will enhance the investment proposition for investors while maintaining the structural
advantages associated with exchange-traded funds, including transparency, liquidity, and exchange-based trading.
The proposed change will allow the fund to pursue an actively managed investment strategy while continuing to
provide full portfolio transparency to investors.
Reitway has requested Prescient to ballot investors to obtain approval for the necessary investment policy
amendment and name change. The proposed amendments include the following significant changes:
1. Investment Strategy and Name Change – Changing the investment strategy of RWINC from an index-
tracking ETF to a fully disclosed actively managed ETF. This change will in turn require the portfolio name to
end with "Actively Managed ETF" in accordance with the JSE Debt and Specialist Securities Listings
Requirements (DSS), which stipulate that all actively managed ETFs must include this wording.
2. Investment Policy Amendment – Amending the investment policy of RWINC to reflect the new actively
managed investment strategy, including the objectives, investment approach, risk management
considerations, and portfolio disclosure requirements.
The table below lists the current investment policy, as well as the proposed changes to the investment policy.
Please read carefully.
Reitway Global Property Income Reitway Global Property Income Changes - Impact on
Prescient Exchange Traded Prescient Actively Managed Investors
Fund Exchange Traded Fund
(Current Portfolio) (Proposed Portfolio)
Investment Policy The Reitway Global Property The Reitway Global Property Changed
Income Prescient Exchange Income Prescient AMETF is an The investment policies of
Traded Fund ("Reitway Global actively managed ETF listed on the target and source
Property Income Prescient ETF") the EXCHANGE. The Portfolio's portfolios are different in
investment policy shall be to track primary objective is to provide that the current portfolio is
as closely as possible the Index investors with an exposure to the an index tracking ETF, and
with the intention of allowing an listed global property market. The the proposed portfolio is
investor to obtain market exposure Portfolio will focus on selecting an actively managed ETF.
to the constituent securities which investments that have an ability to Both portfolios select
are held in the Portfolio. provide both high levels of income securities from the same
and long-term capital growth asset pool as the
benchmark of the
proposed fund and the
index of the current
portfolio will remain
Reitway Global Property
Income Index.
The Manager of the
current portfolio was
limited in terms of which
assets it could invest in
due to the portfolio being
an index tracking portfolio.
The proposed portfolio is
only limited to assets that
are in line with the
investment objective of the
Portfolio, subject to the
provision of the Scheme
Deed, the JSE Listing
Requirements and the Act
from time to time.
The Portfolio will be passively In order to achieve this objective, Changed
managed in that the Manager will the Portfolio will primarily be The investment policies of
not buy and sell securities based invested in global real estate the target and source
on economic, financial and/or securities listed on recognized portfolios are different in
market analysis but rather, will buy exchanges around the world. that the current portfolio is
and sell securities solely for the These assets will consist of an index tracking ETF, and
purposes of ensuring that the property shares, money market the proposed portfolio is
portfolio tracks the Index. As such instruments, securities in listed an actively managed ETF.
the investment objective and style entities that are backed by real Both portfolios select
of the portfolio will be full estate property, participatory securities from the same
replication of the Index. interests in collective investment asset pool as the
Accordingly, the financial or other schemes in property, real estate benchmark of the
condition of any company or entity investment trusts, assets in liquid proposed fund and the
included in the Index will not result form and non-equity securities index of the current
in the elimination of its securities which are considered consistent portfolio will remain
from the portfolio, unless the with the portfolio's primary Reitway Global Property
securities of such company or objective and that legislation may Income Index.
entity are removed from the Index allow from time to time.
itself. The Manager of the
The Portfolio follows a current portfolio was
fundamental research driven limited in terms of which
investment approach, offering real assets it could invest in
estate focus, with global due to the portfolio being
diversification. The real estate an index tracking portfolio.
focus is through real estate The proposed portfolio is
securities with a specific bias only limited to assets that
towards securities with both a are in line with the
high-income yield and good investment objective of the
growth prospects. Portfolio, subject to the
provision of the Scheme
Deed, the JSE Listing
Requirements and the Act
from time to time.
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 secondary market or by
subscribing for new participatory subscribing for new participatory
interest in the Portfolio on the interest in the Portfolio on the
primary market. In order to primary market. In order to
achieve this object, the Manager achieve this object, the Manger
may, subject to the Act and the may, subject to the Act and the
Scheme Deed, create and issue Scheme Deed, create and issue
or redeem and cancel an unlimited or redeem and cancel an
number of participatory interests in unlimited number of participatory
the Portfolio. interests in the Portfolio
The Manager shall further be The portfolio is permitted to invest Similar in that both
entitled in its discretion and only in listed and unlisted financial portfolios are permitted
on a temporary basis, to employ instruments in line with the to invest in listed and
such other investment techniques conditions as determined by unlisted financial
and financial instruments, whether legislation from time to time instruments in line with
listed or unlisted, for the purposes the conditions as
of efficient portfolio management determined by
with the aim of reducing risk, legislation.
reducing cost or generating capital The Manager of the
or income for the Portfolio with an current portfolio was
acceptable level of risk in line with limited in terms of which
the investment objective of the assets it could invest in
Portfolio, subject to the provision due to the portfolio being
of the Scheme Deed, the JSE an index tracking fund.
Listing Requirements and the Act This clause would entitle
from time to time. the manager to discretion
on a temporary basis for
the purpose of efficient
portfolio management.
The proposed portfolio is
only limited to assets that
are in line with the
investment objective of the
Portfolio, subject to the
provision of the Scheme
Deed, the JSE Listing
Requirements and the Act
from time to time.
The Portfolio may also include The portfolio may, apart from Similar with the
participatory interest or any other assets in liquid form, also include exception of the below
form of participation in portfolios of participatory interests or any other wording
collective investment schemes or form of participation in portfolios "the portfolio may invest in
other similar collective investment of collective investment schemes exchange traded funds or
schemes as the Act may allow or other similar schemes, in exchange traded notes,
from time to time which are addition, the portfolio may invest whether organized as a
consistent with the portfolios in exchange traded funds or portfolio of a collective
investment policy. exchange traded notes, whether investment scheme or not,
organized as a portfolio of a subject to the conditions of
collective investment scheme or the Act. Where the
not, subject to the conditions of aforementioned schemes
the Act. Where the are operated in territories
aforementioned schemes are other than in South Africa,
operated in territories other than participatory interests or
in South Africa, participatory any other form of
interests or any other form of participation in these
participation in these schemes will schemes will be included
be included in the portfolio only in the portfolio only where
where the regulatory environment the regulatory
is to the satisfaction of the environment is to the
manager and trustee and is of a satisfaction of the
sufficient standard to provide manager and trustee and
investor protection at least is of a sufficient standard
equivalent to that in South Africa to provide investor
protection at least
equivalent to that in South
Africa"
The additional wording
indicates that the manger,
may invest in exchange
traded funds whether they
be collective investment
schemes or not (for
example where the
exchange traded fund
invests in commodities).
Where the jurisdiction of
the exchange traded fund
is not South Africa the
required due diligence to
ensure the asset aligns
with the South African
regulatory environment
will be upheld but the
manager and trustees.
The composition of the Portfolio Changed
will be adjusted periodically to This is not applicable to
confirm to changes in the the proposed portfolio as
composition and weightings of the proposed portfolio is
securities in the Index so as to not a tracking fund.
ensure that the composition and
weightings of the Portfolio are a
reflection of the composition and
weightings of the securities
contained in the Index.
The Portfolio shall hold securities Nothing in the supplemental deed Changed
purely for the economic rights and shall preclude the Manager from The Manager of the
benefits attaching thereto and, varying the ratios of securities, to current portfolio was
accordingly, if any takeover bid or maximise capital growth and limited in terms of which
other corporate action occurs in investment potential in changing assets it could invest in
relation to any constituent economic environments or market due to the portfolio being
company, the Portfolio shall not conditions or to meet the an index tracking fund.
surrender any securities held by requirements, if applicable, of any This clause would entitle
the Portfolio which may be subject exchange formally recognised in the manager to discretion
to such takeover bid or other terms of legislation and from on a temporary basis for
corporate action, unless such retaining cash or placing cash on the purpose of efficient
surrender is mandatory (and then deposit in terms of the Deed and portfolio management.
only to the extent of such any Supplemental Deeds thereto; The proposed portfolio is
mandatory surrender) in terms of provided that the Manager shall only limited to assets that
any applicable law or under the ensure that the aggregate value of are in line with the
rules of a regulator y authority or the assets comprising the portfolio investment objective of the
body having jurisdiction over the shall consist of securities of the Portfolio, subject to the
portfolio and/or the applicable aggregate value required from provision of the Scheme
securities. However, is any such time to time by the Act Deed, the JSE Listing
takeover bid of corporate cation Requirements and the Act
results in a previously constituted The Trustee shall ensure that the from time to time.
company no longer qualifying for investment policy set out in this
inclusion in the Index, any supplemental deed, the Deed and
securities in such constituent in all Supplemental Deeds thereto
company held by the portfolio, is carried out.
shall be disposed of by the
Portfolio and the proceeds derived
from such disposal shall be
applied in effecting the appropriate
adjustment to the portfolio so as to
ensure same tracks the Index.
It is anticipated that ancillary Changed
assets in liquid form will not form a This is not applicable to
substantial part of the Portfolio's the proposed portfolio as
assets. However, any liquid the proposed portfolio is
assets that the Portfolio holds may not a tracking fund.
be invested in short-term money
market investments.
It is recorded that the Portfolio's Changed
ability to replicate the price and This is not applicable to
yield performance of the Index will the proposed portfolio as
be affected by the costs and the proposed portfolio is
expenses incurred by the portfolio. not a tracking fund.
Index / Benchmark Reitway Global Property Income Reitway Global Property Income No Change
Definition Index Index The index being tracked
by the current portfolio will
become the benchmark of
the proposed portfolio.
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 December and March of each
year. year.
ASISA Category Global – Real Estate – General Global – Real Estate - General No Change
From a JSE trading perspective, the below changes need to be noted:
The JSE long name will change from RW Global Income ETF to Reitway Global Property Income Prescient Actively Managed
ETF.
The short name will change from RWINCOME to RWICAMETF
The ISIN will remain as ZAE000343372
The alpha code will remain as RWINC
The instrument will retain its historical trading and reference data.
Your rights as an investor
In terms of clause 98 of CISCA and clause 59 of the Prescient ETF Scheme main deed, all investors in the RWINC 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 amendments ballot timeously, they will be deemed to have voted in favour of the amendments.
Investors that are not comfortable with the amendment's 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 amendments, the amendments proposals as set out in this
announcement (if approved by investors) will automatically apply to their investment.
Action required from investors:
1. Investors must read this announcement on the proposed changes to the RWINC 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 Thursday, 27th of August
2026, as to whether they approve the amendments as set out in this announcement or not.
3. Brokers/CSDPs to communicate votes to Strate via E-voting or notify Strate on email,
Corporateactions@strate.co.za.
4. If you are no longer invested in this portfolio, no action is required.
Approval and Commencements
The investment policy amendment will be with effective from commencement of business on Wednesday the 30th of September
2026.
Date Action
Wednesday, 15 Jul 2026 SENS announcement declaring the proposed ballot
Wednesday, 26 Aug 2026 Record Date for ballot voting procedure
Thursday, 27 Aug 2026 Last day for investors to respond via Brokers/CSDPs
Friday, 04 Sept 2026 Deadline for auditors to submit their findings report to Prescient
Friday, 25 Sept 2026 FSCA issues approval letter
Monday, 28 Sept 2026 Announcement confirming the results of the ballot
Tuesday, 29 Sept 2026 Last day to trade in the old name as an ETF
Wednesday, 30 Sept 2026 Ex-date (effective date of the proposed changes)
Friday, 2 October 2026 Record Date
Monday, 5 October 2026 Accounts at the CSDPs or brokers will be updated with the new name
Effective Date
The effective date of the proposed amendments to the investment policy and name of the fund, as described herein, shall be
close of business on Wednesday the 30th of September 2026.
Charges, performance and unit pricing
Investors will not be liable for the payment of any additional fees, charges, taxes or brokerage as a result of the investment policy
and name change.
Special distribution
No special distributions will be affected nor applicable.
Should you require further information on the proposed change please contact Greg Rawlins, CEO of Reitway Global (Pty) Ltd
on email: gregr@reitwayglobal.com.
Cape Town
15 July 2026
Listing Advisor
Prescient Capital Markets (Pty) Ltd
Ballot Form:
Amendment of investment policy and name change of Reitway Global Property Income Prescient Exchange Traded Fund
to Reitway Global Property Income Prescient Actively Managed Exchange Traded Fund
I, the undersigned, _________________________________________________________________
(please print full names*)
Date of birth / Registration number: ___________________________________________________
Account number: __________________________________________________________________
do hereby vote to accept/reject the proposed amendment of the investment policy and name change of the Fund, as set out in
the ballot announcement (please mark with a "X"):
Amendment of Investment Policy and Name Change of Reitway Global Property Income Prescient Exchange Traded
Fund to Reitway Global Property Income Prescient Actively Managed Exchange Traded Fund
ACCEPT REJECT
SIGNED AT __________________________ ON THIS _________ DAY OF ______________________ 2025.
_____________________________________________
(please sign in full)
*If you are signing in a representative capacity, please insert your own name and the name of the person / trust / deceased estate
/ company / close corporation on whose behalf you are signing.
Note: Please complete, sign and return the ballot form to our auditors in the enclosed pre-paid, self-addressed envelope
PRESCIENT BALLOTS, ERNST & YOUNG INC., P.O. Box 656, CAPE TOWN, 8000 or via email to prescientballots@za.ey.com,
to reach them by no later than midnight on Wednesday the 30th of September 2026.
Date: 15-07-2026 05:18:00
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