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Informative Notice – 20230320 Review Timetable Informative Notice - March and June 2023
March 2023 and June 2023 Shares and Free Floats Updates – Timetable
FTSE/JSE Indexes
01 February 2023
The FTSE/JSE Africa Index Series will be reviewed during March 2023. The review timetable is as follows:
Event Date Description
Free Float and Shares In 10 February 2023 Cut date to determine free float
Issue Changes Cut Date changes in excess of 3% and
cumulative shares in issue changes
in excess of 1%.
Ranking Cut Date 20 February 2023 Market capitalisation snapshot for
ranking and selection purposes.
Indicative Free Float 20 February 2023 Publication of the indicative free
float changes.
Review ICA 01 March 2023 Review additions, deletions and
weighting changes published.
FTSE/JSE AC Meeting 02 March 2023 FTSE/JSE Advisory Committee
Meeting.
Capping Cut Date 10 March 2023 Closing prices snapshot for portfolio
factor calculation.
Portfolio Factors 13 March 2023* Publication of portfolio factors for
capped, equally weighted and
fundamental weighted indices.
Effective Date 20 March 2023 Review changes applied from start
of trading.
*Portfolio Factors Publication: Please note that a market notice was published on 30 April 2021 pertaining to the
Final Availability of FTSE/JSE Capping Factors on the JSE Website. The notice can be accessed here
Friday 10 February 2023: Cut-off date for new information. Information available prior to the end of day on 10
February 2023 will be considered when determining March’s shares and free float updates.
Friday 17 February 2023: The shares and float files will be released (and will be available on the FTSE/JSE
website on 20 February 2023). Clients are welcome to query the data included within these files and FTSE Russell
will review appropriately. Any changes will be visible within the files which will be published daily between 17
February and 03 March. These files are strictly indicative until end of day on 03 March 2023 and are subject to
daily changes.
The FTSE/JSE Index Review files will be released on Wednesday 01 March 2023.
Monday 20 February to Friday 03 March 2023: Query period. Clients are welcome to query the data visible
within the files between 20 February 2023 and end of day on 03 March 2023.
The quarterly updates will be considered final at end of day on Friday 03 March 2023.
Monday 06 March 2023: Effective start of trading on 06 March 2023, the scheduled changes will be “locked
down” across the FTSE/JSE Indexes, with no further corrections applied this quarter*.
*During the quarterly review / annual reconstitution lock-down period, FTSE Russell will generally avoid implementing corrections to ensure stability
during the period prior to the review / reconstitution implementation. However egregious shares and free float errors discovered within the lock-down
period or during the week following the review / reconstitution may be corrected if an erroneous change compromises the repli cability of the index OR if
the change places potential price pressure on the company OR if there is a material error of 50% or greater (relative) to ind ex shares. Any corrections
during the lock-down period or the week following the review will be implemented with appropriate notice. All other shares and free float errors will be
corrected at the following quarterly index review.
Monday 20 March 2023: From start of trading on 20 March 2023 the quarterly changes will become effective
across the FTSE/JSE indexes.
Additional Clarifications
Stocks Suspended during the Review Period: Constituents which are suspended on Friday 03 March 2023*
will not have their scheduled review changes implemented regardless of a resumption of trade prior to the review
effective date. The scheduled review changes will be implemented T+5 after the review effective date, at the
earliest, upon resumption of trade.
If an active constituent suspends on or prior to Tuesday 14 March 2023*, the scheduled review changes will be
reversed and applied T+5 after the resumption of trade (T+5 after the review effective date, at the earliest). If a
suspension occurs on 15 March, 16 March or 17 March 2023, the review changes will proceed as previously
communicated**.
*If there is a confirmed resumption of trade date which occurs prior to the review effective date, the review changes
will proceed as scheduled.
**in exceptional circumstances, it may be deemed necessary to reverse the review changes when a company
suspends on 15, 16 or 17 March 2023.
Equity Offerings: In accordance with standard methodology, primary and secondary offerings will continue to be
applied with two days’ notice when discovered after the review announcement date. However, offerings which
would ordinarily become effective at the open on the Tuesday - Friday prior to the review will instead be
implemented simultaneously in conjunction with the review effective date on 20 March 2023 (open). Offerings
discovered on the Thursday and Friday prior to the review will be implemented with two days’ notice and therefore
subsequent to the review.
Timetable Summary
Date Action
Friday 10 February Shares and Float cut-off date
Friday 17 February to Friday 03 March Shares in issue and free float changes published
Wednesday 01 March The review files will be published.
Monday 20 February to Friday 03 March Query period
Monday 06 March Lock down period commences from the open
Monday 20 March Index review effective from the open
FTSE Russell is also pleased to announce the June 2023 Index Review timetable as follows:
Event Date Description
Free Float and Shares In 28 April 2023** Cut date to determine free float and
Issue Changes Cut Date cumulative shares in issue changes.
Ranking Cut Date 22 May 2023 Market capitalisation snapshot for
ranking and selection purposes.
Indicative Free Float 22 May 2023 Publication of the indicative free
float changes.
Review ICA 31 May 2023 Review additions, deletions and
weighting changes published.
FTSE/JSE AC Meeting 01 June 2023 FTSE/JSE Advisory Committee
Meeting.
Capping Cut Date 09 June 2023 Closing prices snapshot for portfolio
factor calculation.
Portfolio Factors 12 June 2023* Publication of portfolio factors for
capped, equally weighted and
fundamental weighted indices.
Effective Date 19 June 2023 Review changes applied from start
of trading.
*Portfolio Factors Publication: Please note that a market notice was published on 30 April 2021 pertaining to the Final
Availability of FTSE/JSE Capping Factors on the JSE Website. The notice can be accessed here
**Please note: Quarterly updates to free float will be applied after the close of business on the third Friday of March,
June, September and December. Effective from the June Review Period, the data cut-off for these quarterly changes
will be the close of business on the last business day of the month on January, April, July, and October, respectively.
Friday 28 April 2023: Cut-off date for new information. Information available prior to the end of day on 28 April
2023 will be considered when determining June’s shares and free float updates.
Friday 19 May 2023: The shares and float files will be released (and will be available on the FTSE/JSE website on
22 May 2023). Clients are welcome to query the data included within these files and FTSE Russell will review
appropriately. Any changes will be visible within the files which will be published daily between 19 May and 02 June.
These files are strictly indicative until end of day on 02 June 2023 and are subject to daily changes.
The FTSE/JSE index review files will also be released on Wednesday 31 May 2023.
Monday 22 May to Friday 02 June 2023: Query period. Clients are welcome to query the data visible within the
files between 22 May 2023 and end of day on 02 June 2023.
The quarterly updates will be considered final at end of day on Friday 02 June 2023.
Monday 05 June 2023: Effective start of trading on 05 June 2023, the scheduled changes will be “locked down”
across the FTSE/JSE Indexes, with no further corrections applied this quarter*.
*During the quarterly review / annual reconstitution lock-down period, FTSE Russell will generally avoid implementing corrections to ensure stability during
the period prior to the review / reconstitution implementation. However egregious shares and free float errors discovered wit hin the lock-down period or
during the week following the review / reconstitution may be corrected if an erroneous change compromises the replicability of the index OR if the change
places potential price pressure on the company OR if there is a material error of 50% or greater (relative) to index shares. Any corrections during the lock-
down period or the week following the review will be implemented with appropriate notice. All other shares and free float errors will be corrected at the
following quarterly index review.
Monday 19 June 2023: From start of trading on 19 June 2023 the quarterly changes will become effective across
the FTSE/JSE indexes.
Additional Clarifications
Stocks Suspended during the Review Period: Constituents which are suspended on Friday 19 May 2023* will
not have their scheduled review changes implemented regardless of a resumption of trade prior to the review effective
date. The scheduled review changes will be implemented T+5 after the review effective date, at the earliest, upon
resumption of trade.
If an active constituent suspends on or prior to Tuesday 13 June 2023*, the scheduled review changes will be
reversed and applied T+5 after the resumption of trade (T+5 after the review effective date, at the earliest). If a
suspension occurs on 14 June, 15 June or 16 June*** 2023, the review changes will proceed as previously
communicated**.
*If there is a confirmed resumption of trade date which occurs prior to the review effective date, the review changes
will proceed as scheduled.
**in exceptional circumstances, it may be deemed necessary to reverse the review changes when a company
suspends on 14, 15 or 16 June*** 2023.
***Friday 16 June 2023 is a South African Public Holiday.
Equity Offerings: In accordance with standard methodology, primary and secondary offerings will continue to be
applied with two days’ notice when discovered after the review announcement date. However, offerings which would
ordinarily become effective at the open on the Tuesday - Friday prior to the review will instead be implemented
simultaneously in conjunction with the review effective date on 19 June 2023 (open). Offerings discovered on the
Thursday and Friday prior to the review will be implemented with two days’ notice and therefore subsequent to the
review.
Timetable Summary
Date Action
Friday 28 April Shares and Float cut-off date
Friday 19 May to Friday 02 June Shares in issue and free float changes published
Wednesday 31 May The review files will be published.
Monday 22 May to Friday 02 June Query period
Monday 05 June Lock down period commences from the open
Monday 19 June Index review effective from the open
Should you require further information, please refer to the FTSE/JSE Ground Rules available at the link below or
contact the JSE on +27 11 520 7000 or info@jse.co.za.
FTSE/JSE Ground Rules
For further information please contact FTSE Russell Client Services at info@ftserussell.com or indices@jse.co.za call:
Australia +1800 653 680
Hong Kong +852 2164 3333
Japan +81 3 3581 2764
London +44 (0) 20 7866 1810
New York +1866 551 0617
JSE Limited +27 11 520 7000
Alternatively please visit our website at www.ftserussell.com or www.jse.co.za
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Date: 02-02-2023 07:05:00
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