| Mon 3 Feb 2025, 17:30 | | Informative Notice – 20250324 Review Timetable Informative Notice - March and June 2025 |
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Informative Notice – 20250324 Review Timetable Informative Notice - March and June 2025
CORPORATE
March 2025 and June 2025 Shares and Free Floats Updates – Timetable
(FTSE/JSE Africa Index Series)
03 February 2025
The FTSE/JSE Africa Index Series will be reviewed during March 2025. The review timetable is as follows:
Event Date Description
Free Float and Shares In Issue 31 January 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 February 2025 Market capitalisation snapshot for ranking and
selection purposes.
Indicative Free Float 24 February 2025 Publication of the indicative free float changes.
Review ICA 05 March 2025 Review additions, deletions and weighting
changes published.
FTSE/JSE AC Meeting 06 March 2025 FTSE/JSE Advisory Committee Meeting.
Capping Cut Date 14 March 2025 Closing prices snapshot for portfolio factor
calculation.
Portfolio Factors 17 March 2025* Publication of portfolio factors for capped,
equally weighted and fundamental weighted
indices.
Effective Date 24 March 2025 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 31 January 2025: Cut-off date for new information. Information available prior to the end of day on 31 January
2025 will be considered when determining March's shares and free float updates.
Friday 21 February 2025: The shares and float files will be released (and will be available on the FTSE/JSE website
on 24 February 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 February and 07
March. These files are strictly indicative until end of day on 07 March 2025 and are subject to daily changes.
The FTSE/JSE Index Review files will be released on Wednesday 05 March 2025.
Monday 24 February to Friday 07 March 2025: Query period. Clients are welcome to query the data visible within
the files between 24 February 2025 and end of day on 07 March 2025.
The quarterly updates will be considered final at end of day on Friday 07 March 2025.
Monday 10 March 2025: Effective start of trading on 10 March 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 24 March 2025: From start of trading on 24 March 2025 the quarterly changes will become effective across
the FTSE/JSE indexes.
CORPORATE
Additional Clarifications
Stocks Suspended during the Review Period: Constituents which are suspended on Friday 07 March 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 20 March 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 21 March 2025. Please
note: Friday 21 March 2025 is a South African Public Holiday.
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 24 March 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
Friday 31 January Shares and Float cut-off date
Friday 21 February to Friday 07 March Shares in issue and free float changes published
Wednesday 05 March The review files will be published.
Monday 24 February to Friday 07 March Query period
Monday 10 March Lock down period commences from the open
Monday 24 March Index review effective from the open
CORPORATE
FTSE Russell is also pleased to announce the June 2025 Index Review timetable as follows:
Event Date Description
Free Float and Shares In Issue 30 April 2025 Cut date to determine free float and
Changes Cut Date cumulative shares in issue changes.
Ranking Cut Date 26 May 2025 Market capitalisation snapshot for ranking and
selection purposes.
Indicative Free Float 26 May 2025 Publication of the indicative free float
changes.
Review ICA 04 June 2025 Review additions, deletions and weighting
changes published.
FTSE/JSE AC Meeting 05 June 2025 FTSE/JSE Advisory Committee Meeting.
Capping Cut Date 13 June 2025 Closing prices snapshot for portfolio factor
calculation.
Portfolio Factors 17 June 2025* Publication of portfolio factors for capped,
equally weighted and fundamental weighted
indices.
Effective Date 23 June 2025 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.
Wednesday 30 April 2025: Cut-off date for new information. Information available prior to the end of day on 30 April
2025 will be considered when determining June's shares and free float updates.
Friday 23 May 2025: The shares and float files will be released (and will be available on the FTSE/JSE website on 26
May 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 23 May and 06 June. These files are
strictly indicative until end of day on 06 June 2025 and are subject to daily changes.
The FTSE/JSE index review files will also be released on Wednesday 04 June 2025.
Monday 26 May to Friday 06 June 2025: Query period. Clients are welcome to query the data visible within the files
between 26 May 2025 and end of day on 06 June 2025.
The quarterly updates will be considered final at end of day on Friday 06 June 2025.
Monday 09 June 2025: Effective start of trading on 09 June 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 23 June 2025: From start of trading on 23 June 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 06 June 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 19 June 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 20 June 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.
CORPORATE
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 23 June 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
Tuesday 30 April Shares and Float cut-off date
Friday 23 May to Friday 06 June Shares in issue and free float changes published
Wednesday 04 June The review files will be published.
Monday 26 May to Friday 06 June Query period
Monday 09 June Lock down period commences from the open
Monday 23 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 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
Alternatively please visit our website at lseg.com/ftse-russell
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Date: 03-02-2025 05:30:00
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