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JSE
GEN
GEN - FTSE/JSE Africa Series - Ground Rule Change
FTSE/JSE Africa Series Ground Rule Change
Treatment of Dual Listed Companies
FTSE/JSE Africa Index Series
28 September 2007
Following approval by the FTSE/JSE Advisory Committee and meeting the market
requirement to clarify the treatment of entities with a dual listed company(DLC)
structure, it has become necessary to update the Ground Rules with immediate
effect.
Background
Due to the current treatment of companies with a dual listed company (DLC)
structure where the inclusion of these companies in the indices is based on the
total market capitalisation of the two companies it has become necessary to
update the secondary line Ground Rule in order to reflect the current practice.
Current Rule :
4.2 Secondary Lines
4.2.1 Where there are multiple lines of equity capital in a company, all are
included and priced separately, provided that:
4.2.1.1 The line passes all investibility screens.
4.2.1.2 The secondary line`s full market value (i.e. before the application of
any investibility weightings) is greater than 25% of the full market
capital of the company`s main line. Should the market value of a
secondary line that is already a constituent of the Index Series fall
below 20% at the next review, the secondary line is deleted from the
index.
4.2.2 Where a company`s shares are issued partly, or nil, paid and the call
dates are already determined and known, the market price will, for the
purposes of calculating its market capitalisation, be adjusted so as
to include all such calls (i.e. the fully paid price).
Amended Rule :
4.2 Secondary Lines
4.2.1 Where there are multiple lines of equity capital in a company, all are
included and priced separately, provided that:
4.2.1.1 The line passes all investibility screens.
4.2.1.2 The secondary line`s full market value (i.e. before the application of
any investibility weightings) is greater than 25% of the full market
capital of the company`s main line.Should the market value of a
secondary line that is already a constituent of the Index Series fall
below 20% at the next review, the secondary line is deleted from the
index.
4.2.2 For the purposes of the FTSE/JSE Africa Index Series, companies with
an approved dual listed structure are treated as secondary lines of a
single entity.
4.2.3 Where a company`s shares are issued partly, or nil, paid and the call
dates are already determined and known, the market price will, for the
purposes of calculating its market capitalisation, be adjusted so as
to include all such calls (i.e. the fully paid price).
For an updated copy of the Ground Rules please see http://ftse.jse.co.za
/Education/Ground_Rules or
http://www.ftse.com/indices_marketdata/JSE/rulebook.jsp
For an updated copy of the Ground Rules please see http://ftse.jse.co.za
/Education/Ground_Rules or
http://www.ftse.com/indices_marketdata/JSE/rulebook.jsp
For FTSE / JSE index enquiries or further information about FTSE / JSE please
contact:
Client Services in UK: Tel: +44 (0) 20 7866 1810
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Or, email your enquiries to info@ftse.com, indices@jse.co.za or visit our
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Date: 02/10/2007 07:24:04 Produced by the JSE SENS Department.
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