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20190923 Review Timetable Informative Notice
September 2019 Shares and Free Float Updates – Timetable
FTSE/JSE Index Series
02 August 2019
The FTSE/JSE Africa Index Series will be reviewed during September 2019. The review timetable is as follows:
Event Date Description
Free Float and Shares In 16 August 2019 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 26 August 2019 Market capitalisation snapshot for
ranking and selection purposes.
Indicative Free Float 26 August 2019 Publication of the indicative free
float changes.
Review ICA 04 September 2019 Review additions, deletions and
weighting changes published.
FTSE/JSE AC Meeting 05 September 2019 FTSE/JSE Advisory Committee
Meeting.
Capping Cut Date 13 September 2019 Closing prices snapshot for portfolio
factor calculation.
Portfolio Factors 17 September 2019* Publication of portfolio factors for
capped, equally weighted and
fundamental weighted indices.
Please See additional
clarification below.
Effective Date 23 September 2019 Review changes applied from start
of trading.
*Portfolio Factors Publication: There will be a delay with the publication of the capping factors for the
September review to allow for the calculation of capping factors incorporating the election results of the Naspers
capitalisation issue.
Friday 16 August 2019: Cut-off date for new information. Information available prior to the end of day on 16
August 2019 will be considered when determining September’s shares and free float updates.
Friday 23 August 2019: The shares and float files will be released (and will be available on the FTSE/JSE website
on 26 August 2019). 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 23 August and 06
September 2019. These files are strictly indicative until end of day on 06 September 2019 and are subject to
daily changes.
The FTSE/JSE Index Review files will be released on Friday 23 August 2019.
Monday 26 August to Friday 06 September 2019: Clients are welcome to query the data visible within the files
between 26 August 2019 and end of day on 06 September 2019.
The quarterly updates will be considered final at end of day on Friday 06 September 2019.
Monday 09 September 2019: Effective start of trading on 09 September 2019, the scheduled changes will be
“locked down” across the FTSE/JSE Indexes, with no further corrections applied this quarter*.
*On occasion, egregious errors may be corrected during the lock-down period if an erroneous change will
compromise the replicability of the index or if the change places potential price pressure on the company.
Monday 23 September 2019: From start of trading on 23 September 2019 the quarterly changes will become
effective within the FTSE/JSE Indexes.
Additional Clarifications
Stocks Suspended during the Review Period: Constituents which are suspended on Friday 06 September
2019* 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+2 after the review effective date, at the
earliest, upon resumption of trade.
If an active constituent suspends on or prior to Wednesday 18 September 2019, the scheduled review changes
will be reversed and applied T+2 after the resumption of trade (T+2 after the review effective date, at the earliest).
If a suspension occurs on 19 September 2019 or 20 September 2019, 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 19 or 20 September 2019.
Long Term Suspended Stocks: Constituents that have been suspended for 60 or more days on or before Friday
23 August 2019, will be deleted from the index in conjunction with the index review (at zero price). However, if
the constituent subsequently resumes trading on or prior to Friday 06 September 2019 the deletion will be
rescinded and the constituent will remain within the index if otherwise eligible. If the constituent resumes trading
on or after 09 September 2019, it will still be removed in conjunction with the review (at market price if an active
replicable market exists – otherwise it will be removed at zero).
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 discovered
on, or would otherwise be implemented on, the Monday, Tuesday, and Wednesday prior to the review will
instead be implemented simultaneously in conjunction with the review effective date on 23 September 2019
(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 16 August Shares and Float cut-off date
Friday 23 August to Friday 06 September Shares in issue and free float changes published
Friday 23 August The review files will be published.
Monday 26 August to Friday 06 September Query period
Monday 09 September Lock down period commences from the open
Monday 23 September 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 call:
Australia +1800 653 680
Hong Kong +852 2164 3333
Japan +81 3 4563 6346
London +44 (0) 20 7866 1810
New York +1866 551 0617
Alternatively please visit our website at www.ftserussell.com
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Date: 02/08/2019 12:20:00
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