Informative Notice – 20190211 Naspers MultiChoice Unbundling Further Update
Further to the FTSE notice released on 22 January 2019 in relation to the unbundling of MultiChoice
Group by Naspers, please note further clarification in regard to the rebalancing of indices with a fixed
number of constituents.
All other details remain unchanged. Please see updated notice below:
Unbundling of MultiChoice Group by Naspers – Informative Notice –
FTSE/JSE Africa Index Series
11 February 2019
FTSE/JSE note the announced unbundling of MultiChoice Group (South Africa, MCG,
ZAE000265971) shares to Naspers (South Africa, NPN, ZAE000015889) shareholders and the
subsequent listing of MultiChoice Group on the JSE.
For every one share held in Naspers, shareholders will receive one share in the unbundled
company, MultiChoice Group, which will have a primary listing on the Johannesburg Stock
Subject to Regulatory approval and based on the expected timetable of events, FTSE/JSE
anticipate the following treatment:
Wednesday 27 February 2019 (from market open):
MultiChoice Group will be added into the same indexes as Naspers (including the FTSE/JSE Top
40) based on the unbundling terms and at an estimated price. A price adjustment will be
applied to Naspers by way of a capital repayment. There will be no index divisor changes as a
Wednesday 27 February (at market close):
For those indexes that have a fixed number of constituents, the indexes will be ranked based
on the closing prices on Wednesday 27 February, with the lowest ranked constituent
removed*, providing one day’s notice.
Further notices will be published to confirm membership changes.
Friday 1 March 2019 (from market open):
The index changes as a result of the ranking process (as notified prior) will become effective.
*If the lowest rank constituent is the same as scheduled for deletion at March 2019
review then the next lowest (at the review cut-off) is then removed at the review
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Date: 11/02/2019 05:26:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
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