Wrap Text
Results of the Ballot: Amendments to Investment Policy and Conversion of RWINC to an Actively Managed ETF
Prescient Management Company (RF) (Pty) Ltd
(Registration number 2002/022560/07)
(“Prescient” or “the Manager”)
(Being the manager of the Prescient Collective Investment Scheme in ETF Securities)
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
RESULTS OF THE BALLOT REGARDING 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 announcement is important and requires immediate attention
Investors are referred to the SENS announcement released on 16th of July 2026, regarding of ballot 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 and are advised that the audited results of the
voting ballot procedures were as follows:
The first ballot closed on Friday, 27th of August 2026 and was not successful as less than 25% of the value of the
RWINC participatory interests responded, therefore a second ballot voting procedure will be commenced as per the
below.
SECOND BALLOT VOTING PROCEDURE IN RESPECT OF THE CHANGE IN THE INVESTMENT POLICY,
NAME CHANGE AND THE CONVERSION OF THE REITWAY GLOBAL PROPERTY INCOME PRESCIENT ETF
(“RWINC”) TO A FULLY DISCLOSED ACTIVELY MANAGED ETF.
In terms of clause 98 of Collective Investment Schemes Control Act of 2002 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. According to clause 59.3 of the Prescient
ETF Scheme main deed, in an instance where the investors holding less than 25 per cent in value of the total number
of participatory interests then issued have responded, a second ballot must be conducted. In the second ballot
investors holding a majority in value of the participatory interests held by the investors who have responded, must
consent to the amendment.
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, 29th of
October 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.
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.
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.
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 Reitway Global Property Changes - Impact on
Income Prescient Exchange Income Prescient Actively Investors
Traded Fund Managed Exchange Traded
(Current Portfolio) Fund
(Proposed Portfolio)
Investment Policy The Reitway Global Property The Reitway Global Property Changed
Income Prescient Exchange Income Prescient AMETF is The investment policies
Traded Fund (“Reitway Global an actively managed ETF of the target and source
Property Income Prescient listed on the EXCHANGE. The portfolios are different in
ETF”) investment policy shall Portfolio’s primary objective is that the current portfolio
be to track as closely as to provide investors with an is an index tracking
possible the Index with the exposure to the listed global ETF, and the proposed
intention of allowing an property market. The Portfolio portfolio is an actively
investor to obtain market will focus on selecting managed ETF. Both
exposure to the constituent investments that have an portfolios select
securities which are held in ability to provide both high securities from the
the Portfolio. levels of income and long-term same asset pool as the
capital growth 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 Changed
managed in that the Manager objective, the Portfolio will The investment policies
will not buy and sell securities primarily be invested in global of the target and source
based on economic, financial real estate securities listed on portfolios are different in
and/or market analysis but recognized exchanges around that the current portfolio
rather, will buy and sell the world. These assets will is an index tracking
securities solely for the consist of property shares, ETF, and the proposed
purposes of ensuring that the money market instruments, portfolio is an actively
portfolio tracks the Index. As securities in listed entities that managed ETF. Both
such the investment objective are backed by real estate portfolios select
and style of the portfolio will property, participatory securities from the
be full replication of the Index. interests in collective same asset pool as the
Accordingly, the financial or investment schemes in benchmark of the
other condition of any property, real estate proposed fund and the
company or entity included in investment trusts, assets in index of the current
the Index will not result in the liquid form and non-equity portfolio will remain
elimination of its securities securities which are Reitway Global Property
from the portfolio, unless the considered consistent with the Income Index.
securities of such company or portfolio’s primary objective
Reitway Global Property Reitway Global Property Changes - Impact on
Income Prescient Exchange Income Prescient Actively Investors
Traded Fund Managed Exchange Traded
(Current Portfolio) Fund
(Proposed Portfolio)
entity are removed from the and that legislation may allow The Manager of the
Index itself. from time to time. current portfolio was
limited in terms of which
The Portfolio follows a assets it could invest in
fundamental research driven due to the portfolio
investment approach, offering being an index tracking
real estate focus, with global portfolio. The proposed
diversification. The real estate portfolio is only limited
focus is through real estate to assets that are in line
securities with a specific bias with the investment
towards securities with both a objective of the
high-income yield and good Portfolio, subject to the
growth prospects. provision of the Scheme
Deed, the JSE Listing
Requirements and the
Act from time to time.
Investors may obtain Investors may obtain No Change
participatory interests in the participatory interests in the
Portfolio on the secondary Portfolio on the secondary
market or by subscribing for market or by subscribing for
new participatory interest in new participatory interest in
the Portfolio on the primary the Portfolio on the primary
market. In order to achieve market. In order to achieve
this object, the Manager may, this object, the Manger may,
subject to the Act and the subject to the Act and the
Scheme Deed, create and Scheme Deed, create and
issue or redeem and cancel issue or redeem and cancel
an unlimited number of an unlimited number of
participatory interests in the participatory interests in the
Portfolio. Portfolio
The Manager shall further be The portfolio is permitted to Similar in that both
entitled in its discretion and invest in listed and unlisted portfolios are
only on a temporary basis, to financial instruments in line permitted to invest in
employ such other investment with the conditions as listed and unlisted
techniques and financial determined by legislation from financial instruments
instruments, whether listed or time to time in line with the
unlisted, for the purposes of conditions as
efficient portfolio management determined by
with the aim of reducing risk, legislation.
reducing cost or generating The Manager of the
capital or income for the current portfolio was
Portfolio with an acceptable limited in terms of which
level of risk in line with the assets it could invest in
investment objective of the due to the portfolio
Portfolio, subject to the being an index tracking
provision of the Scheme fund. This clause would
Deed, the JSE Listing entitle the manager to
Requirements and the Act discretion on a
from time to time. 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
Reitway Global Property Reitway Global Property Changes - Impact on
Income Prescient Exchange Income Prescient Actively Investors
Traded Fund Managed Exchange Traded
(Current Portfolio) Fund
(Proposed Portfolio)
and the Act from time to
time.
The Portfolio may also include The portfolio may, apart from Similar with the
participatory interest or any assets in liquid form, also exception of the below
other form of participation in include participatory interests wording
portfolios of collective or any other form of "the portfolio may invest
investment schemes or other participation in portfolios of in exchange traded
similar collective investment collective investment schemes funds or exchange
schemes as the Act may allow or other similar schemes, in traded notes, whether
from time to time which are addition, the portfolio may organized as a portfolio
consistent with the portfolios invest in exchange traded of a collective
investment policy. funds or exchange traded investment scheme or
notes, whether organized as a not, subject to the
portfolio of a collective conditions of the Act.
investment scheme or not, Where the
subject to the conditions of the aforementioned
Act. Where the schemes are operated
aforementioned schemes are in territories other than
operated in territories other in South Africa,
than in South Africa, participatory interests or
participatory interests or any any other form of
other form of participation in participation in these
these schemes will be schemes will be
included in the portfolio only included in the portfolio
where the regulatory only where the
environment is to the regulatory environment
satisfaction of the manager is to the satisfaction of
and trustee and is of a the manager and
sufficient standard to provide trustee and is of a
investor protection at least sufficient standard to
equivalent to that in South provide investor
Africa 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
Reitway Global Property Reitway Global Property Changes - Impact on
Income Prescient Exchange Income Prescient Actively Investors
Traded Fund Managed Exchange Traded
(Current Portfolio) Fund
(Proposed Portfolio)
South African regulatory
environment will be
upheld but the manager
and trustees.
The composition of the Changed
Portfolio will be adjusted This is not applicable to
periodically to confirm to the proposed portfolio
changes in the composition as the proposed
and weightings of securities in portfolio is not a
the Index so as to ensure that tracking fund.
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 Nothing in the supplemental Changed
securities purely for the deed shall preclude the The Manager of the
economic rights and benefits Manager from varying the current portfolio was
attaching thereto and, ratios of securities, to limited in terms of which
accordingly, if any takeover maximise capital growth and assets it could invest in
bid or other corporate action investment potential in due to the portfolio
occurs in relation to any changing economic being an index tracking
constituent company, the environments or market fund. This clause would
Portfolio shall not surrender conditions or to meet the entitle the manager to
any securities held by the requirements, if applicable, of discretion on a
Portfolio which may be subject any exchange formally temporary basis for the
to such takeover bid or other recognised in terms of purpose of efficient
corporate action, unless such legislation and from retaining portfolio management.
surrender is mandatory (and cash or placing cash on The proposed portfolio
then only to the extent of such deposit in terms of the Deed is only limited to assets
mandatory surrender) in terms and any Supplemental Deeds that are in line with the
of any applicable law or under thereto; provided that the investment objective of
the rules of a regulator y Manager shall ensure that the the Portfolio, subject to
authority or body having aggregate value of the assets the provision of the
jurisdiction over the portfolio comprising the portfolio shall Scheme Deed, the JSE
and/or the applicable consist of securities of the Listing Requirements
securities. However, is any aggregate value required from and the Act from time to
such takeover bid of corporate time to time by the Act time.
cation results in a previously
constituted company no The Trustee shall ensure that
longer qualifying for inclusion the investment policy set out
in the Index, any securities in in this supplemental deed, the
such constituent company Deed and in all Supplemental
held by the portfolio, shall be Deeds thereto is carried out.
disposed of by the Portfolio
Reitway Global Property Reitway Global Property Changes - Impact on
Income Prescient Exchange Income Prescient Actively Investors
Traded Fund Managed Exchange Traded
(Current Portfolio) Fund
(Proposed 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 This is not applicable to
form a substantial part of the the proposed portfolio
Portfolio’s assets. However, as the proposed
any liquid assets that the portfolio is not a
Portfolio holds may be tracking fund.
invested in short-term money
market investments.
It is recorded that the Changed
Portfolio’s ability to replicate This is not applicable to
the price and yield the proposed portfolio
performance of the Index will as the proposed
be affected by the costs and portfolio is not a
expenses incurred by the tracking fund.
portfolio.
Index / Reitway Global Property Reitway Global Property No Change
Benchmark Income Index Income Index The index being tracked
Definition 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 3-month periods ending on No Change
Distribution the last day of June, the last day of June,
Declaration September, December and September, December and
March of each year. March of each year.
ASISA Category Global – Real Estate – Global – Real Estate - General No Change
General
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
Approval and Commencements
The investment policy amendment will be with effective from commencement of business on Wednesday the 9th of
December 2026.
Salient Date 2026
SENS announcement confirming the results of the first ballot and announcing the Monday, 21 September
second ballot.
Record Date for Ballot voting procedures Wednesday, 28 October
Last day for investors/brokers/CSDPs to respond in writing by no later than 17:00 Tuesday, 3 November
Deadline for Auditors to submit their findings report to Prescient Friday, 13 November
Last date for the FSCA to issue approval letter Friday, 27 November
SENS announcement confirming the results of the second ballot Monday, 30 November
Last day to trade in the old name as an ETF Tuesday, 8 December
Ex-date (effective date of the proposed changes) Wednesday, 9 December
Record Date Friday,11 December
Accounts at the CSDPs or brokers will be updated with the new name Monday, 14 December
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 9th of December 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 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
21 September 2026
Listing Advisor
Prescient Capital Markets (Pty) Ltd
Date: 21/09/2026 03:07:00
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