The KFX Index is reviewed biannually. The next election to the new KFX portfolio takes place at the beginning of June and becomes effective on 23 June. In connection with a review, the Exchange calculates what shares have had the highest turnover in the trading system, as well as what shares have been on the daily top 25 list of the most actively traded shares in the concerned reference period. 20 shares from the calculated base portfolio of 25 shares are elected to the KFX portfolio.
If a merger between two listed companies takes place after an election to the KFX portfolio has been made, but before it becomes effective, changes may be made to the already elected KFX portfolio. The already elected, but not yet active KFX portfolio is called the 'dormant' KFX portfolio.
Presuming that the KFX position for the coming KFX portfolio is maintained as it was after the trading day ended 7 May 2003, the coming portfolio, which becomes effective on 23 June, will contain both the A and B shares of the future A.P.Møller - Mærsk A/S.
According to the KFX rules the situation is such that provided that the merger is implemented on 16 June* 2003, as announced by the two companies, an amalgamation of D/S Svendborg B and D/S 1912 B will provide a 'free' position in the KFX Index, following which the 'dormant' portfolio will comprise 19 shares. The last position in the index will be filled by the share in the KFX base portfolio that has not yet been elected and which has had the highest turnover. Taken the current KFX position into account, this means that the A share in A.P.Møller - Mærsk A/S will be allotted the free position in the coming KFX portfolio.
