So since the New Yorkers, Standard and Poors took over control...

So since the New Yorkers, Standard and Poors took over control of the ASX indices a few years ago, they have repeated said that they determine inclusions and exclusions from the index in a systematic way, although they would not reveal all the details. Many of their decisions looked odd to me.

Until now, where, according to the Australian, they have admitted to rorting their own system.

The Solomon Lew controlled company, Premier Investments, was included in the ASX 200 index for the first time three months ago.

Since then, it has increased 40% in size and almost doubled in the number of shareholders due to the success of the Just Group takeover.

AND NOW S&P TAKES IT RIGHT OUT OF THE INDEX AGAIN !

What a scam ! What a con job !

From The Australian:

"Premier Investments, the listed vehicle used by billionaire Solomon Lew to acquire fashion retailer Just Group, was also dumped from the 200 index after being included during the term of the takeover deal. "Just shareholders received Premier scrip by default as part of the takeover, so we had to include Premier in the index long enough for index-based fund managers to sell their shares," Mr Karaban said."

So we had to include Premier in the index just long enough for the index-based managers to sell their shares ???

What the ?

Is that their Just shares or their Premier shares they were selling ? If they were "selling" their Just shares ( as distinguished from accepting the takeover ), then it matters not at all that Premier were in the index or not.

This whole takeover has been revealed now as a con-job where JST shareholders were railroaded into accepting the offer, partly based on the illusory notion that Premier would be a larger,more liquid company with index inclusion.

This warrants a public investigation into the integrity of the index management arrangements.