NO REMAINING COAL ETF
RMB has announced the final details of the delisting of two of its exchange-traded notes (ETNs) issued over coal and oil. I understand why RMB is delisting them: tiny market caps and few transactions in either, but I still think it is a pity as it reduces options for investors on the JSE. The oil ETN (OILRMD) was the more popular, with a market cap of just under R200m (around four times bigger than the coal ETN). There is an alternative for the oil ETN with the Standard Bank SBAOIL ETN. Unfortunately, there is no other coal ETN on the JSE, so investors can switch their oil exposure but as for coal that’s no longer an option. cost to the company, but no details have been offered as to potential savings. If they’re being honest, the directors took this option because they believe that they will receive better rewards that way and not because they want to save the company money.
*The writer owns shares in Woolworths.