GMA is in the top 300 stocks in the ASX (has been since late Feb), but it is not in the S&P ASX300 Index.
You can find the S&P rules about admission to the index online, but essentially S&P are keen to avoid volatility and excessive turnover in the companies making up the index. So they require a company to be suitably ranked in the top 300 for six months prior to rebalancing and to be comfortably in there (sitting at 299 is not sufficient). I'm no expert, but it appears to me that GMA is doing enough and as things stand, is on track to reenter to S&P ASX300 Index in September.
Share Price Catalysts, page-18
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