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Informative Notice – 20220322 Review Timetable Informative Notice - March and June 2022
March 2022 and June 2022 Shares and Free Floats Updates – Timetable
FTSE/JSE Indexes
22 February 2022
The FTSE/JSE Africa Index Series will be reviewed during March 2022. The review timetable is as follows:
Event Date Description
Free Float and Shares In 11 February 2022 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 21 February 2022 Market capitalisation snapshot for
ranking and selection purposes.
Indicative Free Float 21 February 2022 Publication of the indicative free
float changes.
Review ICA 02 March 2022 Review additions, deletions and
weighting changes published.
FTSE/JSE AC Meeting 03 March 2022 FTSE/JSE Advisory Committee
Meeting.
Capping Cut Date 11 March 2022 Closing prices snapshot for portfolio
factor calculation.
Portfolio Factors 14 March 2022 * Publication of portfolio factors for
capped, equally weighted and
fundamental weighted indices.
Effective Date 22 March 2022 ** 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.
**The effective date for all indices linked to the FTSE Global Equity Index Series is 21 March and this will be applied
systematically to the FTSE/JSE Index Series. However, 21 March is not a JSE trading day so the effective date rolls
over to 22 March as indicated. FTSE/JSE is investigating any potential impact to the naming convention of data
products and will notify the market if there is any resultant impact.
Friday 11 February 2022: Cut-off date for new information. Information available prior to the end of day on 11
February 2022 will be considered when determining March’s shares and free float updates.
Friday 18 February 2022: The shares and float files will be released (and will be available on the FTSE/JSE
website on 21 February 2022). 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 18
February and 04 March. These files are strictly indicative until end of day on 04 March 2022 and are subject to
daily changes.
The FTSE/JSE Index Review files will be released on Wednesday 02 March 2022.
Monday 21 February to Friday 04 March 2022: Query period. Clients are welcome to query the data visible
within the files between 21 February 2022 and end of day on 04 March 2022.
The quarterly updates will be considered final at end of day on Friday 04 March 2022.
Monday 07 March 2022: Effective start of trading on 07 March 2022, 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 22 March 2022: From start of trading on 22 March 2022 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 04 March 2022*
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 March 2022*, 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 March, 17 March or 18 March 2022, 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 March 2022.
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 March 2022 (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 11 February Shares and Float cut-off date
Friday 18 February to Friday 04 March Shares in issue and free float changes published
Wednesday 02 March The review files will be published.
Monday 21 February to Friday 04 March Query period
Monday 07 March Lock down period commences from the open
Tuesday 22 March Index review effective from the open
FTSE Russell is also pleased to announce the June 2022 Index Review timetable as follows:
Event Date Description
Free Float and Shares In 06 May 2022 Cut date to determine free float
Issue Changes Cut Date and cumulative shares in issue
changes.
Ranking Cut Date 23 May 2022 Market capitalisation snapshot for
ranking and selection purposes.
Indicative Free Float 23 May 2022 Publication of the indicative free
float changes.
Review ICA 01 June 2022 Review additions, deletions and
weighting changes published.
FTSE/JSE AC Meeting 02 June 2022 FTSE/JSE Advisory Committee
Meeting.
Capping Cut Date 10 June 2022 Closing prices snapshot for portfolio
factor calculation.
Portfolio Factors 13 June 2022* Publication of portfolio factors for
capped, equally weighted and
fundamental weighted indices.
Effective Date 20 June 2022 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 06 May 2022: Cut-off date for new information. Information available prior to the end of day on 06 May
2022 will be considered when determining June’s shares and free float updates.
Friday 20 May 2022: The shares and float files will be released (and will be available on the FTSE/JSE website on
23 May 2022). 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 20 May and 03
June. These files are strictly indicative until end of day on 03 June 2022 and are subject to daily changes.
The FTSE/JSE index review files will also be released on Wednesday 01 June 2022.
Monday 23 May to Friday 03 June 2022: Query period. Clients are welcome to query the data visible within the
files between 23 May 2022 and end of day on 03 June 2022.
The quarterly updates will be considered final at end of day on Friday 03 June 2022.
Monday 06 June 2022: Effective start of trading on 06 June 2022, 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 20 June 2022: From start of trading on 20 June 2022 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 20 May 2022* 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 June 2022*, 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 June, 16 June*** or 17 June 2022, 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 June 2022.
***Thursday 16 June 2022 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 20 June 2022 (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 06 May Shares and Float cut-off date
Friday 20 May to Friday 03 June Shares in issue and free float changes published
Wednesday 01 June The review files will be published.
Monday 23 May to Friday 03 June Query period
Monday 06 June Lock down period commences from the open
Monday 20 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: 22-02-2022 05:50:00
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