A preference share is a stock which provides a specified dividend that is paid before any dividends are paid to ordinary shareholders, and which takes precedence over common stock in the event of liquidation. Preference shares are hybrid securities, they have both equity and debt characteristics. Like common stock, preference shares represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders.
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Preference Share (J251)
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The Preference Share Index consists of non-convertible, non-redeemable, floating rate preference shares.
Name Preference Share Index Code J251 Alpha Code PREF Index Category Preference Share Universe JSE listed non-convertible, non-redeemable, floating rate preference shares Fixed No. of Companies No Liquidity Screening No Free Float Screening Preference Shares are deemed to have a free float of 100% Other Screening Only non-convertible, non-redeemable, floating rate preference shares qualify Weighting Methodology Free Float Market Cap Weighted Capping Methodology N/A Index Review Quarterly in March, June, September and December Buffer Size N/A Dissemination End of Day Live Date 2008/07/16 -
Preference Share Net TRI (JN51)
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An alternate for the Preference Share Index (J251), whereby the Total Return Index (TRI) is calculated using net dividend rates (“net in the hands of the SA investor”). Dividend withholding tax is deducted from the declared dividend with the resulting net dividend used in the XD adjustment.
Name Preference Share Net Total Return Index Code JN51 Alpha Code PRFN Index Category Preference Share Universe JSE listed non-convertible, non-redeemable, floating rate preference shares Fixed No. of Companies No Liquidity Screening No Free Float Screening Preference Shares are deemed to have a free float of 100% Other Screening N/A Weighting Methodology Free Float Market Cap Weighted Capping Methodology N/A Index Review Quarterly in March, June, September and December Buffer Size N/A Dissemination End of Day Live Date 2013/11/25