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Informative Notice – 20230918 Review Timetable Informative Notice - September and December 2023 UPDATED
Further to the FTSE/JSE Notice released on 02 August 2023 in relation to September 2023 and December 2023
Shares and Free Float Updates - Timetable, please note that the 'Additional Clarifications' section has been updated
to reference the South African Public Holiday on Friday 15 December 2023.
Please also note that the section of information relating to the September 2023 Timetable has been removed for the
purpose of this update, as this has since passed. All other details pertaining to the December 2023 Timetable remain
unchanged. Please see updated notice below:
September 2023 and December 2023 Shares and Free Float Updates –
Timetable – Updated
31 October 2023
FTSE Russell is pleased to announce the December 2023 Index Review timetable as follows:
Event Date Description
Free Float and Shares In Issue 31 October 2023 Cut date to determine free float changes
Changes Cut Date in excess of 3% and cumulative shares in
issue changes in excess of 1%.
Ranking Cut Date 20 November 2023 Market capitalisation snapshot for
ranking and selection purposes.
Indicative Free Float 20 November 2023 Publication of the indicative free float
changes.
Review ICA 29 November 2023 Review additions, deletions and
weighting changes published.
FTSE/JSE AC Meeting 30 November 2023 FTSE/JSE Advisory Committee Meeting.
Capping Cut Date 08 December 2023 Closing prices snapshot for portfolio
factor calculation.
Portfolio Factors 11 December 2023 Publication of portfolio factors for capped,
equally weighted and fundamental
weighted indices.
Effective Date 18 December 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
Tuesday 31 October 2023: Cut-off date for new information. Information available prior to the end of day on 31 October
2023 will be considered when determining December's shares and free float updates.
Friday 17 November 2023: The shares and float files will be released on 17 November 2023 (and will be available on
the FTSE/JSE website on 20 November 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 November and 01 December 2023. These files are strictly indicative until end of day on 01 December 2023 and
are subject to daily changes.
The FTSE/JSE Index Review files will be released on Wednesday 29 November 2023.
Monday 20 November to Friday 01 December 2023: Query period. Clients are welcome to query the data visible
within the files between 20 November 2023 and end of day on 01 December 2023.
The quarterly updates will be considered final at end of day on Friday 01 December 2023.
Monday 04 December 2023: Effective start of trading on 04 December 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 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 18 December 2023: From start of trading on 18 December 2023 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 01 December 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 12 December 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 13, 14 or 15 December*** 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 13, 14 or 15 December*** 2023.
***Friday 15 December 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 18 December 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
Tuesday 31 October Shares and Float cut-off date
Friday 17 November to Friday 01 December Shares in issue and free float changes published
Wednesday 29 November The review files will be published.
Monday 20 November to Friday 01 December Query period
Monday 04 December Lock down period commences from the open
Monday 18 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 www.lseg.com/ftse-russell or www.ftsejse.co.za
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Date: 31-10-2023 05:30:00
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