Wrap Text
Informative Notice – 20250805 Review Timetable Informative Notice - September and December 2025
September 2025 and December 2025 Shares and Free Float Updates –
Timetable
FTSE/JSE Index Series
05 August 2025
The FTSE/JSE Africa Index Series will be reviewed during September 2025. The review timetable is as follows:
Event Date Description
Free Float and Shares In Issue 31 July 2025 Cut date to determine free float changes in
Changes Cut Date excess of 3% and cumulative shares in issue
changes in excess of 1%.
Ranking Cut Date 25 August 2025 Market capitalisation snapshot for ranking and
selection purposes.
Indicative Free Float 25 August 2025 Publication of the indicative free float
changes.
Review ICA 03 September 2025 Review additions, deletions and weighting
changes published.
FTSE/JSE AC Meeting 04 September 2025 FTSE/JSE Advisory Committee Meeting.
Capping Cut Date 12 September 2025 Closing prices snapshot for portfolio factor
calculation.
Portfolio Factors 15 September 2025* Publication of portfolio factors for capped,
equally weighted and fundamental weighted
indices.
Effective Date 22 September 2025 Review changes applied from start of trading.
*Portfolio Factors Publication: Please note that a market notice was published on 30 October 2021 pertaining to the Final availability of FTSE/JSE
Capping Factors on the JSE Website. The notice can be accessed here.
Thursday 31 July 2025: Cut-off date for new information. Information available prior to the end of day on 31 July
2025 will be considered when determining September's shares and free float updates.
Friday 22 August 2025: The shares and float files will be released (and will be available on the FTSE/JSE website
on 25 August 2025). 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 22 August
and 05 September. These files are strictly indicative until end of day on 05 September 2025 and are subject to
daily changes.
The FTSE/JSE Index Review files will be released on Wednesday 03 September 2025.
Monday 25 August to Friday 05 September 2025: Query period. Clients are welcome to query the data visible
within the files between 25 August 2025 and end of day on 05 September 2025.
The quarterly updates will be considered final at end of day on Friday 05 September 2025.
Monday 08 September 2025: Effective start of trading on 08 September 2025, 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 22 September 2025: From start of trading on 22 September 2025 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 September
2025* 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 Thursday 18 September 2025*, 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). For
securities that suspend on the Friday prior to the review effective date, 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 September 2025.
Please note that Section 4.2 of the FTSE Russell Index Policy for Trading Halts and Market Closures guideline was updated on 4 Dec 2023. The
notice can be accessed here.
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 22 September 2025 (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
Thursday 31 July Shares and Float cut-off date
Friday 22 August to Friday 05 September Shares in issue and free float changes published
Wednesday 03 September The review files will be published.
Monday 25 August to Friday 05 September Query period
Monday 08 September Lock down period commences from the open
Monday 22 September Index review effective from the open
FTSE Russell is also pleased to announce the December 2025 Index Review timetable as follows:
Event Date Description
Free Float and Shares In Issue 31 October 2025 Cut date to determine free float changes in
Changes Cut Date excess of 3% and cumulative shares in issue
changes in excess of 1%.
Ranking Cut Date 24 November 2025 Market capitalisation snapshot for ranking
and selection purposes.
Indicative Free Float 24 November 2025 Publication of the indicative free float
changes.
Review ICA 03 December 2025 Review additions, deletions and weighting
changes published.
FTSE/JSE AC Meeting 04 December 2025 FTSE/JSE Advisory Committee Meeting.
Capping Cut Date 12 December 2025 Closing prices snapshot for portfolio factor
calculation.
Portfolio Factors 15 December 2025* Publication of portfolio factors for capped,
equally weighted and fundamental weighted
indices.
Effective Date 22 December 2025 Review changes applied from start of trading.
*Portfolio Factors Publication: Please note that a market notice was published on 30 October 2021 pertaining to the Final availability of FTSE/JSE
Capping Factors on the JSE Website. The notice can be accessed here.
Friday 31 October 2025: Cut-off date for new information. Information available prior to the end of day on 31 October
2025 will be considered when determining December's shares and free float updates.
Friday 21 November 2025: The shares and float files will be released (and will be available on the FTSE/JSE website
on 24 November 2025). 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 November
and 05 December. These files are strictly indicative until end of day on 05 December 2025 and are subject to daily
changes.
The FTSE/JSE index review files will also be released on Wednesday 03 December 2025.
Monday 24 November to Friday 05 December 2025: Query period. Clients are welcome to query the data visible
within the files between 24 November 2025 and end of day on 05 December 2025.
The quarterly updates will be considered final at end of day on Friday 05 December 2025.
Monday 08 December 2025: Effective start of trading on 08 December 2025, 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 22 December 2025: From start of trading on 22 December 2025 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 December 2025*
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 Thursday 18 December 2025*, 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). For
securities that suspend on the Friday prior to the review effective date, 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 December 2025.
Please note that Section 4.2 of the FTSE Russell Index Policy for Trading Halts and Market Closures guideline was updated on 4 Dec 2023. The notice
can be accessed here.
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 22 December 2025 (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
Thursday 31 October Shares and Float cut-off date
Friday 21 November to Friday 05 December Shares in issue and free float changes published
Wednesday 03 December The review files will be published.
Monday 24 November to Friday 05 December Query period
Monday 08 December Lock down period commences from the open
Monday 22 December 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 or call:
Australia +61 (0) 2 7228 5659
Hong Kong +852 2164 3333
Japan +81 3 6441 1430
London +44 (0) 20 7866 1810
New York +1877 503 6437
JSE Limited +27 11 520 7000
Alternatively please visit our website at lseg.com/ftse-russell or www.ftsejse.co.za
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Date: 05-08-2025 05:30:00
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