Index math is not the same as 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 $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 landfill permit.
Neutral read
SES is on the listed oilfield-services list. Banks were skipped. September 4 index removal and the $4.95 plus 0.3356 mapping are the new facts. Write SES as in GFL's hands after the September 1 close, not as an independent TSX quote for long. Watch whether SES actually suspends before September 4, whether index trackers get the cash-stock mix right, and when GFL folds SECURE into Q3 guidance.