Preference Share

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.

 Index Details

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  • Preference Share (J251)

    The Preference Share Index consists of non-convertible, non-redeemable, floating rate Preference Shares.
    CharacteristicDescription
    NamePreference Share
    Index CodeJ251
    Alpha CodePREF
    Index CategoryPreference Share
    UniverseJSE listed non-convertible, non-redeemable, floating rate Preference Shares
    Fixed No. of CompaniesNo
    Liquidity ScreeningNo
    Free Float ScreeningMinimum of 15%
    Other ScreeningN/A
    Weighting MethodologyFree Float Market Cap Weighted (Preference Shares are deemed to have a free float of 100%)
    Capping MethodologyN/A
    Index ReviewQuarterly in March, June, September and December
    Buffer SizeN/A
    DisseminationEnd of Day
    Live Date2008/07/16
  • Preference Share Net TRI (JN51)

    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.
    CharacteristicDescription
    NamePreference Share Net Total Return
    Index CodeJN51
    Alpha CodePRFN
    Index CategoryPreference Share
    UniverseJSE listed non-convertible, non-redeemable, floating rate Preference Shares
    Fixed No. of CompaniesNo
    Liquidity ScreeningNo
    Free Float ScreeningMinimum of 15%
    Other ScreeningN/A
    Weighting MethodologyNet Dividends
    Capping MethodologyN/A
    Index ReviewQuarterly in March, June, September and December
    Buffer SizeN/A
    DisseminationReal Time
    Live Date2013/11/25

 

 

 

 

Power Hour - 08 June 2017Power Hour - 08 June 2017https://www.jse.co.za/events/power-hour-08062017, https://www.jse.co.za/events/power-hour-080620175/25/2017 10:00:00 PM

 

 

FTSE-JSE Preference Share Index BrochureFTSE-JSE Preference Share Index Brochurehttps://www.jse.co.za/content/JSEBrochureItems/FTSE-JSE Preference Share Index Brochure.pdfpdf
FTSE-JSE Preference Share Index Fact SheetFTSE-JSE Preference Share Index Fact Sheethttps://www.jse.co.za/content/JSEFactSheetItems/15 - FTSE-JSE Preference Share Index Fact Sheet - April 2014 (1).pdfpdf

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