Taking into account the impossibility to establish a precise valuation for both new companies and in order to be able to use an objective valuation for both new shares, the BEL20® index compiler has decided to apply a special procedure for the BEL20® adjustment, effective on the ex date which is expected to be April 14 or 29, 2005 under the condition of the approval of the proposed demerger by the extraordinary shareholders meeting of Umicore to be held on April 13, 2005 or on a subsequent meeting to be held on or around April 28, 2005.
In practice, on April 14 or 29, 2005 Umicore’s share will be split into one share Umicore (New) and one share Cumerio. Both shares will remain in the index for one day. As a result, the BEL20® index will have 20 constituents, Umicore (New) with 189 shares, Cumerio with 189 shares and the other 18 index members (with unchanged weightings). Please note that no divisor adjustment will take place on April 14 or 29, 2005.
Taken into account the expected market capitalization of both shares, the share Cumerio is expected to be taken out of the BEL20® index, effective April 15 or May 2 2005 at its previous closing price and in that case, only the BEL20® index divisor will be adjusted whereas the weights of the other index members will remain unchanged. The new BEL20® index divisor will be announced by a press release after closing of the market on April 14th or 29th.
BEL 20 index Reservelist:
Based upon the figures until the end of March 2005, there are no reserve candidates for the BEL20® index, as all of the securities that aren’t in the index fail to meet the minimum Free Float adjusted Market capitalization threshold. This list is valid for replacements that would occur from Monday 18 April 2005 up to and including Friday 13 May 2005 after trading hours. This list is also available on our website: www.euronext.com
