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Index Change Advice – 20210323 Review Timetable Informative Notice - March and June 2021
March 2021 and June 2021 Shares and Free Floats Updates – Timetable
FTSE/JSE Indexes
03 February 2021
The FTSE/JSE Africa Index Series will be reviewed during March 2021. The review timetable is as follows:
Event Date Description
Free Float and Shares In 12 February 2021 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 22 February 2021 Market capitalisation snapshot for
ranking and selection purposes.
Indicative Free Float 22 February 2021 Publication of the indicative free
float changes.
Review ICA 03 March 2021 Review additions, deletions and
weighting changes published.
FTSE/JSE AC Meeting 04 March 2021 FTSE/JSE Advisory Committee
Meeting.
Capping Cut Date 12 March 2021 Closing prices snapshot for portfolio
factor calculation.
Portfolio Factors 15 March 2021 Publication of portfolio factors for
capped, equally weighted and
fundamental weighted indices.
Effective Date 23 March 2021* Review changes applied from start
of trading.
*The March 2021 Review changes will be effective after close on Friday 19 March 2021. Taking into account the
South African Public Holiday on Monday 22 March 2021, changes will be reflected within files for the open of
Tuesday 23 March 2021.
Friday 12 February 2021: Cut-off date for new information. Information available prior to the end of day on 12
February 2021 will be considered when determining March’s shares and free float updates.
Friday 19 February 2021: The shares and float files will be released (and will be available on the FTSE/JSE
website on 22 February 2021). 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
February and 05 March. These files are strictly indicative until end of day on 05 March 2021 and are subject to
daily changes.
The FTSE/JSE Index Review files will be released on Wednesday 03 March 2021.
Monday 22 February to Friday 05 March 2021: Query period. Clients are welcome to query the data visible
within the files between 22 February 2021 and end of day on 05 March 2021.
The quarterly updates will be considered final at end of day on Friday 05 March 2021.
Monday 08 March 2021: Effective start of trading on 08 March 2021, 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 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.
Tuesday 23 March 2021: From start of trading on 23 March 2021 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 05 March 2021*
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 16 March 2021*, 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 17 March, 18 March or 19 March 2021, 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 17, 18 or 19 March 2021.
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 23 March 2021 (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 12 February Shares and Float cut-off date
Friday 19 February to Friday 05 March Shares in issue and free float changes published
Wednesday 03 March The review files will be published.
Monday 22 February to Friday 05 March Query period
Monday 08 March Lock down period commences from the open
Tuesday 23 March Index review effective from the open
FTSE Russell is also pleased to announce the June 2021 Index Review timetable as follows:
Event Date Description
Free Float and Shares In 07 May 2021 Cut date to determine free float and
Issue Changes Cut Date cumulative shares in issue changes.
Ranking Cut Date 24 May 2021 Market capitalisation snapshot for
ranking and selection purposes.
Indicative Free Float 24 May 2021 Publication of the indicative free
float changes.
Review ICA 02 June 2021 Review additions, deletions and
weighting changes published.
FTSE/JSE AC Meeting 03 June 2021 FTSE/JSE Advisory Committee
Meeting.
Capping Cut Date 11 June 2021 Closing prices snapshot for portfolio
factor calculation.
Portfolio Factors 14 June 2021 Publication of portfolio factors for
capped, equally weighted and
fundamental weighted indices.
Effective Date 21 June 2021 Review changes applied from start
of trading.
Friday 07 May 2021: Cut-off date for new information. Information available prior to the end of day on 07 May
2021 will be considered when determining June’s shares and free float updates.
Friday 21 May 2021: The shares and float files will be released (and will be available on the FTSE/JSE website on
24 May 2021). 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 21 May and 04 June.
These files are strictly indicative until end of day on 04 June 2021 and are subject to daily changes.
The FTSE/JSE index review files will also be released on Wednesday 02 June 2021.
Monday 24 May to Friday 04 June 2021: Query period. Clients are welcome to query the data visible within the
files between 24 May 2021 and end of day on 04 June 2021.
The quarterly updates will be considered final at end of day on Friday 04 June 2021.
Monday 07 June 2021: Effective start of trading on 07 June 2021, 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 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 21 June 2021: From start of trading on 21 June 2021 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 21 May 2021* 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 15 June 2021*, 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 16 June***, 17 June or 18 June 2021, 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 16***, 17 or 18 June 2021.
***Wednesday 16 June 2021 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 21 June 2021 (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 07 May Shares and Float cut-off date
Friday 21 May to Friday 04 June Shares in issue and free float changes published
Wednesday 02 June The review files will be published.
Monday 24 May to Friday 04 June Query period
Monday 07 June Lock down period commences from the open
Monday 21 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: 03-02-2021 05:05:00
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