Index removal day is not payment day
S&P Dow Jones Indices said September 1 that SECURE Waste Infrastructure (TSX: SES) will be removed from the S&P/TSX Composite prior to the open on September 4, 2026, after GFL Environmental's plan of arrangement. Each SECURE share is treated as C$4.95 cash plus 0.3356 of a GFL subordinate voting share under the combination election framework SPDJI cited.
GFL said September 1 it closed the acquisition. Financing included revolver capacity, 75,126,306 GFL shares, and a new US$1 billion term loan. GFL expected SES to delist on or about September 2. The September 4 index removal can lag the corporate close. SPDJI also said that if SES is suspended before removal day, it will derive a closing price from GFL's price times 0.3356 plus C$4.95 cash.
GFL shares outstanding are set to rise to 422,532,512 with an increased investable weight factor of 0.78 when SES comes out of the index. That is passive money mechanics, not a new operating forecast.
Neutral read
SES was on the listed services list. Banks were skipped. September 4 composite removal and the GFL September 1 close are the facts. Write this as index housekeeping after a done deal, not as a standalone SES trade. Watch whether holders received the elected GFL stock and cash mix on the expected settlement timeline.