Hours (well minutes) of fun courtesy of the EU.
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The Daily Mail and General Trust’s two tiered stock voting structure has cost the newspaper company its place in the FTSE index series in Britain. Under new listing rules, DMGT’s `A’ shares will be classified as having a “standard” rather than a “premium” listing because they do not confer voting rights. So DMGT will no longer be a member of the FTSE Mid 250 indicator, London’s ranking of second tier companies. Read more
Schroders, the fund management group, is likely to have missed out on promotion to the FTSE 100 last week because the wrong figures were used to calculate its market capitalisation. Index compiler FTSE admitted on Wednesday that Schroders should have been considered for inclusion in the UK’s index of leading shares in its quarterly reshuffle. Instead, media group Daily Mail & General Trust was promoted to the blue-chip barometer, even though Schroders had a higher market value at the time. Changes are based primarily on market value, with companies ranked 110th or below ejected from the index and FTSE 250 companies ranked in 90th position or above promoted.