CALCULATION OF OMX TALLINN

Transcription

1 CALCULATION OF OMX TALLINN

2 CALCULATION OF OMX TALLINN 1. OMX Tallinn index Terms in use Comuaion rules of OMX Tallinn Oening, real-ime and closing value of he Index Index formula Share rices used for Index calculaion Index adminisraion Index adjusmens Dividend Share sli and changes in nominal value...5 Sli...5 Change in nominal value...5 Comany sin-offs Bonus issue Righs offering Privae offerings Assimilaion or division of share series Cancellaion of shares Susension of rading Mergers / akeovers Undefined cororae acions Disclaimer...9 2

3 1. OMX Tallinn index The OMX Tallinn Sock Index (hereinafer: Index) is a caializaion weighed chainlinked oal-reurn index. I is calculaed on a coninuous basis from he mos recen rices of all shares ha are lised on he Tallinn Sock Exchange (hereinafer: Exchange) Main and I-lis lis, comaring he comound marke caializaion o he corresonding daa (comound marke caializaion minus dividends aid) of revious rading day. No weigh limis are alied o he index consiuens, and hus influence of each securiy o he Index corresonds o is weigh in comound marke caializaion. The index base value was se a oins on June 3, The index is calculaed using rices in rading currency (EUR). The shorname of he OMX Tallinn index is OMXT. In he rading sysem SAXESS TM and in he marke daa feed sysem TARGIN TM icker code OMXTGI is used. GI sands for gross (yield) index. 2. Terms in use Cum-dae las rading day when Exchange raded securiy conains he righs o ariciae in he cororae acion (four rading days before closing of he lis of shareholders). Ex-dae firs rading day when Exchange raded securiy does no conain he righs o ariciae in he cororae acion (hree rading days before closing he lis of shareholders). Dividend adjusmen facor facor (d) used for adjusing he share rice o eliminae he influence of a dividend on share rice develomen. Cororae acion adjusmen facor facor (a) used for adjusing he share rice o eliminae he influence of a cororae acion on share rice develomen. 3. Comuaion rules of OMX Tallinn 3.1. Oening, real-ime and closing value of he Index The index is chain-linked every day. The real-ime index value is calculaed during coninuous rading, dividing he curren marke caializaion by he oening marke caializaion of he rading day. The oening index value of he day is mulilied by his raio. The closing index value of he revious rading day s coninuous rading will be he nex day s oening value Index formula The OMX Tallinn index is calculaed wih he Paasche formula, which measures he change of marke caializaion, resuling from changes in share rices. 3

4 OMXT n i 1 [ n ( i 1 ( 1 d ) ) a ] OMXT 1 Parameers used in he formula: OMXT OMX Tallinn index value i number of shares i i rice of share i (NOREX rice algorihm) ime of calculaion n amoun of shares in he Index d i dividend for share i a i cororae acion adjusmen facor for share i 3.3. Share rices used for Index calculaion To reresen he rice of a share in he index formula, he NOREX Exchanges aly he following rule: - If an officially regisered rading rice for an index sock has no been uoed on he relevan rading day, he las uoed rading rice shall be used in he calculaion. - If a bid has been uoed ha is higher han he las uoed rading rice, he bid shall be alied in he calculaion. - If an offer has been uoed ha is lower han he las uoed rading rice, he offer shall be alied in he calculaion. - If eiher he closing bid or offer is used as he closing value, his rice will be viewed as he las raded rice in he calculaion of he index on he following day, unil a new official rade rice is regisered. The calculaion for he BALTIX is based on he official las uoed rading rice for he securiy or he rice a he close of he Index on he revious day. 4. Index adminisraion A new share series will be included in he Index calculaion on is second day of rading. If a cororae acion causes a change in he number of shares, hen such change is accouned for saring from he ex-dae. If share series are consolidaed (e.g. merger of issuers, share conversion), he disconinued shares will be removed from he Index afer he coninuous rading hase on he las day of rading wih his share, increasing a he same ime he number of shares whose rading will coninue. A share o be delised will be removed from he Index afer coninuous rading hase on he las rading day of he resecive share. 5. Index adjusmens The urose of he adjusmens is o eliminae facors affecing share rice develomen ha do no have an imac on he marke caializaion of a comany. 4

5 Adjusmen facors are used in index calculaion on he ex-dae afer he firs ransacion hroughou he ex-dae. If he share is no raded on he ex-dae, he facors will be used on he firs rading day afer ex-dae. Exchange reserves he righ o make adjusmens oher han hose resened herein and reserves he righ o deviae from he adjusmens described here afer relevan announcemens Dividend Dividend adjusmen facor d dividend rae ayable er share (in rading currency) 5.2. Share sli and changes in nominal value Sli When a share is sli, each old share is divided ino new shares. In such a case, he comany s marke caializaion is execed o remain unchanged while he number of shares changes. The cororae acion adjusmen facor should be such ha P -1 corresonds o heoreical P, in oher words: a 1 where a 1 The cororae acion adjusmen facor a is he revious number of shares divided by he new number of shares. The cororae acion adjusmen facor can also be viewed as a sli raio. The adjusmen in index calculaion will come ino force he momen he sli share is being raded for he firs ime and he firs ransacion is comleed. For reverse sli, which involves he reducing of shares while he comany s marke caializaion remains unchanged, he cororae acion adjusmen is calculaed wih he same formula as for he share sli. Change in nominal value If he nominal value of a share is changed wihou changing he number of shares, no adjusmens will be made o index calculaion. Comany sin-offs In a sin-off, a lised comany is divided ino wo or more comanies, one or more of which will be ublicly lised. This secion does no aly in cases where subsidiaries are urchased or sold. If a lised comany is divided ino new comanies and he subscriion righs in he new comanies cease a he same ime, he new comanies will be included in index calculaion in he same way as any oher new comanies. The old lised share will be removed from index calculaion on he ex-dae. 5

6 If subscriion righs of a lised comany cease on differen days, he share will be removed from index calculaion on he firs ex-dae. If here is a significan ime lag beween he ex-daes, he comany can be re-included in he index for his eriod. In such a case, he old comany will be removed from index calculaion for he las ime once all righs have ceased. The new comanies will be included in index calculaion he same way as any oher new comanies. If a lised comany ursues aciviies and a major ar of i is sin-off o form a new comany, he old comany can be removed from index calculaion for he duraion of he ex-dae. The new comany will be included in index calculaion in accordance wih secion 4. To avoid exclusion from he index, he value of he share/righ can alernaively be calculaed wih he following hree mehods: 1. When he share/righ is lised on anoher exchange. 2. When he comany informs he ublic abou he value. 3. The median value of valuaions from members (minimum 5 valuaions) Bonus issue In a bonus issue a comany issues new shares o is exising shareholders. The New shares are issued free of charge as an accouning exercise by he comany. Cororae acion adjusmen facor is calculaed as follows. a 1 where a 1 The cororae acion adjusmen facor is he revious number of shares divided by he new number of shares. The correced number of shares shall be aken ino consideraion as of ha oin in ime when he sock becomes subjec o rading for he firs ime ex-subscriion righs and when he firs deal of a leas a lo in size is concluded on he sock class during he index calculaion eriod Righs offering In a righs offering, he comany offers exising shareholders he righ o subscribe new shares based on heir exising ownershi. If he issue rice is lower han he marke caializaion, a cororae acion adjusmen is calculaed. The calculaion of a cororae acion adjusmen facor roceeds hrough hree sages: value of he subscriion righ is i, SR [ 1 subscr. subscriion _ raio + 1 ] 6

7 heoreical rice of he share afer deachmen of subscriion righs is adj 1 SR cororae acion adjusmen facor is a adj 1 subscr. _is he subscriion rice of he share and adj. _is he heoreical ex-righs rice of he share. Subscriion raio here is he old number of shares divided by he number of new shares o be subscribed. If he new shares have a differen dividend from he old ones, he difference beween he dividends will be subraced from he firs sage indicaor. If he share s issue rice is higher han is marke rice, no index adjusmen will be made on he ex-dae. In his case, he change in he number of shares lised will be accouned for when he subscriion eriod has ended and he number of shares subscribed has been disclosed. The new shares will be included in index calculaion in accordance wih secion 4. once he comany has disclosed he number of shares subscribed in he issue Privae offerings In a rivae offering, a comany offers he righ o subscribe is share o aries oher han is exising shareholders. New shares issued in a rivae offering will be included in index calculaion in accordance wih secion 4. once he comany has disclosed he number of shares subscribed in he issue Assimilaion or division of share series When assimilaing share series, mulile series are assimilaed ino one exising share series or ino a new share series. If he shares are assimilaed ino one exising share series, he closing rice used for he calculaion of he comany s marke caializaion is, as a rule, he rice for he share series ha will coninue o be raded. If he laes rading rice for he share series whose rading will coninue is significanly differen from he laes rading rice of he shares in he series o be assimilaed, a cororae acion adjusmen facor a can be calculaed for he share series whose rading will coninue o ensure he sabiliy of marke caializaion. a laes coninuing where (laes) is he laes rice available for he disconinued share series and (coninuing) is he laes rice available for he share series whose rading will coninue. If he shares are assimilaed ino one new share series, he laes closing rice for he share series o be assimilaed will, as a rule, be enered as he new share s oening rice. Divided share series will be included in index calculaion as new shares. 7

8 5.7. Cancellaion of shares Number of shares o be decreased euals he number of cancelled shares. Cororae acion adjusmen facor is calculaed as follows: a 1 where a 1 The cororae acion adjusmen facor is he revious number of shares divided by he new number of shares. The correced number of shares shall be aken ino consideraion as of ha oin in ime when he sock becomes subjec o rading for he firs ime ex-righs and when he firs deal is concluded on he share series Susension of rading During susension of rading, he laes rading rice will be used for index calculaion. If rading is susended for one week hen he Exchange can remove he share from index calculaion Mergers / akeovers In case of merger or akeover he share in uesion will be excluded from he index effecive on he day he acuiring comany conrols a leas 90% of he ousanding shares in he acuired comany. The erm conrol is here defined as when eiher, (a) he acuiring comany noifies he Exchanges of heir conrol or receiving acces of a leas 90 er cen, (b) he ransacion is regisered in he Exchanges rading sysem or (c) he shares are regisered wih he CSD Undefined cororae acions Similarly o he aforemenioned adjusmens, also he influence of undefined cororae acions will be adjused on he ex-dae. Adjusmen deails will be decided by he Exchange case by case. No adjusmens will be made o Index calculaion, if he cororae acion does no direcly cause any changes in share rice (e.g. direced issue a marke rice, or change of nominal value of a share wihou changing he number of shares). 8

9 6. Disclaimer The Exchange akes every effor o mainain he accuracy and reliabiliy of he Index. However, he Exchange does no guaranee he accuraeness of he Index value a any given momen nor ake any liabiliies for ossible damage caused by errors or miscalculaions of he Index. 9