Ann: Investor Presentation, page-15

ASX300 is rebalanced twice a year, in March and September.  ASX200 is quarterly, also done in June and December.
Announcement with the ins and outs is made on the first Friday of March and September, and the effective date is close of trade on the Friday 2 weeks later.

I don't believe an application has to be made, Standard and Poors make their assessment of all eligible stocks.

Stocks like PBT and VET were added in March 2014, and are well outside the top 300 list by MC at the moment.  Most additions over the last two rebalances have had MC of around $350M, but with the energy sector struggling at the moment I think our $300+ might be enough, but my gut feel still says we're going to pull up short.

From here there are about 40 companies in the ASX300 with MC below $300, but as stated before, once you're in you have to perform poorly for an extended period before getting kicked out.  I think there's been a few cases of being pushed out 12 months after inclusion, but in and then out on successive rebalance announcements would have to be pretty rare.

Any policy on ASX200/300 inclusion timing here could delay us till December for ASX200 if we miss out this week, as the next ASX300 update is Sept.

e.g. "Must be in ASX300 for at least 1 quarter before ASX200 addition" would mean at the earliest Sept for ASX200 then Dec for ASX200.
Can we be added to the ASX200 and ASX300 at the same time?  That could happen in Sept.
I don't think you can be in the ASX200 without being in the ASX300, so that would make us ineligible for a June inclusion into the ASX200.

All that considered, the importance of a gong this week cannot be understated, especially if there is a decent spike on the next material updates.  That means we could be playing with the big boys for a while without being a member of their club.