USING SHAREHOLDER ANALYSIS AS A CONTROL MEASURE
TO VERIFY TREASURY TRANSACTIONS
Shawn Basson
Mini-research report presented in partial fulfilment
of the requirements for the degree of
Master of Business Administration
at the University of Stellenbosch
Supervisor: Professor W.D. Hamman
Degree of confidentiality: A
March 2010
ii
Declaration
By submitting this research report electronically, I, Shawn Basson, declare that the entirety of
the work contained therein is my own, original work, that I am the owner of the copyright
thereof (unless to the extent explicitly otherwise stated) and that I have not previously in its
entirety or in part submitted it for obtaining any qualification.
S.B. BASSON
31 January 2010
Copyright © 2009 Stellenbosch University
All rights reserved
iii
Acknowledgements
I would like to extend great thanks and gratitude to my supervisor, Professor W.D. Hamman,
for his enthusiasm, support and guidance throughout this research report. Under his
supervision I have learnt tremendously and his words of wisdom are a constant source of
inspiration.
To my sponsor, Transnet National Ports Authority, thank you for the opportunity to study and
for all the support throughout my studies. I would like to acknowledge the contribution of my
class mates of the MBA Part Time 2007 class and the friendships that have been formed
during our studies; this is truly one of the greatest benefits of the journey.
To my family and especially my wife, Bridget, thank you for your support and commitment
throughout my studies, your patience, encouragement and love were invaluable in my journey
to complete my studies.
iv
Abstract
Market capitalisation is a measure of size and prestige for various JSE listed companies.
Changes in the Companies Act in relation to the capital maintenance provided companies the
opportunity to repurchase their own shares. South Africa’s legislation is different to those of its
international peers which resulted in a different interpretation of how to deal with treasury
shares and resultantly impacted on the valuation of market capitalisation. This study was
undertaken with the aim of establishing if there are differences in the reporting of closing
balances of the number of shares of the company and group as provided by the share
analysis section of the annual financial reports which is required by the JSE Listing
Requirements.
Thirty-four companies were selected specifically, analysed and compared to information as
per the University of Stellenbosch Business School share program to determine whether
differences arise and to determine the impact that this has on the market capitalisation
valuation and explanations for deviations. The results reflected that the non reconciliation of
closing balances of the group was primarily due to the non consolidation of trusts,
subsidiaries and treasury shares and companies not adhering to the listing requirements as
per section 3.3 of the shareholders’ spread to adequately disclose treasury related
transactions. The study also found ambiguity in accounting standards IAS 1 in that they did
not provide conclusive guidance in terms of the disclosure of share movements in rand value
and units to reconcile between opening and closing balances of all treasury shares.
Changes in the tax legislation will in future negate the reason for share repurchases through
the subsidiaries or trusts which will have an impact on the reconciliation process going
forward. Ultimately the accounting profession and JSE will have to implement standardised
guidelines to ensure that the reporting of treasury shares is simplified to ensure that market
users’ understanding of treasury activities and market capitalisation valuation can be
improved.
v
Table of contents
Page
Declaration ........................................................................................................................... ii
Acknowledgements ............................................................................................................ iii
Abstract ............................................................................................................................... iv
List of tables...................................................................................................................... viii
List of acronyms and abbreviations.................................................................................. ix
List of appendices ............................................................................................................... x
CHAPTER 1 INTRODUCTION AND BACKGROUND .......................................................... 1
1.1 INTRODUCTION .................................................................................................. 1
1.2 STATEMENT OF THE PROBLEM........................................................................ 3
1.3 ASSUMPTIONS AND DELIMITATIONS ............................................................... 3
1.4 PLAN OF STUDY ................................................................................................. 3
CHAPTER 2 LITERATURE REVIEW .................................................................................... 5
2.1 INTRODUCTION .................................................................................................. 5
2.2 JSE LISTING REQUIREMENTS (JSE, 2009) ....................................................... 6
2.3 THE SOUTH AFRICAN COMPANIES ACT ........................................................ 10
2.4 IASB ACCOUNTING STANDARDS .................................................................... 11
2.5 SOUTH AFRICAN INCOME TAX ACT ............................................................... 13
CHAPTER 3 RESEARCH METHODOLOGY ...................................................................... 15
3.1 INTRODUCTION ................................................................................................ 15
3.2 DATA COLLECTION AND RESEARCH DESIGN .............................................. 15
3.3 SUMMARY.......................................................................................................... 17
vi
CHAPTER 4 SUMMARIES OF TABLES 4.1 to 4.6 ............................................................ 19
4.1
INTRODUCTION ............................................................................................... 19
4.2
SHAREHOLDERS' SPREAD RANGES ............................................................. 20
4.3
CATEGORY/TYPES OF SHAREHOLDING....................................................... 22
4.4
PUBLIC VERSUS NON-PUBLIC SHAREHOLDERS (NUMBER OF
SHAREHOLDERS) ............................................................................................ 25
4.5
PUBLIC VERSUS NON-PUBLIC SHAREHOLDERS (UNITS OF SHARES) ..... 30
4.6
BENEFICIAL/MAJOR SHAREHOLDERS PERCENTAGE CUT-OFF ................ 36
CHAPTER 5 CASE STUDIES OF 34 COMPANIES ........................................................... 38
5.1
INTRODUCTION .............................................................................................. 38
5.2
FORMAT AND STRUCTURE OF THE CASE ANALYSIS ................................ 38
5.3
CASE STUDY ANALYSIS FOR THE 34 COMPANIES REVIEWED ................. 39
5.3.1 Companies (12 in total) reconciling 100 percent from shareholder spread
compared to the USB share program over the entire nine years (2000-2008) .. 39
5.3.2 Companies (nine in total) that would have reconciled from the shareholder
spread to share program, but do not due to the fact that share trusts are not
consolidated as per accounting standards for certain years .............................. 40
5.3.3 Companies that do not reconcile as no information (or different information)
was provided per shareholders’ spread to agree group total number of shares
issued with USB share program......................................................................... 41
5.3.4 Companies that reported information in sections other than 3.3 shareholder
public versus non-public and used in the ex shareholders’ spread
reconciliation. This would indicate a breach to comply with the JSE Listing
Requirements as set out per 4.25. The information was included in the
shareholders’ spread reconciliation as it derived from the disclosures in
sections 2.3 or 4.1 for the following companies ................................................. 42
5.4 SUMMARY.......................................................................................................... 43
vii
CHAPTER 6 CONCLUSION ............................................................................................... 45
6.1 CONCLUSION .................................................................................................... 45
LIST OF SOURCES ............................................................................................................ 47
APPENDICES ..................................................................................................................... 50
viii
List of tables
Page
Table 2.1:
Company versus group reconciliation disclosure ............................................ 12
Table 3.1:
Spread, ex USB share program and differences ............................................ 17
Table 4.1:
Shareholders’ spread ranges as per section 1 ............................................... 21
Table 4.2:
Category/types of shareholding (number of shareholders)
as per section 2.1 ........................................................................................... 23
Table 4.3:
Category/types of shareholding (number of shares) as per section 2.3 .......... 24
Table 4.4:
Analysis of section 3.1 (number of shareholders) which is divided between
public and non-public shareholders ................................................................ 25
Table 4.5:
Analysis of section 3.3 public versus non-public shareholders
(units of shares) ............................................................................................. 31
Table 4.6:
Analysis of section 4.2 beneficial/major shareholders percentage cut-off....... 37
Table 5.1:
Summary of section 3 as reported by each company ..................................... 44
ix
List of acronyms and abbreviations
AFS
annual financial reports
EPS
earnings per share
HEPS
headline earnings per share
IAS
International Accounting Standards
IFRS
International Financial Reporting Standards
JSE
Johannesburg Stock Exchange
SAICA
South African Institute of Chartered Accountants
SIC12
circular interpretation 12
SPE
Special Purpose Entities
STC
secondary tax on companies
x
List of appendices
Page
Appendix A: List of companies reviewed ............................................................................ 51
Appendix B: Shareholders’ spread (Mr Price) ..................................................................... 52
Appendix C: Category of shareholding (Mr Price) ............................................................... 53
Appendix D: Public and non-public shareholding (Mr Price) ............................................... 54
Appendix E: Beneficial shareholding cut-off % (Mr Price) ................................................... 55
Appendix F: Table 3.1: Spread, ex USB share programme and differences for
34 companies reviewed .................................................................................. 56
1
CHAPTER 1
INTRODUCTION AND BACKGROUND
1.1 INTRODUCTION
Companies generally use market capitalisation as a measure of valuation and to determine its
size relative to other companies and competitors. Market capitalisation is a measure of
prestige and the reflection of its size provides potential investors a degree of surety on the
company’s relative position compared to peer companies and other companies within the
Johannesburg Stock Exchange (JSE) listed companies. It is also used as a criteria on the
inclusion of companies on various indices and pooled together with similar companies of size
and market valuation.
In a study conducted by Bester, Hamman, Brummer, Wesson and Steyn-Bruwer (2008) it was
established that close to 75 percent of a sample of industrial companies listed on the JSE in
2006 incorrectly calculated their market capitalisation, by not using the closing balances of
shares of the consolidated group but rather reflected the valuation by basing it on the closing
balance of the company. This discrepancy can be attributed to the fact that it is beneficial for
the company to use a higher number of shares as reflected by the company when calculating
market capitalisation (which has no formalised rules of determination and largely left to the
discretion of companies) and the lower number of shares as per group when calculating
earnings per share (EPS) and headline earnings per share (HEPS) calculations which are
prescribed in terms of International Accounting Standards and disclosed per the annual
financial statements.
Before 1999, due to the concept of capital maintenance, companies were not allowed to
repurchase their own shares and the determination of market capitalisation was
straightforward as merely the number of shares in issue as reported by company or group as
these would be the same) multiplied by share value. The Companies Act, Act No 61 of 1973
(RSA, 1973), was amended through the Companies Amendment Act No 37 of 1999 (RSA,
1999) which allowed South African companies to acquire (repurchase) their own shares or
that of their holding company. This has presented the valuation of the company as per the
market capitalisation calculation with specific challenges when calculating the correct number
2
of shares in issue, to use when performing this calculation. When a company repurchases its
own shares it must be cancelled from the issued share capital of the company and the effect
is that the closing balance of the company’s shares is reduced by the number of shares
bought back. However, shares which the subsidiary (wholly owned or partially) buys back in
its holding company can not be cancelled. During the group consolidation process when the
company repurchases its own shares, the share capital is reduced via the statement of
changes in equity.
When a company repurchases its own shares (the company itself or a subsidiary/trust) this
results in a reduction of the equity amount as per the balance sheet and as reflected in the
statement of changes in equity. Share trusts prior to 2004 were not compelled to be
consolidated, but due to the implementation of SIC-12 Consolidation – Special Purpose
Entities (SAICA, 2007), companies had to include the activities of share trusts and as a result
this impacted the treasury share reconciliation calculation, due to employee share trusts being
used as a vehicle for these entities to acquire shares in the holding company. Due to specific
accounting rules (consolidation approach), the application of share repurchase is applied well
in practice in terms of rand impact. However, due to a less formalised approach in terms of
actual number of shares used when calculating market capitalisations through the
consolidation of share trusts, discrepancies were found in terms of how companies were
calculating their market capitalisation and projecting this value as a measure of size.
Through the analysis of shareholders’ spread as required by the JSE Listing Requirements,
which requires a differentiation between public and non-public shareholders, it can be
illustrated numerically how the problem arises and reconciliation is required to distinguish total
shares held by the company versus total shares held by the group and consequently applying
the correct number of shares in issue to determine market capitalisation valuation. The
reconciliation from company closing balance to group closing balances is as follows:
Number of shares
Opening balance of shares held by company
500
Shares repurchased and cancelled
(55)
Closing balance of shares held by company
445
Shares repurchased by a subsidiary/trust of the company
(25)
Closing balance of group
420
3
In the study of Bester et al. it was found that companies were using the 445 as opposed to the
420 to determine market capitalisation valuation and this figure would be commonly used by
the financial press in quantifying its market capitalisation value and size relative to other
companies within the JSE.
1.2 STATEMENT OF THE PROBLEM
Samples of shareholders’ spread for listed JSE companies were analysed to determine
whether the information provided by this spread would assist in the reconciliation process to
identify any potential differences between the closing balances of the number of shares
issued of the company as compared to the closing balances of the group.
1.3 ASSUMPTIONS AND DELIMITATIONS
As this study is part of a larger research investigation it was limited to 34 specifically chosen
companies from the Johannesburg Stock Exchange. For simplicity and feasibility, the
research time span and review were limited to cover the period of 2000 until 2008. As these
companies were subjected to the listing requirements as set out by the JSE it is assumed that
they met all requirements in the disclosure of information with regard to the shareholders’
spread during this time as certain companies could have been de-listed during the review
period. A shortcoming of the study is that it represents a small sample size from the
population at hand.
1.4 PLAN OF STUDY
In Chapter 2 the related literature of the topic will be reviewed and discussed. The topic of
share buy backs and impact on market capitalisation valuation has not been reviewed in
detail as yet and in the study specific literature about the JSE Listing Requirements, The
Companies Act, Act 61 of 1973 (RSA, 1973), The South African Income Tax No. 58 of 1962
(SAICA, 2008) and relevant accounting standards will be analysed. Chapter 3 explains the
research methodology objectives of the study and the manner in which the study was
answered in a scientific and methodical approach. Annual financial reports of 34 companies
were analysed using excel spreadsheets. A summary of non compliant companies in terms of
the shareholders’ spread as per section 3 of the JSE listing requirements and highlighting
companies which have not reported total company issued shares versus total group issued
4
shares correctly, as per reconciliation performed, is reviewed in Chapter 4. Chapter 5 explains
and discusses the findings relative to the 34 companies under review and aims to explain the
results which are reflected as appendices pertaining to each individual company and which
are included per the research report. In Chapter 6, the final chapter, findings and
recommendations are provided relating to the study conducted and aim to suggest legislation
and improvements which can be introduced to improve the understanding and the way in
which the information pertaining to share repurchases can be addressed.
5
CHAPTER 2
LITERATURE REVIEW
2.1 INTRODUCTION
This chapter analyses the available literature in relation to the regulatory environment
pertaining to share repurchases and how it impacts closing balances of issued share capital
of companies and groups. Currently South Africa’s regulations differ to those of the UK and
USA, in the manner that SA companies are forced to cancel shares they repurchase from
issued share capital compared to overseas counterparts. This has resulted in more
complications for South African listed companies in tracing and quantifying share repurchases
as compared to foreign situations and tracking total company issued share capital versus total
issued share capital of the group.
The consolidation of financial statements and accounting for subsidiaries is well documented
and has been the norm in the reporting arena for an extensive period as it is not only a
requirement per accounting standards as per IAS 27 (SAICA 2008b: IAS 27), but also that of
section 288 of the Companies Act of 1973. This Act prescribes that subsidiaries be accounted
for when part of group structure, meeting the requirements as set out per the Act. In certain
instances, due to the actions by holding companies to overcome the requirement to
consolidate entities, a recommendation (an accounting Interpretation SIC-12) by the South
African Institute of Chartered Accountants (SAICA) was introduced in 2004, which set out
requirements for companies to consolidate activities of Special Purpose Entities (SPE). An
SPE is defined as an entity created to accomplish a narrow and well defined objective and
could be a corporation, trust, partnership or unincorporated entity. SIC-12 sets out that post
employment benefits and equity compensation plans fall within the scope of this interpretation
(SAICA 2008c). In the light of share repurchases the result would be that share trusts set up
by companies to purchase shares and hold these shares on behalf of employees during
vesting periods are SPE’s as defined and require consolidation. Share trusts activities would
thus trigger the movement of “treasury shares” should this be taken into account when
performing reconciliation between company versus group shares in issue. Treasury shares
arise where a trust or a subsidiary to the holding company holds shares in the aforementioned
entity. Where the company repurchases its own shares, the shares are cancelled and revert
to an unissued authorised share capital. In 2004, following a recommendation by the
6
accounting profession GAAP monitoring panel (SAICA, GAAP Monitoring Panel, 2004), the
JSE implemented guidelines on the treatment of share trust consolidations, with a result that
all listed companies were compelled to consolidate share trusts on or after 31 March 2004.
This is evident from the results of the research study in that prior to the abovementioned
period there are numerous companies that did not consolidate share trust as part of the
consolidated financial statements and differences between company number of shares and
group number of shares can be attributed to this.
The impact of shares repurchased through subsidiaries or trusts would result through the
consolidation process that weighted average number of shares for the group being used to
calculate EPS. However, based on the findings by research conducted by Bester et al., this
does not appear to be applied when calculating market capitalisation valuation. Results from
the research study indicate that prior to the implementation of share trusts consolidations as
per JSE Listing Requirements and Accounting Standards via SIC-12 to consolidate Special
Purpose Entities, numerous companies’ market capitalisation valuation has been incorrectly
calculated.
2.2 JSE LISTING REQUIREMENTS (JSE, 2009)
The JSE per its Listing Requirements (JSE, 2009) stipulates in paragraph 8.62 that the
minimum contents of annual financial statements shall include the following:
a)
be drawn up in accordance with the national law applicable to a listed company;
b)
be prepared in accordance with International Financial Reporting Standards (IFRS);
c)
be audited in accordance with International Standards on Auditing;
d)
be in consolidated form if the listed company has subsidiaries; unless JSE otherwise
agrees;
e)
fairly present the financial position, changes in equity, results of operations and cash
flow of the group.
7
Paragraph 8.63 (e) of JSE Listing Requirements requires a shareholder spread which
discloses the following:
i) the number of public shareholders for every class of listed securities;
ii) the percentages of each class of listed security that is held for public and non-public
shareholders; and
iii) non-public shareholders analysed in accordance with the categories set out in paragraph
4.25 of the Listing Requirements.
Paragraph 8.63 (f) requires the disclosure of the major interest of any shareholder other than
a director who, in so far as it is known, is directly or indirectly beneficially interested in five
percent or more of any class of the listed company’s capital, together with the amount of each
such shareholder’s interest, or if there are no such shareholders, an appropriate negative
statement be disclosed.
For the interpretation of iii) it is contended that “presented” should replace “analysed” due to
the fact that “presented” indicated published or disclosed in the shareholder spread as an
analysis would not provide the information required to determine company versus group
reconciliation as part of this research report. The disclosure will also result in a detailed
analysis of number of shares and shareholders as per paragraph 4.25 a to f.
Non-public as per paragraph 4.25 of the Listing Requirements is set out as types of
shareholders classified as follows:
a)
the directors of the applicant or of any of its subsidiaries;
b)
an associate of a director of the applicant or any of its subsidiaries;
c)
the trustees of any employees’ share scheme or pension fund established for the benefit
of any directors or employees of the applicant and its subsidiaries;
d)
any person who, by virtue of any agreement, has a right to nominate a person to the
board of directors of the applicant;
e)
any person that is interested in 10 percent or more of the securities of the relevant class
8
unless the JSE determines that, after taking account of relevant circumstances, such
person can be included as a member of the public for the purposes of paragraphs 4.28
(e) and (f), 4.29 (f) (iv) and (v), and 4.30 (c)(iv) and (v); or
f)
employees of the issuer, where restrictions on trading in the issuers’ listed securities, in
any manner or form, are imposed by the issuer on such employees.
It is interesting to note that nowhere in the non-public split is there a direct reference that
subsidiary must be presented as a separate line item. The writer’s viewpoints a) and b) refer
to a director or an associate of the director which relates to the company or a subsidiary of
that company, which would indicate that this is not specifically required. However, most
companies who have analysed section 3 as per the shareholders’ spread have taken into
account subsidiaries which have repurchased shares in the holding company. Another
interpretation of point b) could be the definition of associate as per the Listing Requirements
which can be an individual’s immediate family or trustee of the individual’s family. An
associate in relation to a company is defined as any other company that is its subsidiary,
holding company or subsidiary of its holding company.
There is a difference between International Reporting Standards (IFRS) and the disclosure
per the shareholders’ spread, while the shareholders’ spread assumes that the total number
of shares reflected per shareholder analysis includes shares held by the trustees of an
employer share scheme, this is excluded per IFRS due to consolidation. Paragraph 4.25 does
not specifically require shares held by subsidiaries to be reflected as non-public shareholding.
These shares, such as shares held by incentive share schemes, should be noted as treasury
shares held within the group and recorded per paragraph 4.25.
Paragraph 3.43 of the Listing Requirements stipulates that an issuer must disclose in its
annual financial statements the following concerning its securities held by the public (as
defined in paragraphs 4.25 to 4.27):
a)
the number of public securities holders for every class of listed securities;
b)
the percentages of each class of securities held by the public and non-public securities
holders; and
c)
the disclosure for non-public securities’ holders must be analysed in accordance with the
9
categories set out in paragraph 4.25 to 4.27.
The requirements of paragraph 3.43 and 8.63(e) are identical as they both require that the
number of securities be disclosed per the financial statements, together with percentages for
each class of securities held by public and non-public securities’ holders and this must be
analysed in accordance with categories set out per paragraph 4.25 and 4.27.
In addition to the previous listing requirements, prospective companies which intend
registering on the JSE (main board) are compelled to meet the following criteria as set out per
paragraph 4.28 (b), (e) and (f):
(b)
it must have not less than 25 000 000 equity shares in issue;
(e)
it must have 20 percent of each class of equity securities held by the public;
(f)
its number of public shareholders in respect of listed securities shall be at least
i)
300 for equity securities
ii)
50 for preference shares and
iii) 25 debentures
The shareholder spread also needs to conform to the Listing Requirements as per paragraph
3.37 to 3.41 (JSE, 2009) as follows:
3.37
All issuers are required to ensure that a minimum percentage of each class of
securities is held by the public as described in paragraphs 4.28 (e) and (f), 4.29 (f) (iv)
and (v) or 4.30 (c) (iv) and (v) (“the minimum spread requirements”).
3.38
If the percentage of a class of securities held by the public does not comply with the
minimum spread requirements the JSE will allow a two month period to restore the
percentage (unless this is precluded by the need to maintain the smooth operation of
the market or in order to protect investors), failing which the JSE may suspend or
terminate the listing of an issuer in accordance with section 1.
3.39
No corporate action will be permitted that would reduce the percentage level of
securities held by the public below the minimum spread requirements.
10
3.40
If any issuer does not comply with the minimum spread requirements, any application
to list new securities will only be granted if, as a result of the issue, the issuer’s current
spread will be improved.
3.41
Notwithstanding the above, the JSE may allow a reduction in the minimum spread
requirements if it considers such a reduction is in the best interests of the issuer and
does not unduly prejudice investors, for example, in the case of a rescue situation.
A corporate action is defined as an event or action which a public company undertakes and
affects the securities of that company. Share repurchases fall within the definition of a
corporate action as defined per the Listing Requirements (JSE, 2010).
The Listing Requirements as per 5.67–5.84 impose additional requirements and provisions for
share repurchases which impacts general repurchases which are conducted on the open
market and may not exceed 20 percent of the company’s share capital in any one financial
year. The abovementioned repurchase price may not be greater than 10 percent above
weighted average of the market prices for the five business days immediately preceding the
repurchase. These provisions do not apply to specific repurchases which is a commitment to
repurchase a specified number of shares at a fixed price. Both types of share repurchases
may only be undertaken if after the repurchase the issuer still complies with 3.37 to 3.41
concerning the shareholder spread requirements and may not repurchase securities during a
prohibited period as defined in paragraph 3.67 unless it meets the requirements as set out per
the Listing Requirements.
2.3 THE SOUTH AFRICAN COMPANIES ACT
The Companies Act, Act 61 of 1973 (RSA, 1973) was amended through the Companies
Amendment Act, Act 37 of 1999 (RSA, 1999), to allow companies to buy back their own
shares. These provisions per the Acts are summarised as follows:
i)
A company, if authorised by its articles, may by a special resolution of the company
acquire its own shares (Section 85 (1));
ii)
The approval by resolution may either be for a repurchase under a general or a specific
authority. If the approval is for a general repurchase, it will only be valid until the next
annual general meeting (Section 85 (3));
11
iii)
A company shall not make payment in whatever form to acquire any share issued by the
company if there are reasonable grounds to believe that
a) the company is, or would after payment be, unable to pay its debt as they become
due in the ordinary course of business; or
b) the consolidated assets of the company fairly valued would after the payment be
less than the consolidated liabilities of the company (Section 85(4));
iv) Shares issued by a company and subsequently acquired will be cancelled as issued
shares and restored to the status of authorised shares (Section 85(8));
v) Section 89 allows subsidiary companies to acquire shares in their holding company to a
maximum of 10 percent (cumulatively) of the issued share capital of the holding
company;
vi) Shares in the company may not be repurchased under Section 85 if, following such
acquisition, there would no longer be any shares in issue other than convertible or
redeemable shares.
General repurchases can be defined as repurchases done through a broker, the seller and
selling price are unknown, and repurchase may not exceed 20 percent per annum of share
capital and price not more than 10 percent of weighted average of the market value for the
five business days preceding the repurchase. Specific repurchases are defined as purchases
not through a broker, purchased from an identified seller at a fixed price with no restrictions
with regard to the 20 percent limit in respect of number of shares or price to be paid for such
shares. Listed companies are further compelled to comply with additional conditions as
determined by the relevant stock exchange (Section 87(5)) (Bester et al., 2008).
Section 140A (8) of the Companies Amendment Act (RSA, 1999) requires the disclosure of
the name of persons holding beneficial interest in excess of five percent of the securities of
that class, as well as the extent of those beneficial interests.
2.4 IASB ACCOUNTING STANDARDS
International Accounting Standard, IAS 1 Presentation of Financial Statements (SAICA,
12
2008a) paragraph 77 and 79 set out the information to be presented either on the face of the
statement of financial position or in the notes thereto.
In respect of each class of share capital, the following shall be disclosed (paragraph 79(a)) as
per subsection (iv) and (vi):

A reconciliation of the number of shares outstanding at the beginning and at the end of
the period.

Shares in the entity held by the entity or by subsidiaries or associates of the entity.
Based on the above it is not clear if this disclosure relates to the company’s primary financial
statements and also applicable to the group consolidated financial statement. The disclosure
should also be reflected as the number of shares and the rand value per the notes to the
financial statements. The difference in the way that the disclosure will affect the respective
annual financial statements can be illustrated in Table 2.1 below as follows:
Table 2.1: Company versus group reconciliation disclosure
Company
Opening balance (B2)
+ new shares issued
- shares cancelled
Closing balance (B2)
Group
Opening balance (B2)
+ new shares issued
- shares cancelled
- treasury shares
Closing balance (B2)
Treasury shares will arise in the South African context where a subsidiary company acquires
shares in the parent as these shares do not revert to unissued authorised share capital and
lose their voting rights (Stainbank, Oakes & Razak, 2008).
Seardel Investment Corporation discloses treasury shares per their annual financial
statements as a separate note and this could possibly be used as an alternative disclosure on
how to provide for treasury share information compared to the table above.
IAS 32 paragraph 33 (SAICA, 2008b) which deals with the presentation of treasury shares
states that:
13

It shall be deducted from equity via the statement of changes in equity (or equivalent
disclosures). The purchase consideration will be applied across the various equity
components in order to reduce it.

Treasury shares may be acquired by the entity or by other entities within the
consolidated group.

Paragraph 34 of IAS 32 is similar to IAS 1 and stipulates that treasury shares held
should be reported separately either in the statement of financial position or the notes
thereto.
Due to the deduction of treasury shares when presenting group consolidated annual financial
statements, treasury shares are excluded when disclosing earnings per share.
2.5 SOUTH AFRICAN INCOME TAX ACT
The Income Tax Act No. 58 of 1962 (SAICA, 2008) regulates the manner in which income will
be taxed. In this regard, cases such as share buy-backs would give rise to a dividend as
contemplated in paragraph (c) of the definition of a dividend as defined per section 1 of the
Income Tax Act which stipulates that:
In the event of the partial reduction or redemption of capital of a company, including the
acquisition of shares in terms of section 85 of the Companies Act 1973 (Act No. 1961 of
1973), so much as the sum of any cash and the value of any asset given to a shareholder as
exceeds the cash equivalent of the amount by which the nominal value of shares of that
shareholder is reduced or the nominal value of the shares acquired from such shareholder.
This was inserted into the Act in the 2008 Taxation Law Amendments, effective from 1
October 2007. Where the nominal value of shares are paid, this does not result in a dividend
as defined, as this will reduce the share capital and share premium by debiting the equity of
the company. If any shares involved in cross-holding (in taxation terms) are reduced (where
the subsidiary company holds up to 10 percent of the shares of its holding company) and any
two companies reduce their profits as a result of the cancellation of the shares, this reduction
is a dividend as per paragraph (cB). This is effective for all assessments ending on or after 1
January 2009. Crossholding is defined as where a company holds shares in its own
14
shareholder (Huxham & Haupt, 2009, 343).
In essence, previously an agreement where a subsidiary’s cross shareholding was cancelled
by the holding company and it paid the subsidiary nothing or the subsidiary distributed those
shares in specie at the nominal value, this was not a dividend as defined and did not result in
secondary tax on companies (STC) in either of the companies’ hands. This takes away the
tax advantage where subsidiaries acquired the shares from the holding company as opposed
to the holding company acquiring its own shares.
Dividends by the company paid are subject to STC as per section 64B and 64C of the Income
Tax Act. STC is levied at 10 percent of the net amount of any dividend declared by any South
African resident company. The STC legislation is poised to be replaced by a withholding tax
system (the date of implementation is yet to be promulgated) and it remains to be seen
whether this tax will attract the same tax rate as per current legislation. The wording of the
new legislation will have to be closely monitored to check if the impact of share buy-backs will
attract dividend tax as per the current legislation enacted.
15
CHAPTER 3
RESEARCH METHODOLOGY
3.1 INTRODUCTION
The data from the research report has been summarised in section one to four of which
section one and two are not required by the Listing Requirements. The research was primarily
secondary in nature as the information used to compile the research analysis was obtained
from published annual financial reports of companies for the years 2000 to 2008. Hard copies
of annual financial reports (AFS) were used as well as AFS from the Internet and McGregor
BFA Library. The shareholder analysis as per AFS was inspected and scanned to determine if
there were changes in treasury shares, subsidiaries or share trusts. The full list of companies’
shareholder analysis which has been reviewed is listed in Appendix A together with a detailed
annotation of annual financial statements used for the study.
The data used does have limitations such as the following:
a)
Some of the companies have changed their names in the period under review. These
changes however have been noted and incorporated in the analysis and have no
material effect on the results of the study.
b)
Some companies have changed the year financial year-ends. The change of the year
end is denoted by a “Skip” per the appendices if it involves a missing year.
c)
Some companies did not provide section 1 to section 4 information as per the
shareholder analysis. In these cases this has been denoted as “NG”.
Shortcomings a) and b) are inconsequential as they do not materially affect the findings of the
study, while the impact of c) is far reaching in terms of the reconciliation between
shareholders’ spread and USB share program.
3.2 DATA COLLECTION AND RESEARCH DESIGN
The shareholder analysis for most of the annual reports comprises the four main categories
as follows:
16
Section 1: Portfolio size/range of shares which were divided in four parts to reflect the
number of shareholders and the number of shares, together with the relative percentages for
each category (This is reflected as per Appendix B).
Section 2: Category/type of shareholding or distribution of shareholding per classification.
This was divided into four parts in terms of number of shareholders and the number of shares,
together with relative percentages for each category (This is reflected as per Appendix C).
Section 3: Shareholders’ spread which distinguished between public and non-public
shareholding. This was divided into four parts in terms of number of shareholders and the
number of shares, together with relative percentages for each category (This is reflected as
per Appendix D).
Section 4: Majority/beneficial shareholding. This was divided into two parts in terms of
number of shares and relative percentages to total shares (This is reflected as per Appendix
E).
Part A of Table 3.1 identifies the number of shares in relation to subsidiaries, trusts and
treasury shares as analysed per sections 1-4. The category treasury shares will cover those
cases where the companies per the shareholder analysis did not split treasury shares
between those held by subsidiaries and trusts. The information for subsidiaries from part A
will be derived from sections 2.3, 3.3 and 4.1. From this the most likely number from the three
sections will be identified. The same procedure will be repeated for trusts as well as treasury
shares.
Part B of Table 3.1 represents the ex spread. The effective number of shares held by the
group is obtained from the following equation:
Number of shares of the group (B2 Group) = the number of shares held by the company (B2)
after deduction of cancellations, less the number of shares held by the subsidiaries, less the
consolidated number of shares held by the trusts and the number of shares held as treasury
shares.
Part C of Table 3.1 represents the USB share program using data extracted from the balance
sheet (or notes to the balance sheet).
17
Part D of Table 3.1 is referred to as the differences. These are differences between the
individual balances of the ex spread and that of the USB share program. The above
procedure was done for all 34 companies under review.
3.3 SUMMARY
There is no obligation as per the Listing Requirements to report section 1 and 2. Sections 3.1,
3.3 and 4.1 are however compulsory as per JSE Listing Requirements and are required to be
reported in a manner as prescribed. Section 140A of the Companies Act prescribes that
companies are compelled to disclose major shareholding in excess of five percent. This
disclosure is similar to the Listing Requirements as per paragraph 8.63 (f) which requires that
as a minimum the contents of the financial statements with regard to major shareholders with
an interest of five percent should be reported. It is proposed that for this study the quantum of
one percent would have been preferred as this would result in larger numbers of beneficial
holders being reported and in essence result in more occasions where subsidiaries, trusts or
treasury shares would be picked up as part of the Table 3.1 analysis.
Table 3.1: Spread, ex USB share program and differences
Mr Price Group
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
18 331 746
1 931 904
3 083 550
5 752 994
6 733 282
7 936 690
8 259 459
8 420 421
-
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
18 331 746
1 931 904
3 083 550
5 752 994
6 733 282
7 936 690
8 259 459
8 420 421
-
SUB
TRUST
A
Most likely
TREASURY
ex 2.3
-
-
-
-
-
-
-
-
-
ex 3.3
-
-
-
-
-
-
-
-
-
ex 4.1
-
-
-
-
-
-
-
-
-
Most likely
-
-
-
-
-
-
-
-
-
18
Mr Price Group
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex SHAREHOLDERS'
SPREAD
B
B2 Company
SUB
TRUST
TREASURY
B2 Group
247 156 388 234 733 493 231 586 892 225 913 578 222 045 239 218 780 904 215 905 391 215 679 747 129 550 882
-
-
-
-
-
-
-
-
-
-18 331 746
-1 931 904
-3 083 550
-5 752 994
-6 733 282
-7 936 690
-8 259 459
-8 420 421
-
-
-
-
-
-
-
-
-
-
228 824 642 232 801 589 228 503 342 220 160 584 215 311 957 210 844 214 207 645 932 207 259 326 129 550 882
ex USB SHARE
PROGRAM
B2 Company
C
SUB
TRUST
TREASURY
B2 Group
247 156 388 234 733 493 231 586 892 225 913 578 222 045 239 218 780 904 215 905 391 215 679 747 129 550 882
-
-
-
-
-
-
-
-
-
-17 296 890
-323 793
-302 963
-380 976
-451 845
-
-
-
-
-
-
-
-
-
-
-
-
-
229 859 498 234 409 700 231 283 929 225 532 602 221 593 394 218 780 904 215 905 391 215 679 747 129 550 882
DIFFERENCES
D
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
-1 034 856
-1 608 111
-2 780 587
-5 372 018
-6 281 437
-7 936 690
-8 259 459
-8 420 421
-
-
-
-
-
-
-
-
-
-
-1 034 856
-1 608 111
-2 780 587
-5 372 018
-6 281 437
-7 936 690
-8 259 459
-8 420 421
-
TRUST
TREASURY
B2 Group
19
CHAPTER 4
SUMMARIES OF TABLES 4.1 to 4.6
4.1 INTRODUCTION
This chapter discusses six tables, which are summaries of the findings of the 34 companies
under review as follows:
1.
Table 4.1 summarises the number of categories that each company presented for the
shareholders’ spread.
2.
Table 4.2 displays the classification of shareholding divided in terms of different types of
shareholders (number of shareholders).
3.
Table 4.3 displays the classification of shareholding divided in terms of different types of
shareholders (number of shares).
4.
Table 4.4 is a breakdown of shareholding between public and non-public shareholders
(number of shareholders).
5.
Table 4.5 is a breakdown of shareholding between public and non-public shareholders
(number of shares).
6.
Table 4.6 is a summary of the beneficial/major shareholders in terms of percentage cut off.
In Chapter 5 of the report, a detailed analysis will be performed for each individual company
from the list of 34 of the six categories as listed above. Appendices B to E will be illustrated as
an example to clarify how the shareholder analysis was captured.
The references per the table are marked as follows:
N/A – The section was not analysed.
NG – Data not provided as per shareholder analysis per annual financial statements.
20
Skip – The company changed its financial year end and for the year marked as skip has not
prepared annual financial statements.
Yes – Indicates that all information has been provided for sections to complete per the
research analysis.
Dash (-) reflects a nil value.
4.2 SHAREHOLDERS’ SPREAD RANGES
Table 4.1 is a summary of the shareholders’ spread ranges used by each of the 34
companies. This represents section 1 of the shareholder analysis as per the annual financial
reports. Appendix B is an extract from the research analysis for company Mr Price Group and
shows that the section is divided into four parts.

Section 1.1 is the number of shareholders (as per ranges reflected).

Section 1.2 is the percentages as per each range divided by total number of
shareholders.

Section 1.3 is the number of shares (as per ranges reflected).

Section 1.4 is relative percentages for each range to total number of shares.
21
Table 4.1 Shareholders’ spread ranges as per section 1
YEARS
COMPANY
2008
2007
2006
2005
2004
2003
2002
2001
2000
1
Absolute Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2
African and Overseas Enterprises N Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3
African and Overseas Enterprises Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
4
Aspen Pharmacare Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
5
Bell Equipment
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
6
Bidvest Group (The)
6
7
7
7
7
7
7
7
7
7
Bowler Metcalf
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
8
Business Connexion Group
5
5
5
5
5
4
4
4
4
9
Cargo Carriers
NG
NG
NG
NG
NG
NG
NG
NG
NG
5
5
5
5
5
5
5
5
5
NG
NG
NG
NG
NG
NG
NG
NG
NG
10
Cashbuild
11
Caxton and CTP Publishers and Printers
12
Colliers South Africa Holdings
7
7
7
7
7
7
Skip
7
7
13
Comair
5
5
5
5
NG
NG
NG
4
4
14
Cullinan Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
15
Datacentrix Holdings
6
6
6
6
6
6
6
NG
NG
16
Datatec
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
17
Famous Brands
5
5
5
5
5
5
5
5
5
18
Gijima Ast Group
6
6
6
6
6
6
6
6
6
19
Highveld Steel and Vanadium Corporation
NG
NG
NG
NG
NG
NG
NG
6
6
20
Iliad Africa
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21
Illovo Sugar
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
22
JD Group
5
5
5
5
5
5
5
5
5
23
Kagiso Media
5
5
5
5
5
5
5
5
5
24
KAP International Holdings
5
5
5
5
5
5
5
5
5
25
King Consolidated Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
26
Mr Price Group
5
5
5
5
5
5
5
5
X
27
MTN Group
NG
NG
NG
NG
NG
NG
NG
3
3
28
Mustek
6
6
6
6
6
6
6
NG
NG
29
Rex Trueform Clothing Company N Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
30
Rex Trueform Clothing Company Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
31
Seardel Investment Corporation N Ordinary
5
5
5
5
5
5
5
5
5
32
Seardel Investment Corporation Ordinary
5
5
5
5
5
5
5
5
5
33
SilverBridge Holdings
5
5
6
6
NG
NG
NG
6
6
34
Transpaco
4
4
4
4
4
4
4
4
4
22
4.3 CATEGORY/TYPES OF SHAREHOLDING
The classification of shareholding as per section 2 displays the types of entities that have an
investment in the company. Both section 1 and 2 are not required by the Listing
Requirements to be completed per the shareholder analysis and are included at the discretion
of the company.
Appendix C as per the Mr Price Group example reflects the type of investor categories which
are analysed in this section. This section is divided into four parts as follows:

Section 2.1 is the number of shareholders (as per different types of shareholding).

Section 2.2 is the percentages as per each type divided by total number of
shareholders.

Section 2.3 is the number of shares in issue with regard to each type of the different
classes of shares.

Section 2.4 is percentages as per number of shares in issue for each type of class
divided by the total number of shares.
Table 4.2 displays the number of shareholders for each class used by the companies. Table
4.3 shows the number of classes used to distinguish the number of shares.
23
Table 4.2: Category/types of shareholding (number of shareholders)
as per section 2.1
YEARS
COMPANY
2008
2007
2006
2005
2004
2003
2002
2001
2000
1
Absolute Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2
African and Overseas Enterprises N Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3
African and Overseas Enterprises Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
4
Aspen Pharmacare Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
5
Bell Equipment
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
6
Bidvest Group (The)
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
7
Bowler Metcalf
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
8
Business Connexion Group
14
14
14
14
14
4
4
4
4
9
Cargo Carriers
NG
NG
NG
NG
NG
NG
NG
NG
NG
10
Cashbuild
13
13
13
13
5
5
5
5
5
11
Caxton and CTP Publishers and Printers
NG
NG
NG
NG
NG
NG
NG
NG
NG
12
Colliers South Africa Holdings
NG
NG
NG
NG
NG
NG
Skip
NG
NG
13
Comair
15
13
13
13
8
8
8
4
5
14
Cullinan Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
15
Datacentrix Holdings
NG
NG
NG
NG
NG
NG
NG
NG
NG
16
Datatec
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
17
Famous Brands
4
4
4
4
4
4
4
4
4
18
Gijima Ast Group
2
2
2
2
2
2
2
4
4
19
Highveld Steel and Vanadium Corporation
NG
NG
NG
NG
NG
NG
NG
NG
NG
20
Iliad Africa
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21
Illovo Sugar
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
22
JD Group
9
9
9
9
7
3
3
3
3
23
Kagiso Media
4
4
4
4
4
4
4
4
4
24
KAP International Holdings
13
13
Skip
13
13
13
NG
NG
NG
25
King Consolidated Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
26
Mr Price Group
4
4
4
4
4
4
4
4
NG
27
MTN Group
NG
NG
NG
NG
NG
NG
NG
NG
NG
28
Mustek
NG
NG
NG
NG
NG
NG
NG
NG
NG
29
Rex Trueform Clothing Company N Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
30
Rex Trueform Clothing Company Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
31
Seardel Investment Corporation N Ordinary
NG
NG
NG
NG
NG
NG
NG
NG
NG
32
Seardel Investment Corporation Ordinary
NG
NG
NG
NG
NG
NG
NG
NG
NG
33
SilverBridge Holdings
NG
NG
NG
NG
NG
NG
NG
NG
NG
34
Transpaco
4
4
4
4
4
4
4
4
3
24
Table 4.3: Category/types of shareholding (number of shares) as per section 2.3
YEARS
COMPANY
2008
2007
2006
2005
2004
2003
2002
2001
2000
1
Absolute Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2
African and Overseas Enterprises N Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3
African and Overseas Enterprises Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
4
Aspen Pharmacare Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
5
Bell Equipment
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
6
Bidvest Group (The)
16
8
8
8
8
7
6
4
4
7
Bowler Metcalf
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
8
Business Connexion Group
14
14
14
14
14
4
4
4
4
9
Cargo Carriers
NG
NG
NG
NG
NG
NG
NG
NG
NG
10
Cashbuild
13
13
13
13
5
5
5
5
5
11
Caxton and CTP Publishers and Printers
NG
NG
NG
NG
NG
NG
NG
NG
NG
12
Colliers South Africa Holdings
NG
NG
NG
NG
NG
NG
Skip
NG
NG
13
Comair
15
13
13
13
8
8
8
4
5
14
Cullinan Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
15
Datacentrix Holdings
NG
NG
NG
NG
NG
NG
NG
NG
NG
16
Datatec
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
17
Famous Brands
4
4
4
4
4
4
4
4
4
18
Gijima Ast Group
2
2
2
2
2
2
2
4
4
19
Highveld Steel and Vanadium Corporation
NG
NG
NG
NG
NG
NG
NG
NG
NG
20
Iliad Africa
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
21
Illovo Sugar
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
22
JD Group
9
9
9
9
7
3
3
3
3
23
Kagiso Media
4
4
4
4
4
4
4
4
4
24
KAP International Holdings
13
13
Skip
13
11
7
3
3
3
25
King Consolidated Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
26
Mr Price Group
4
4
4
4
4
4
4
4
NG
27
MTN Group
NG
NG
NG
NG
NG
NG
NG
NG
NG
28
Mustek
NG
NG
NG
NG
NG
NG
NG
NG
NG
29
Rex Trueform Clothing Company N Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
30
Rex Trueform Clothing Company Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
31
Seardel Investment Corporation N Ordinary
4
4
4
4
4
4
4
4
4
32
Seardel Investment Corporation Ordinary
4
4
4
4
4
4
4
4
4
33
SilverBridge Holdings
NG
NG
NG
NG
NG
NG
NG
NG
NG
34
Transpaco
4
4
4
4
4
4
4
4
3
25
4.4 PUBLIC VERSUS NON-PUBLIC SHAREHOLDERS (NUMBER OF SHAREHOLDERS)
This section provides the split between public and non public shareholding as per the Listing
Requirements.
Table 4.4: Analysis of section 3.1 (number of shareholders) which is divided between
public and non-public shareholders
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
Calulo Resources
NG
Yes
Yes
NG
NG
NG
NG
NG
NG
Calulo Investments
NG
-
-
NG
NG
NG
NG
NG
NG
Future Minerals Investment
NG
-
-
NG
NG
NG
NG
NG
NG
Directors and associates
NG
Yes
Yes
NG
NG
NG
NG
NG
NG
Public shareholders
NG
Yes
Yes
NG
NG
NG
NG
NG
NG
Stewart and Pat Shub Family Trust
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Old Mutual Life
NG
Yes
Yes
Yes
-
-
NG
NG
NG
H Roberts
NG
Yes
Yes
Yes
-
-
NG
NG
NG
Directors
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Public shareholders
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Stewart and Pat Shub Family Trust
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Old Mutual Life
NG
Yes
Yes
Yes
-
-
NG
NG
NG
H Roberts
NG
NG
NG
NG
NG
NG
NG
NG
NG
Directors
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Public shareholders
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
CEPPWAWU
NG
NG
NG
NG
NG
NG
NG
NG
NG
Imithi Investments
NG
NG
NG
NG
NG
NG
NG
NG
NG
IDC
NG
NG
NG
NG
NG
NG
NG
NG
NG
Treasury shares
NG
NG
NG
NG
NG
NG
NG
NG
NG
Public shareholders
NG
NG
NG
NG
NG
NG
NG
NG
NG
Other company and trusts
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Directors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Absolute Holdings
Non-public
1
African and Overseas Enterprises N Ordinary
Non-public
2
African and Overseas Enterprises Ordinary
Non-public
3
Aspen Pharmacare Holdings
Non-public
4
Bell Equipment
Non-public
5
26
Table 4.4 (continued)
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
Directors
NG
NG
NG
NG
NG
NG
NG
NG
NG
Dinatla Investment Holdings (Pty) Ltd
NG
NG
NG
NG
NG
NG
NG
NG
NG
BB Investment Company (Pty) Ltd
NG
NG
NG
NG
NG
NG
NG
NG
NG
Bidvest Incentive Scheme
NG
NG
NG
NG
NG
NG
NG
NG
NG
Public shareholders
NG
NG
NG
NG
NG
NG
NG
NG
NG
Yes
Yes
Yes
Yes
Yes
Skip
Yes
Yes
NG
Individuals
-
-
-
-
-
Skip
-
-
Yes
Nominees and trusts
-
-
-
-
-
Skip
-
-
Yes
Corporates and others
-
-
-
-
-
Skip
-
-
Yes
Yes
Yes
Yes
Yes
Yes
Skip
Yes
Yes
Yes
Directors
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Holdings more than 10%
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Share trust
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Directors
NG
NG
NG
NG
NG
NG
NG
NG
NG
Share trust
NG
NG
NG
NG
NG
NG
NG
NG
NG
Bidvest Group (The)
Non-public
6
Bowler Metcalf
Non-public
Directors
7
Public shareholders
Business Connexion Group
Non-public
8
Cargo Carriers
Non-public
9
Holdings more than 10%
NG
NG
NG
NG
NG
NG
NG
NG
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Directors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Other
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Directors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Caxton Share Investments
Yes
Yes
Yes
-
-
-
-
NG
NG
Element One
Yes
Yes
Yes
-
-
-
-
NG
NG
Caxton
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Subsidiary
Yes
Yes
Yes
Yes
-
Yes
-
NG
NG
Employee share scheme
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Cashbuild
Non-public
10
Caxton and CTP Publishers and Printers
Non-public
Johnnic
11
Public shareholders
-
-
-
Yes
Yes
Yes
-
NG
NG
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
27
Table 4.4 (continued)
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
Yes
Yes
Yes
Yes
Yes
Yes
Skip
Yes
Yes
-
-
Yes
Yes
Yes
Yes
Skip
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Skip
Yes
Yes
Yes
-
-
-
NG
NG
NG
NG
NG
-
Yes
-
-
NG
NG
NG
NG
NG
Britair Holdings
Yes
Yes
Yes
Yes
NG
NG
NG
NG
NG
Comair Share Incentive Trust
Yes
Yes
Yes
Yes
NG
NG
NG
NG
NG
Directors and associates
Yes
Yes
Yes
Yes
NG
NG
NG
NG
NG
-
-
Yes
-
NG
NG
NG
NG
NG
Yes
Yes
Yes
Yes
NG
NG
NG
NG
NG
Directors
-
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Share trust
-
-
-
-
-
Yes
Yes
NG
NG
Holdings more than 10%
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Associates
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
14
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
-
NG
NG
15
Datacentrix Holdings
NG
NG
NG
NG
NG
NG
NG
NG
NG
16
Datatec
NG
NG
NG
NG
NG
NG
NG
NG
NG
Directors
Yes
Yes
NG
NG
NG
NG
NG
NG
NG
Share trust
Yes
Yes
NG
NG
NG
NG
NG
NG
NG
Public shareholders
Yes
Yes
NG
NG
NG
NG
NG
NG
NG
Colliers South Africa Holdings
Non-public
Directors
Employee share scheme
12
Public shareholders
Comair
Non-public
BB Investment Company (Pty) Ltd
Bidshelf 31 (Pty) Ltd
Investec
13
Public shareholders
Cullinan Holdings
Non-public
Famous Brands
Non-public
17
Gijima Ast Group
Non-public
Directors
18
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Share incentive scheme
-
Yes
Yes
Yes
Yes
Yes
-
NG
NG
Strategic holdings
-
-
-
-
-
Yes
-
NG
NG
Other
-
-
-
-
-
-
Yes
NG
NG
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Yes
Yes
Yes
Yes
NG
NG
Yes
NG
NG
-
-
Yes
Yes
Yes
Yes
Yes
NG
NG
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Public shareholders
Highveld Steel and Vanadium Corporation
Non-public
Directors
Anglo South Africa Capital
19
Public shareholders
28
Table 4.4 (continued)
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
-
-
Yes
Yes
Yes
Yes
-
-
-
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Directors
Yes
Yes
Yes
NG
NG
NG
NG
Yes
NG
Holding company
Yes
Yes
-
NG
NG
NG
NG
-
NG
Employee share option scheme
Yes
Yes
Yes
NG
NG
NG
NG
-
NG
Trustees of share trust
Yes
Yes
Yes
NG
NG
NG
NG
Yes
NG
Public shareholders
Yes
Yes
Yes
NG
NG
NG
NG
Yes
NG
Directors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
-
NG
Pension fund
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Share incentive scheme
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
-
-
-
-
Yes
Yes
-
-
NG
Iliad Africa
Non-public
Directors
Subsidiary
20
Public shareholders
Illovo Sugar
Non-public
21
JD Group
Non-public
Protea Furnishers S.A.
22
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
23
Kagiso Media
NG
NG
NG
NG
NG
NG
NG
NG
NG
Duan Cie AG
NG
NG
Skip
NG
NG
NG
NG
NG
NG
Steinhoff Africa Holdings
NG
NG
Skip
NG
NG
NG
NG
NG
NG
Motseng Investment Holdings
NG
NG
Skip
NG
NG
NG
NG
NG
NG
Directors and associates
NG
NG
Skip
NG
NG
NG
NG
NG
NG
Public shareholders
NG
NG
Skip
NG
NG
NG
NG
NG
NG
Directors
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Non-public
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Directors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Share incentive trust
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
-
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
KAP International Holdings
Non-public
24
King Consolidated Holdings
Non-public
25
Mr Price Group
Holdings more than 10%
26
Public shareholders
29
Table 4.4 (continued)
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
Directors
-
Yes
Yes
Yes
Yes
NG
NG
NG
NG
MTN Uganda Staff Provident Fund
-
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Lombard Odier Darier Hentsch & Cie
-
Yes
-
-
-
NG
NG
NG
NG
Newshelf 664
-
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Share trust
-
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Ice Finance BV
-
-
-
-
-
NG
NG
NG
NG
Johnnic
-
-
-
-
-
NG
NG
NG
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Directors
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Trusts with directors and trustees
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
African and Overseas Enterprises
Yes
Yes
Yes
Yes
-
-
-
-
-
Brimstone Investment Corporation
Yes
-
-
-
-
-
-
-
-
Old Mutual Life
Yes
Yes
Yes
Yes
-
-
-
-
-
MTN Group
Non-public
27
Public shareholders
Mustek
Non-public
28
Rex Trueform Clothing Company N Ordinary
Non-public
Rex Trueform Share Trust
29
-
Yes
Yes
Yes
Yes
Yes
-
-
-
Directors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
African and Overseas Enterprises
Yes
Yes
-
Yes
-
-
-
-
-
Directors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Directors and associates
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Other
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Directors and associates
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Other
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Rex Trueform Clothing Company Ordinary
Non-public
30
Seardel Investment Corporation N Ordinary
Non-public
31
Seardel Investment Corporation Ordinary
Non-public
32
30
Table 4.4 (continued)
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
Directors
Yes
Yes
Yes
Yes
NG
NG
NG
NG
NG
I Capital (Pty) Ltd
Yes
Yes
Yes
-
NG
NG
NG
NG
NG
-
Yes
Yes
-
NG
NG
NG
NG
NG
Treasury shares
Yes
-
-
-
NG
NG
NG
NG
NG
Cshell 448
Yes
-
-
-
NG
NG
NG
NG
NG
Amububesi Investments
Yes
-
-
-
NG
NG
NG
NG
NG
Public shareholders
Yes
Yes
Yes
Yes
NG
NG
NG
NG
NG
Directors and associates
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Transpaco Financial Services
Yes
Yes
-
-
Yes
Yes
NG
NG
NG
Holdings more than 10%
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Transpaco Share Incentive Trust
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
SilverBridge Holdings
Non-public
I Capital Growth Fund Investment Trust
33
Transpaco
Non-public
34
4.5 PUBLIC VERSUS NON-PUBLIC SHAREHOLDERS (UNITS OF SHARES)
Table 4.5 is the analysis of section 3.3 (number of shares) which is divided between public
and non-public and will be used to reconcile number of shares as per company and
subtracting treasury shares to determine the total number of shares for the group.
31
Table 4.5: Analysis of section 3.3 public versus non-public shareholders (units of
shares)
YEARS
Company
2008
2007
2006
2005
Calulo Resources
NG
Yes
Yes
-
Calulo Investments
NG
-
-
Yes
Future Minerals Investment
NG
-
-
Directors and associates
NG
Yes
EJF de Beer
NG
-
Public shareholders
NG
Stewart and Pat Shub Family Trust
2004
2003
2002
2001
2000
-
-
-
-
NG
-
-
-
-
NG
Yes
-
-
-
-
NG
Yes
Yes
Yes
Yes
Yes
Yes
NG
-
-
Yes
-
-
-
NG
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Old Mutual Life
NG
Yes
Yes
Yes
-
-
NG
NG
NG
H Roberts
NG
Yes
Yes
Yes
-
-
NG
NG
NG
Directors
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Public shareholders
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Stewart and Pat Shub Family Trust
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Old Mutual Life
NG
Yes
Yes
Yes
-
-
NG
NG
NG
H Roberts
NG
NG
NG
NG
NG
NG
NG
NG
NG
Directors
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Public shareholders
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
CEPPWAWU
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Imithi Investments
Yes
Yes
Yes
Yes
-
-
-
NG
NG
Absolute Holdings
Non-public
1
African and Overseas Enterprises N Ordinary
Non-public
2
African and Overseas Enterprises Ordinary
Non-public
3
Aspen Pharmacare Holdings
Non-public
Peu Health (Pty) Ltd
4
-
-
-
-
Yes
Yes
-
NG
NG
IDC
Yes
Yes
Yes
Yes
-
-
-
NG
NG
Treasury shares
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Other companies and trusts
Yes
NG
NG
NG
NG
NG
NG
NG
NG
Directors
Yes
NG
NG
NG
NG
NG
NG
NG
NG
Public shareholders
Yes
NG
NG
NG
NG
NG
NG
NG
NG
Bell Equipment
Non-public
5
32
TABLE 4.5 (continued)
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
Directors
Yes
NG
NG
NG
NG
NG
NG
NG
NG
Dinatla Investment Holdings (Pty) Ltd
Yes
NG
NG
NG
NG
NG
NG
NG
NG
BB Investment Company (Pty) Ltd
Yes
NG
NG
NG
NG
NG
NG
NG
NG
Bidvest Incentive Scheme
Yes
NG
NG
NG
NG
NG
NG
NG
NG
Public shareholders
Yes
NG
NG
NG
NG
NG
NG
NG
NG
Directors
NG
NG
NG
NG
NG
NG
NG
NG
NG
Individuals
NG
NG
NG
NG
NG
NG
NG
NG
NG
Nominees and trusts
NG
NG
NG
NG
NG
NG
NG
NG
NG
Corporates and others
NG
NG
NG
NG
NG
NG
NG
NG
NG
Public shareholders
NG
NG
NG
NG
NG
NG
NG
NG
NG
Directors
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Holdings more than 10%
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Share trust
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Directors
NG
NG
NG
NG
NG
NG
NG
NG
NG
Share trust
NG
NG
NG
NG
NG
NG
NG
NG
NG
Holdings more than 10%
NG
NG
NG
NG
NG
NG
NG
NG
NG
Public shareholders
NG
NG
NG
NG
NG
NG
NG
NG
NG
Directors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Other
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Directors
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Caxton Share Investments
Yes
Yes
Yes
-
-
NG
NG
NG
NG
Element One
Yes
Yes
Yes
-
-
NG
NG
NG
NG
Caxton
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Subsidiary
Yes
Yes
Yes
Yes
-
NG
NG
NG
NG
Employee share scheme
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Bidvest Group (The)
Non-public
6
Bowler Metcalf
Non-public
7
Business Connexion Group
Non-public
8
Cargo Carriers
Non-public
9
Cashbuild
Non-public
10
Caxton and CTP Publishers and Printers
Non-public
Johnnic
11
Public shareholders
-
-
-
Yes
Yes
NG
NG
NG
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
33
Table 4.5 (continued)
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
Directors
NG
NG
NG
NG
NG
NG
Skip
NG
Yes
Employee share scheme
NG
NG
NG
NG
NG
NG
Skip
NG
Yes
Public shareholders
NG
NG
NG
NG
NG
NG
Skip
NG
Yes
Yes
-
-
-
-
-
-
NG
NG
-
Yes
-
-
-
-
-
NG
NG
Britair Holdings
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Comair Share Incentive Trust
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Directors and associates
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
-
-
Yes
-
-
-
-
NG
NG
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Directors
-
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Share trust
-
-
-
-
-
Yes
Yes
NG
NG
Holdings more than 10%
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Associates
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
14
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
-
NG
NG
15
Datacentrix Holdings
NG
NG
NG
NG
NG
NG
NG
NG
NG
16
Datatec
NG
NG
NG
NG
NG
NG
NG
NG
NG
Directors
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Share trust
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
-
-
-
Yes
Yes
NG
NG
NG
NG
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
NG
Colliers South Africa Holdings
Non-public
12
Comair
Non-public
BB Investment Company (Pty) Ltd
Bidshelf 31 (Pty) Ltd
Investec
13
Public shareholders
Cullinan Holdings
Non-public
Famous Brands
Non-public
Holders more than 10%
16
Public shareholders
Gijima Ast Group
Non-public
Directors
17
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Share incentive scheme
-
Yes
Yes
Yes
Yes
Yes
-
NG
NG
Strategic holdings
-
-
-
-
-
Yes
-
NG
NG
Other
-
-
-
-
-
-
Yes
NG
NG
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
Directors
NG
NG
NG
NG
NG
NG
NG
NG
NG
Anglo South Africa Capital
NG
NG
NG
NG
NG
NG
NG
NG
NG
Public shareholders
NG
NG
NG
NG
NG
NG
NG
NG
NG
Public shareholders
Highveld Steel and Vanadium Corporation
Non-public
18
34
Table 4.5 (continued)
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Iliad Africa
Non-public
Directors
Subsidiary
19
-
-
Yes
Yes
Yes
Yes
-
-
-
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Directors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Holding company
Yes
Yes
-
-
-
-
-
-
NG
Employee share option scheme
Yes
Yes
Yes
Yes
Yes
-
-
-
NG
Trustees of share trust
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Directors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
-
NG
Pension fund
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Share incentive scheme
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
-
-
-
-
Yes
Yes
-
-
NG
Public shareholders
Illovo Sugar
Non-public
20
JD Group
Non-public
Protea Furnishers S.A.
21
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
22
Kagiso Media
NG
NG
NG
NG
NG
NG
NG
NG
NG
Duan Cie AG
Yes
Yes
Skip
Yes
Yes
NG
NG
NG
NG
Steinhoff Africa Holdings
Yes
Yes
Skip
Yes
NG
NG
NG
NG
NG
Motseng Investment Holdings
Yes
Yes
Skip
Yes
Yes
NG
NG
NG
NG
Directors and associates
KAP International Holdings
Non-public
23
Yes
Yes
Skip
Yes
Yes
Yes
NG
Yes
Yes
Kolusus Share Trust
-
-
Skip
Yes
Yes
Yes
NG
NG
NG
KAP Beteiligungs AG
-
-
Skip
Yes
Yes
NG
NG
NG
NG
Mayfair Speculators
-
-
Skip
-
Yes
NG
NG
NG
NG
KAP Intl Exec Management Share Scheme
-
Yes
Skip
Yes
Yes
NG
NG
NG
NG
Yes
Yes
Skip
Yes
Yes
Yes
NG
Yes
Yes
Directors
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Non-public
NG
NG
NG
NG
NG
NG
NG
NG
NG
Directors
NG
NG
NG
NG
NG
NG
NG
NG
NG
Share incentive trust
NG
NG
NG
NG
NG
NG
NG
NG
NG
Holdings more than 10%
NG
NG
NG
NG
NG
NG
NG
NG
NG
Public shareholders
NG
NG
NG
NG
NG
NG
NG
NG
NG
Public shareholders
King Consolidated Holdings
Non-public
24
Mr Price
25
35
Table 4.5 (continued)
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
MTN Group
Non-public
Directors
MTN Uganda Staff Provident Fund
26
-
Yes
Yes
Yes
-
-
-
NG
NG
Lombard Odier Darier Hentsch & Cie
Yes
Yes
-
-
-
-
-
NG
NG
Newshelf 664
Yes
Yes
Yes
Yes
Yes
Yes
-
NG
NG
Share trust
-
-
Yes
Yes
Yes
Yes
Yes
NG
NG
Ice Finance BV
-
-
-
-
Yes
Yes
Yes
NG
NG
Johnnic
-
-
-
-
-
-
Yes
NG
NG
Public shareholders
-
-
-
-
-
Yes
Yes
NG
NG
Directors
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Trusts with directors and trustees
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
African and Overseas Enterprises Ltd
Yes
Yes
Yes
Yes
-
-
-
-
-
Brimstone Investment Corporation
Yes
-
-
-
-
-
-
-
-
Old Mutual Life
Yes
Yes
Yes
Yes
-
-
-
-
-
-
Yes
Yes
Yes
Yes
Yes
-
-
-
Directors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
African and Overseas Enterprises Ltd
Yes
Yes
-
Yes
-
-
-
-
-
Directors
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Directors and associates
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Other
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Directors and associates
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Other
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
NG
Mustek
Non-public
27
Rex Trueform Clothing Company N Ordinary
Non-public
Rex Trueform Share Trust
28
Rex Trueform Clothing Company Ordinary
Non-public
29
Seardel Investment Corporation N Ordinary
Non-public
31
Seardel Investment Corporation Ordinary
Non-public
32
36
Table 4.5 (continued)
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
Directors
Yes
Yes
Yes
Yes
NG
NG
NG
NG
NG
I Capital (Pty) Ltd
Yes
Yes
Yes
-
NG
NG
NG
NG
NG
Silverbridge
Non-public
I Capital Growth Fund Investment Trust
33
-
Yes
Yes
-
NG
NG
NG
NG
NG
Treasury shares
Yes
-
-
-
NG
NG
NG
NG
NG
Cshell 448
Yes
-
-
-
NG
NG
NG
NG
NG
Amububesi Investments
Yes
-
-
-
NG
NG
NG
NG
NG
Public shareholders
Yes
Yes
Yes
Yes
NG
NG
NG
NG
NG
Directors and associates
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Transpaco Financial Services
Yes
Yes
-
-
Yes
Yes
NG
NG
NG
Holdings more than 10%
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Transpaco Share Incentive Trust
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Public shareholders
Yes
Yes
Yes
Yes
Yes
Yes
NG
NG
NG
Transpaco
Non-Public
34
4.6 BENEFICIAL/MAJOR SHAREHOLDERS PERCENTAGE CUT-OFF
Table 4.6 as per section 4.2 shows the percentage cut-off points used by the 34 companies to
distinguish between beneficial/major shareholders. Section 140A (8) of the Companies
Amendment Act (RSA, 1999) requires the disclosure of the name of persons holding
beneficial interest in excess of five percent of the securities of that class, as well as the extent
of those beneficial interests.
37
Table 4.6: Analysis of section 4.2 beneficial/major shareholders percentage cut-off
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
1
Absolute Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2
African and Overseas Enterprises N Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3
African and Overseas Enterprises Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
4
Aspen Pharmacare Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
5
Bell Equipment
NG
NG
NG
NG
NG
NG
NG
NG
NG
6
Bidvest Group (The)
>2%
>2%
>2%
>2%
>2%
>2%
>2%
>2%
>2%
7
Bowler Metcalf
NG
NG
NG
NG
NG
NG
NG
NG
NG
8
Business Connexion Group
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
9
Cargo Carriers
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
10
Cashbuild
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
11
Caxton and CTP Publishers and Printers
>5%
>5%
>5%
>5%
>5%
NG
NG
NG
NG
12
Colliers South Africa Holdings
>4%
>4%
>4%
>4%
>4%
>4%
>4%
Skip
>4%
13
Comair
>4%
>4%
>4%
>4%
>4%
>4%
>4%
NG
NG
14
Cullinan Holdings
NG
NG
NG
NG
NG
NG
NG
NG
NG
15
Datacentrix Holdings
>0.5%
>0.5%
>0.5%
>0.5%
>0.5%
>0.5%
>0.5%
>0.5%
>0.5%
16
Datatec
NG
NG
NG
NG
NG
NG
NG
NG
NG
17
Famous Brands
>5%
>5%
NG
NG
NG
NG
NG
NG
NG
18
Gijima Ast Group
>5%
>5%
>5%
>5%
>5%
>5%
>5%
NG
NG
19
Highveld Steel and Vanadium Corporation
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
20
Iliad Africa
NG
NG
>5%
>5%
>5%
>5%
NG
NG
NG
21
Illovo Sugar
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
22
JD Group
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
23
Kagiso Media
NG
NG
NG
NG
NG
NG
NG
>5%
>5%
24
KAP International Holdings
>4%
>4%
Skip
>4%
>4%
>4%
>4%
>4%
>4%
25
King Consolidated Holdings
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
26
Mr Price Group
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
27
MTN Group
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
28
Mustek
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
29
Rex Trueform Clothing Company N Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
30
Rex Trueform Clothing Company Ordinary
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
31
Seardel Investment Corporation N Ordinary
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
32
Seardel Investment Corporation Ordinary
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
33
SilverBridge Holdings
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
34
Transpaco
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
38
CHAPTER 5
CASE STUDIES OF 34 COMPANIES
5.1 INTRODUCTION0
This chapter provides analysis of the 34 companies under review as part of the research
study.
5.2 FORMAT AND STRUCTURE OF THE CASE ANALYSIS
As part of the research certain results were expected on the way companies report the
information as required by the various legislatures and this section clarifies the outcomes
expected to arise and points to potential improvements to ensure that the shareholder
analysis provides complete information for informed decisions by the users thereof.
a)
For companies which have provided and fully disclosed sections 2.3, 3.3 and 4.1 for the
full period under review (years 2000–2008) it was expected that reconciliation of shares
from company to group would equate to ex USB share program with limited problems or
a clear identification of why differences arise. Due to the change in accounting rules with
regard to consolidation of SPE’s it was expected that for the period from 2004 to 2008
that the sections would be well disclosed and for periods prior to this, less so as few
companies would have consolidated employee share trusts and other similar entities.
b)
In terms of section 4.1 companies which presented beneficial/majority shareholding
percentage cut-off of one percent or less, should identify more shareholders and the
chances were greater in determining subsidiaries, trusts and treasury shares as
opposed the case when using the prescribed five percent cut-off. The longer list of
stakeholders would significantly improve ex shareholders’ spread reconciliation as per
Table 3.1 determination of the most likely correct number of shares when performing the
reconciliation from company to group.
c)
The employee share purchase trust or subsidiary identified as per section 3.3 and 4.1
should be able to be linked to the name of the holding company or at least be
identifiable as to make a connection between the two entities.
39
d)
The number of different lines disclosed per section 3.3 should contain more detail than
just two lines for “public” and “non-public”. The non-public should contain as may
categories as possible to identify treasury shares held by subsidiaries and trusts.
e)
Section 3.3 should not contain a line as “other” per the non-public disclosure as this
could contain a grouping of categories inclusive of treasury shares and defeat the object
of disclosure as it would be impossible to identify treasury shares.
f)
There will be permanent differences as a result of rounding when shares’ spreads are
rounded to the closest thousands or millions.
5.3 CASE STUDY ANALYSIS FOR THE 34 COMPANIES REVIEWED
This section analyses each of the shareholders’ spreads as published by the 34 companies
reviewed in the report and we specifically identify companies which have shortcomings
according to the criteria mentioned above as per section 5.2 a to f. The reader will have to
refer to the appendices at the end of this report for further clarification and confirmation. The
companies which have no issues as per shareholders’ spread are listed and detail analysis of
the companies which encountered problems and differences between the ex shareholders’
spread and USB share program are noted.
5.3.1.
Companies (12 in total) reconciling 100 percent from shareholder spread compared to
the USB share program over the entire nine years (2000-2008)
a)
It was identified that for 10 companies, comprising Absolute Holdings, African Overseas
and Enterprises Ordinary, African Overseas and Enterprises N Ordinary, Bell
Equipment, Highveld Steel and Vanadium Corporation, Illovo Sugar, Kagiso Media, King
Consolidated Holdings, Mustek and Rex Trueform Clothing Company Ordinary, there
were no differences found between company and group number of shares issued. This
was due to the fact that there were no share buyback transactions noted for the period
under review which constituted treasury share activity.
b)
There were two companies which reconciled 100 percent where treasury shares,
subsidiary and/or trust share buy-back activities were identified. The companies are
Caxton and CTP Publishers and KAP International Holdings. For the years that these
40
companies have had treasury activities it would suggest that they have been reporting
accurately to ensure that info per accounting disclosure agrees to information contained
per the shareholders’ spread as per the shareholder analysis section of the annual
financial statements. Market capitalisation would thus be correct for the companies
based on number of shares issued by the group.
5.3.2
Companies (nine in total) that would have reconciled from the shareholder spread to
share program, but do not due to the fact that share trusts are not consolidated as per
accounting standards for certain years
Due to the changes and introduction of consolidation of all SPE’s as per SIC-12 it was
expected that differences would result, for the periods prior to 2004 in certain cases. The
following companies did not reconcile due to trusts not being consolidated as per annual
financial statement year end periods as listed in brackets:
a)
Aspen Pharmacare Holdings ( 2000–2001 )
b)
Cargo Carriers ( 2005–2008 )
c)
Cashbuild ( 2000–2003 ) and its own pension fund for period (2004 to 2006) was noted
d)
Comair ( 2000–2003 )
e)
Cullinan Holdings ( 2002–2003 )
f)
JD Group ( 2001–2004 )
g)
Mr Price Group ( 2001–2008 ) partially consolidated
h)
MTN Group ( 2002–2007 ) and rounding for the years 2000 and 2001
i)
Rex Trueform Clothing Company N Ordinary (2003) - for 2007 and 2008 it was noted
500 shares difference for both years which appears to be company error.
41
5.3.3
Companies that do not reconcile as no information (or different information) was
provided per shareholders’ spread to agree group total number of shares issued with
USB share program
a)
Business Connexion Group did provide info as per section 3.3 which is different from
figures as derived from the USB share program which resulted in differences for the
period 2001 and 2005 to 2007.
b)
Bowler Metcalf provided no information with regard to treasury share repurchases in the
shareholders’ spread, which resulted in differences as there were activities noted per the
USB share program.
c)
Datatec presentation of information as per shareholders’ spread was particularly poor as
it contained very limited information and is an example of a company which is in breach
of the JSE Listing Requirements as it is not providing detail as per section 3.3 of the
shareholders’ spread. It also did not provide major/beneficial shareholding as per
section 4.2 as required by section 140 (8) of the Companies Act. Differences were noted
for 2006 to 2008.
d)
Famous Brands would have been 100 percent correct with treasury share activities
recorded correctly per the reconciliation between ex shareholders’ spread and USB
share program, except that for 2004 it appears that the company or its accountants have
made an error in not consolidating trust repurchases.
e)
Gijima Ast Group presented no information concerning treasury transactions as per
section 2.3, 3.3 or 4.1. It also contained “other” and “strategic holdings” in certain years
for the non-public section which does not facilitate identification of potential treasury
share activity as per the shareholders’ spread as information is consolidated. For the
years of 2001 to 2006 differences were noted and can be attributed to subsidiary
transactions not being disclosed.
f)
Iliad Africa would have been 100 percent correct except for 2001 subsidiary share
repurchases not reflected per shareholders’ spread.
g)
Seardel Investment Corporation Ordinary and Seardel Investment Corporation N
Ordinary are interesting in that no information was disclosed per shareholders’ spread
42
section in terms of treasury shares activities. However, to the notes to the financial
statements it contained a section called treasury shares and contained information
regarding subsidiary and trust repurchase of shares in terms of the group of companies.
For the period 2004–2008 this resulted in differences that arose between the AFS and
shareholders’ spread.
h)
SilverBridge Holdings did not provide for treasury shares in the 2007 shareholders’
spread. The 2008 shareholders’ spread however does reflect treasury shares and there
appears inconsistency on the part of the company when reporting the information as per
the shareholder analysis.
i)
Transpaco has a difference in the 2006 year as there was no information regarding
subsidiary transactions provided. Transpaco generally provided detailed information,
however by omission or error the information was not accurately recorded for that
specific year. The subsidiary was not consolidated for the period 2001 to 2002 and the
trust for 2003 which resulted in differences for these periods reviewed, and rounding
differences for 2004 and 2005.
5.3.4
Companies that reported information in sections other than 3.3 shareholder public
versus non-public and used in the ex shareholders’ spread reconciliation. This would
indicate a breach to comply with the JSE Listing Requirements as set out per 4.25.
The information was included in the shareholders’ spread reconciliation as it derived
from the disclosures in sections 2.3 or 4.1 for the following companies:
a)
Bidvest Group (The) recorded treasury shares for the period 2003 to 2007 as per
section 2.3. For these periods the reconciliation between the share spread and USB
share program could be agreed 100 percent. The company did not consolidate its share
trust in 2003 which resulted in the only difference for the period under review.
b)
For Colliers South Africa Holdings for the period 2003 to 2007 the information for the
share spread was obtained from section 4.1 as no information was provided per section
3.3. For 2005 and 2006 a difference between the shareholders’ spread and USB share
program based on trust treasury share activity not recorded per the share analysis. In
2008 there is a difference due to subsidiary share repurchase activity not captured per
the shareholders’ spread. There appears to be rounding differences for 2003 to 2007.
43
c)
For Datacentrix Holdings for the period 2002 to 2008 the information for the
shareholders’ spread was obtained from section 4.1 as no information was provided per
section 3.3. It is interesting to note that this will only be the case where shareholding is
large enough and thus within the cut-off range for beneficial/major shareholding. It is
quite conceivable that a smaller number of shareholding could be unrecorded per the
shareholders’ spread reconciliation and thus result in a reconciliation difference. In
Datacentrix’s case there were differences noted for the period 2002 to 2005 as a result
of a deemed issue which caused a difference at company level and this flowed through
to the group reconciliation.
5.4 SUMMARY
Table 5.1 is a summary of how each company reported section 3. The symbol “Yes” denotes
that the company has shown this per the annual reports. The symbol “x” denotes that no data
was provided. A1 reflects that the data for section 3 was only provided in the 2008 year. The
companies have provided detail for the non-public breakdown. The following can be
observed:
a)
The majority of companies omitted section 3 in its entirety for the earlier years
(especially 2000 to 2002) in the annual reports.
b)
Datacentrix Holdings, Datatec and Kagiso Media did not provide for section 3 throughout
the period under review (2000–2008).
c)
KAP International Holdings, Colliers South Africa Holdings, Aspen Pharmacare
Holdings, Bell Equipment and Cargo Carriers are companies that excluded certain parts
of section 3 in its entirety. The companies did however ensure that non-public
shareholding was reported accordingly.
d)
Cashbuild and Iliad Africa were the only two companies who provided all information for
the entire period under review (2000-2008) for all parts as per section 3.
44
Table 5.1: Summary of section 3 as reported by each company
SECTION
COMPANY
3.1
3.2
3.3
3.4
1
Absolute Holdings
Yes
Yes
Yes
Yes
2
African and Overseas Enterprises N Ordinary
Yes
Yes
Yes
Yes
3
African and Overseas Enterprises Ordinary
Yes
Yes
Yes
Yes
4
Aspen Pharmacare Holdings
x
x
Yes
Yes
5
Bell Equipment
Yes
Yes
x
x
6
Bidvest Group (The)
A1
A1
A1
A1
7
Bowler Metcalf
Yes
Yes
x
X
8
Business Connexion Group
Yes
Yes
Yes
Yes
9
Cargo Carriers
Yes
x
x
Yes
10
Cashbuild
Yes
Yes
Yes
Yes
11
Caxton and CTP Publishers and Printers
Yes
Yes
Yes
Yes
12
Colliers South Africa Holdings
Yes
Yes
x
X
13
Comair
Yes
Yes
Yes
Yes
14
Cullinan Holdings
Yes
Yes
Yes
Yes
15
Datacentrix Holdings
x
x
x
X
16
Datatec
x
x
x
X
17
Famous Brands
Yes
Yes
Yes
Yes
18
Gijima Ast Group
Yes
Yes
Yes
Yes
19
Highveld Steel and Vanadium Corporation
Yes
Yes
x
X
20
Iliad Africa
Yes
Yes
Yes
Yes
21
Illovo Sugar
Yes
Yes
Yes
Yes
22
JD Group
Yes
Yes
Yes
Yes
23
Kagiso Media
x
x
x
X
24
KAP International Holdings
x
x
Yes
Yes
25
King Consolidated Holdings
Yes
Yes
Yes
Yes
26
Mr Price Group
Yes
Yes
x
Yes
27
MTN Group
Yes
Yes
Yes
Yes
28
Mustek
Yes
Yes
Yes
Yes
29
Rex Trueform Clothing Company N Ordinary
Yes
Yes
Yes
Yes
30
Rex Trueform Clothing Company Ordinary
Yes
Yes
Yes
Yes
31
Seardel Investment Corporation N Ordinary
Yes
Yes
Yes
Yes
32
Seardel Investment Corporation Ordinary
Yes
Yes
Yes
Yes
33
SilverBridge Holdings
Yes
Yes
Yes
Yes
34
Transpaco
Yes
Yes
Yes
Yes
45
CHAPTER 6
CONCLUSION
6.1 CONCLUSION
In Chapter 1 it was explained that the objective for the research study conducted was to
establish whether the details given in the shareholders’ spread would assist in reconciling the
differences between the closing balance of the company and that of the group by comparing
ex share spread with the USB share program and to provide reasons where possible for the
differences This came about as a result of changes to The Companies Act in relation to a
company’s ability to repurchase its own shares.
Fundamentally the reason for differences between the shareholders’ spread and the USB
share program is as a result of South Africa’s different treatment of share buy-backs in
relation to the shares being cancelled compared to the USA and the UK. The legislators have
not clearly provided a reason for this departure from the overseas counterparts and the
accounting profession has also not ensured that the impact of the deviation compared to them
be incorporated correctly in terms of how to account for the difference in the annual financial
statements. Bester et al. suggested that accounting standards be standardised to formalise
an approach of reporting treasury shares consistently and according to uniform rules. Seardel
Investment Corporation is an example of how such reconciliation can be included per the
notes to the financial statements and is easy to understand and interpret. This would entail
not merely reconciling between the opening and closing balances number of shares, but the
same principle applied with regard to treasury shares as per IAS 1 Paragraph 79(a) and in
relation to the rand value of the shares.
Changes to the tax legislation introduced and effective from 1 January 2009 will however
change the way companies approach share buy-backs and the reason to repurchase shares
within the group structure (subsidiaries and trusts). Effectively the tax advantage and main
reason for repurchasing shares through these entities will be negated via the tax changes
with the result that such transactions will be a dividend as defined and subject to STC. A
company will thus more likely repurchase the shares in itself, rather than using intermediaries
within the group structure. A rider to the impact that these changes might have, will be the
46
transition from dividend taxation to a withholding tax and resultant wording and inclusion of all
stipulations from the old legislation to the new.
Ultimately investors rely on the accounting profession to provide the required assurance on
company audited financial statements and by including a statement or by ensuring JSE
lobbies for such inclusions per the Listing Requirements will ensure that companies are not
able to benefit from incorrect market capitalisation assertions. Standardisation of reporting
methods used in the shareholder analysis section and accounting rules specifically with
regard to subsidiary, trust and treasury shares will simplify the reconciliation process. The
JSE currently is not fulfilling the mandate of monitoring the reporting by companies of the
share analysis as set out per the Listing Requirements.
47
List of sources
Absolute Holdings Annual Reports. 2000–2008.
African Overseas and Enterprises Annual Reports. 2000–2008.
Aspen Pharmacare Holdings Annual Reports. 2000–2008.
Bell Equipment Annual Reports. 2000–2008.
Bester, P.G., Hamman, W.D., Brummer, L.M., Wesson, N. and Steyn-Bruwer, B.W. 2008.
Share repurchases: Which number of shares should be used by JSE-listed companies when
publishing market capitalisation in annual reports? South African Journal of Business
Management, 39(4), 51–56.
Bidvest Group (The) Annual Reports. 2000–2008.
Bowler Metcalf Annual Reports. 2000–2008.
Business Connexion Group Annual Reports.2000–2008.
Cargo Carriers Annual Reports. 2000–2008.
Colliers South Africa Holdings Annual Reports. 2000–2008.
Cashbuild Annual Reports. 2000–2008.
Caxton and CTP Publishers Annual Reports. 2000–2008.
Comair Annual Reports. 2000–2008.
Colliers South Africa Holdings Annual Reports. 2000–2008.
Cullinan Holdings Annual Reports. 2000–2008.
Datacentrix Holdings Annual Reports. 2000–2008.
Datatec Annual Reports. 2000–2008.
Famous Brands Annual Reports. 2000–2008.
48
Gijima Ast Group Annual Reports. 2000–2008.
Highveld Steel and Vanadium Corporation Annual Reports. 2000–2008.
Huxham, K., & Haupt, P. 2009. Notes on South African Income Tax. 28th Edition. Roggebaai:
H&H Publications.
Iliad Africa Annual Reports. 2000–2008.
Illovo Sugar Annual Reports. 2000–2008.
JD Group Annual Reports. 2000–2008.
JSE. 2004. Treatment of share incentive scheme trusts. 16 February 2004.
JSE.
2009.
JSE
Listing
Requirements,
[Online]
Available:
http://www.jse.co.za/
listing_requirements.jsp Accessed: 23 November 2009.
JSE. 2010. JSE Corporate Actions – Definitions. [Online] Available: http://www.jse.co.za/
documents and statistics/Corporate actions.aspx Accessed: 18 Jan 2010.
Kagiso Media Annual Reports. 2000–2008.
KAP International Holdings Annual Reports. 2000–2008.
King Consolidated Holdings Annual Reports. 2000–2008.
Mr Price Group Annual Reports. 2000–2008.
MTN Group Annual Reports. 2000–2008.
Mustek Annual Reports. 2000–2008.
Rex Trueform Clothing Company Annual Reports. 2000–2008.
RSA (Republic of South Africa). 1973. The Companies Act, no. 61 of 1973.
RSA (Republic of South Africa). 1999. The Companies Amendment Act, no. 37 of 1999.
49
SAICA
(South
African
Institute
of
Chartered
Accountants),
GAAP
Monitoring
Panel.2004.Treatment of company share trusts in consolidated group financial statements.
[Online]
Available:
https://www.saica.co.za/documents/Treatment
Sharetrust
FS.pdf
Accessed: 5 January 2010.
SAICA (South African Institute of Chartered Accountants). 2008a IAS 1 Presentation of
financial statements.
SAICA (South African Institute of Chartered Accountants). 2008b IAS 27 Consolidated and
separate financial statements.
SAICA (South African Institute of Chartered Accountants). 2008b IAS 32 Financial
instruments presentation.
SAICA (South African Institute of Chartered Accountants). 2008c. SIC–12 Consolidation –
Special Purpose Entities.
SAICA (South African Institute of Chartered Accountants). 2008 Legislation handbook, South
African Income Tax Act No. 58 of 1962.
Seardel Investment Corporation Annual Reports. 2000–2008.
SilverBridge Annual Reports. 2000–2008.
Stainbank, L., Oakes, D., Razak, M. 2008. A student’s guide to international financial
reporting. 4th edition. Kwazulu-Natal: S&O Publishing.
Transpaco Annual Reports. 2000–2008.
50
APPENDICES
51
Appendix A: List of companies reviewed
YEARS
Company
2008
2007
2006
2005
2004
2003
2002
2001
2000
1
Absolute Holdings
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
2
African and Overseas Enterprises N Ordinary
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
3
African and Overseas Enterprises Ordinary
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
4
Aspen Pharmacare Holdings
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
5
Bell Equipment
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
6
Bidvest Group (The)
Yes
Yes
Yes
Yes
Yes
Skip
Yes
Yes
Yes
7
Bowler Metcalf
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
8
Business Connexion Group
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
9
Cargo Carriers
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
10
Cashbuild
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
11
Caxton and CTP Publishers and Printers
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
12
Colliers South Africa Holdings
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
13
Comair
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
14
Cullinan Holdings
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
15
Datacentrix Holdings
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
16
Datatec
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
17
Famous Brands
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
18
Gijima Ast Group
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
19
Highveld Steel and Vanadium Corporation
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
20
Iliad Africa
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
21
Illovo Sugar
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
22
JD Group
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
23
Kagiso Media
Yes
Yes
Skip
Yes
Yes
Yes
Yes
Yes
Yes
24
KAP International Holdings
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
25
King Consolidated Holdings
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
26
Mr Price Group
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
27
MTN Group
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
28
Mustek
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
29
Rex Trueform Ordinary
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
30
Rex Trueform N Ordinary
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
31
Seardel Ordinary
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
32
Seardel N Ordinary
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
33
Silverbridge
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
34
Transpaco
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
52
Appendix B: Shareholders’ spread (Mr Price)
Number of
1.1
2008
2007
2006
2005
2004
2003
2002
2001
2000
1 - 5000
6606
5697
3405
2155
1920
1792
1723
744
NG
shareholders
5 001 - 10 000
746
633
413
339
311
315
347
64
NG
10 001 - 50 000
656
579
441
374
334
385
364
110
NG
50 001 - 100 000
123
128
111
96
62
65
47
18
NG
Over 100 000
266
251
242
232
214
199
153
55
NG
8397
7288
4612
3196
2841
2756
2634
991
0
1 - 5000
78.67
78.17
73.83
67.43
67.58
65.02
65.41
75.08
NG
Total
1.2
% Percentage
5 001 - 10 000
8.88
8.69
8.95
10.61
10.95
11.43
13.17
6.46
NG
10 001 - 50 000
7.81
7.94
9.56
11.70
11.76
13.97
13.82
11.10
NG
50 001 - 100 000
1.46
1.76
2.41
3.00
2.18
2.36
1.78
1.82
NG
Over 100 000
3.17
3.44
5.25
7.26
7.53
7.22
5.81
5.55
NG
100
100
100
100
100
100
100
100
NG
1 - 5000
10 065 136
8 261 629
5 082 698
3 071 408
2 794 448
2 722 163
2 639 826
658 342
NG
5 001 - 10 000
5 555 467
4 753 017
3 136 229
2 552 401
2 326 610
2 327 576
2 582 588
441 832
NG
10 001 - 50 000
14 241 206
13 295 338
10 167 818
8 709 019
7 645 205
8 549 122
7 712 635
2 220 317
NG
50 001 - 100 000
9 265 834
9 621 313
8 043 864
7 245 513
4 541 229
4 656 673
3 324 814
1 321 797
NG
208 028 745
198 802 196
205 156 283
204 335 237
204 737 747
200 525 370
199 645 528
211 037 459
NG
247 156 388
234 733 493
231 586 892
225 913 578
222 045 239
218 780 904
215 905 391
215 679 747
NG
1 - 5000
4.07
3.52
2.19
1.36
1.26
1.24
1.22
0.31
NG
5 001 - 10 000
2.25
2.02
1.35
1.13
1.05
1.06
1.20
0.20
NG
10 001 - 50 000
5.76
5.66
4.39
3.86
3.44
3.91
3.57
1.03
NG
50 001 - 100 000
3.75
4.10
3.47
3.21
2.05
2.13
1.54
0.61
NG
Over 100 000
84.17
84.69
88.59
90.45
92.21
91.66
92.47
97.85
NG
100
100
100
100
100
100
100
100
NG
Total
1.3
Number of
shares
Over 100 000
Total
1.4
% Percentage
Total
53
Appendix C: Category of shareholding (Mr Price)
2.1
Number of
shareholders
Pension funds
Nominee
companies
Individuals and
trusts
Staff share
schemes
Total
2.2
Total
2006
2005
2004
2003
2002
2001
2000
183
168
133
139
99
71
39
7
NG
823
857
585
477
409
435
361
185
NG
7385
6261
3892
2578
2331
2248
2232
797
NG
6
2
2
2
2
2
2
2
NG
8397
7288
4612
3196
2841
2756
2634
991
NG
2.18
2.31
2.88
4.35
3.48
2.58
1.48
0.71
NG
9.80
11.76
12.68
14.92
14.40
15.78
13.71
18.67
NG
87.95
85.91
84.39
80.66
82.05
81.57
84.74
80.42
NG
0.07
0.03
0.04
0.06
0.07
0.07
0.08
0.20
NG
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
NG
54 737 315
50 349 747
27 238 699
34 467 938
36 533 950
23 042 898
26 191 067
1 664 167
NG
126 386 123
141 391 896
164 310 987
151 391 002
140 554 591
151 253 638
151 768 691
199 253 096
NG
47 701 204
41 059 946
36 953 656
34 301 644
38 223 416
36 547 678
29 686 174
6 342 063
NG
Number of
shares
Pension funds
Nominee
companies
Individuals and
trusts
Staff share
schemes
18 331 746
1 931 904
3 083 550
5 752 994
6 733 282
7 936 690
8 259 459
8 420 421
NG
247 156 388
234 733 493
231 586 892
225 913 578
222 045 239
218 780 904
215 905 391
215 679 747
NG
Pension funds
Nominee
companies
Individuals and
trusts
Staff share
schemes
22.15
21.45
11.76
15.26
16.45
10.53
12.13
0.77
NG
51.14
60.24
70.95
67.01
63.30
69.13
70.29
92.38
NG
19.30
17.49
15.96
15.18
17.21
16.71
13.75
2.94
NG
7.42
0.82
1.33
2.55
3.03
3.63
3.83
3.90
NG
Total
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
NG
Total
2.4
2007
% Percentage
Pension funds
Nominee
companies
Individuals and
trusts
Staff share
schemes
2.3
2008
% Percentage
54
Appendix D: Public and non-public shareholding (Mr Price)
3.1
Public
2008
2007
2006
2005
2004
2003
2002
2001
2000
8 371
7 270
4 595
3 182
2 828
2 740
2 622
-
-
8 371
7 270
4 595
3 182
2 828
2 740
2 622
N/G
N/G
Non-public
26
18
17
14
13
16
12
N/G
N/G
Directors of the company
20
15
14
11
10
10
6
N/G
N/G
Share incentive trust
Shareholders more than 10% of
shares
6
2
2
2
2
5
5
N/G
N/G
0
1
1
1
1
1
1
N/G
N/G
8397
7288
4612
3196
2841
2756
2634
N/G
N/G
99.7
99.8
99.6
99.6
99.5
99.4
99.5
N/G
N/G
Total
Percentages %
3.2
Public
99.7
99.8
99.6
99.6
99.5
99.4
99.5
N/G
N/G
Non-public
0.3
0.2
0.4
0.4
0.5
0.6
0.5
N/G
N/G
Directors of the company
0.2
0.2
0.3
0.3
0.4
0.4
0.2
N/G
N/G
Share incentive trust
Shareholders more than 10% of
shares
0.1
0.0
0.0
0.1
0.1
0.2
0.2
N/G
N/G
0.0
0.0
0.0
0.0
0.0
0.0
0.0
N/G
N/G
Total
100
100
100
100
100
100
100
N/G
N/G
-
-
-
-
-
-
-
-
-
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
-
-
-
Directors of the company
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Share incentive trust
Shareholders more than 10% of
shares
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
-
-
-
90.3
86.4
80.3
75.9
71.7
63.2
58.9
52.2
36.3
90.3
86.4
80.3
75.9
71.7
63.2
58.9
52.2
36.3
Non-public
9.7
13.6
19.7
24.1
28.3
36.8
41.1
47.8
63.7
Directors of the company
2.2
2.1
2.8
3.4
4.1
4.1
3.7
13.0
0.3
Share incentive trust
Shareholders more than 10% of
shares
7.4
0.8
1.3
2.6
3.0
3.8
4.3
4.7
0.9
0.0
10.7
15.6
18.2
21.2
28.9
33.1
30.2
62.5
Total
100
100
100
100
100
100
100
100
100
Number of shares
3.3
Public
Non-public
Total
Percentages %
3.4
Public
55
Appendix E: Beneficial shareholding cut-off % (Mr Price)
MR PRICE
4
4.1
4.2
2008
2007
2006
2005
2004
2003
2002
2001
2000
MAJOR SHAREHOLDERS
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
>5%
Old Mutual Life Assurance
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Menteith Investments
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Sanlam Investment
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Coronation
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Investec
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
PIC
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Allan Gray
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
BOE Life
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
State Street Bank and Trust
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Storeco
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Total
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Old Mutual Life Assurance
7.06
17.26
20.94
25.06
27.55
28.89
33.11
32.92
20.25
Menteith Investments
N/G
N/G
N/G
N/G
N/G
N/G
7.91
7.91
N/G
Beneficial shareholders
% Percentage
Sanlam Investment
N/G
5.86
9.65
10.49
7.87
N/G
N/G
6.07
N/G
Coronation
19.65
18.11
9.40
7.28
N/G
N/G
N/G
N/G
N/G
Investec
6.47
N/G
16.65
13.36
7.44
N/G
N/G
N/G
N/G
PIC
8.39
8.98
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Allan Gray
N/G
N/G
7.81
17.29
25.81
N/G
N/G
N/G
N/G
BOE Life
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
5
State Street Bank and Trust
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
9.1
Storeco
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
26.4
Total
41.57
50.21
64.45
73.48
68.67
28.89
41.02
46.90
60.75
56
Appendix F: Table 3.1: Spread, ex USB share program and differences for 34
companies reviewed
Absolute Holdings
2008
2007
2006
2005
2004
2003
2002
2001
2000
SUB
Ex 2.3
NG
NG
NG
NG
NG
NG
NG
NG
NG
Ex 3.3
NG
NG
NG
NG
NG
NG
NG
NG
NG
Ex 4.1
NG
NG
NG
NG
NG
NG
NG
NG
NG
Most likely
NG
NG
NG
NG
NG
NG
NG
NG
NG
Ex 2.3
NG
NG
NG
NG
NG
NG
NG
NG
NG
Ex 3.3
NG
NG
NG
NG
NG
NG
NG
NG
NG
Ex 4.1
NG
NG
NG
NG
NG
NG
NG
NG
NG
Most likely
NG
NG
NG
NG
NG
NG
NG
NG
NG
Ex 2.3
NG
NG
NG
NG
NG
NG
NG
NG
NG
Ex 3.3
NG
NG
NG
NG
NG
NG
NG
NG
NG
Ex 4.1
NG
NG
NG
NG
NG
NG
NG
NG
NG
Most likely
NG
NG
NG
NG
NG
NG
NG
NG
NG
TRUST
TREASURY
Ex
SHAREHOLDERS'
SPREAD
B2 Company
856 374 875
739 708 208
739 708 208
739 708 208
628 597 097
301 191 032
284 581 053
190 039 052
178 089 000
SUB
-
NG
NG
NG
NG
NG
NG
NG
-
TRUST
-
NG
NG
NG
NG
NG
NG
NG
-
TREASURY
-
-
-
-
-
-
-
-
-
856 374 875
739 708 208
739 708 208
739 708 208
628 597 097
301 191 032
284 581 053
190 039 052
178 089 000
856 374 874
739 708 207
739 708 207
739 708 207
628 597 096
301 191 032
284 581 053
190 039 052
178 089 000
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
B2 Group
Ex USB SHARE
PROGRAM
B2 Company
TREASURY
-
-
-
-
-
-
-
-
-
856 374 874
739 708 207
739 708 207
739 708 207
628 597 096
301 191 032
284 581 053
190 039 052
178 089 000
B2 Company
1
1
1
1
1
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
1
1
1
1
1
-
-
-
-
B2 Group
DIFFERENCES
57
African and Overseas Enterprises N shares
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
SUB
TRUST
TREASURY
ex SHAREHOLDERS'
SPREAD
B2 Company
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
B2 Group
ex USB SHARE
PROGRAM
B2 Company
TREASURY
-
-
-
-
-
-
-
-
-
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
10 137 441
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-
-
-
-
B2 Group
DIFFERENCES
58
African and Overseas Enterprises Ordinary shares
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
SUB
ex 4.1
-
-
-
-
-
-
-
-
-
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
Most likely
TRUST
TREASURY
ex SHAREHOLDERS'
SPREAD
B2 Company
TREASURY
B2 Group
-
-
-
-
-
-
-
-
-
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
ex USB SHARE
PROGRAM
B2 Company
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
1 250 000
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-
-
-
-
B2 Group
DIFFERENCES
59
Aspen Pharmacare Holdings
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
513
513
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
513
513
SUB
TRUST
TREASURY
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
38 931 499
38 931 529
38 931 529
38 931 529
18 811 649
18 811 649
18 811 649
N/G
N/G
ex 4.1
38 931 529
38 931 529
38 931 529
38 931 529
18 811 649
18 811 649
18 811 649
18 811 649
N/G
Most likely
38 931 529
38 931 529
38 931 529
38 931 529
18 811 649
18 811 649
18 811 649
18 811 649
N/G
391 342 799
389 565 725
386 380 142
378 372 397
377 019 446
373 458 146
370 328 946
368 233 821
367 311 696
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-513
-513
ex
SHAREHOLDERS'
SPREAD
B2 Company
TREASURY
-38 931 529
-38 931 529
-38 931 529
-38 931 529
-18 811 649
-18 811 649
-18 811 649
-18 811 649
-
B2 Group
352 411 270
350 634 196
347 448 613
339 440 868
358 207 797
354 646 497
351 517 297
349 421 659
367 311 183
B2 Company
391 342 799
389 565 725
386 380 142
378 372 397
377 019 446
373 458 146
370 328 946
368 233 821
367 311 696
SUB
-38 931 529
-38 931 529
-38 931 529
-38 931 529
-18 811 649
-18 811 649
-18 811 649
-18 811 649
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
352 411 270
350 634 196
347 448 613
339 440 868
358 207 797
354 646 497
351 517 297
349 422 172
367 311 696
ex USB SHARE
PROGRAM
B2 Group
DIFFERENCES
B2 Company
SUB
TRUST
TREASURY
B2 Group
-
-
-
-
-
-
-
-
-
38 931 529
38 931 529
38 931 529
38 931 529
18 811 649
18 811 649
18 811 649
18 811 649
-
-
-
-
-
-
-
-
-513
-513
-38 931 529
-38 931 529
-38 931 529
-38 931 529
-18 811 649
-18 811 649
-18 811 649
-18 811 649
-
-
-
-
-
-
-
-
-513
-513
60
Bell Equipment
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
SUB
Most likely
N/G
-
N/G
-
N/G
-
N/G
-
N/G
-
N/G
-
N/G
-
N/G
-
-
TRUST
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
-
-
-
-
-
-
-
-
-
TREASURY
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
-
-
-
ex SHAREHOLDERS'
SPREAD
B2 Company
94 950 000
94 857 900
94 816 900
94 763 400
94 246 400
94 224 100
94 209 600
93 837 000
93 634 200
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
94 950 000
94 857 900
94 816 900
94 763 400
94 246 400
94 224 100
94 209 600
93 837 000
93 634 200
94 950 000
94 857 900
94 816 900
94 763 400
94 246 400
94 224 100
94 209 600
93 837 000
93 634 200
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
94 950 000
94 857 900
94 816 900
94 763 400
94 246 400
94 224 100
94 209 600
93 837 000
93 634 200
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-
-
-
-
B2 Group
ex USB SHARE
PROGRAM
B2 Company
B2 Group
DIFFERENCES
61
Bidvest Group (The)
2008
2007
2006
2005
2004
2003
2002
2001
2000
SUB
ex 2.3
27 441 028
27 902 182
26 024 016
21 001 198
13 458 744
10 394 591
-
-
-
ex 3.3
27 441 028
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
27 441 028
23 523 732
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
27 441 028
27 902 182
26 024 016
21 001 198
13 458 744
10 394 591
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
3 820 644
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
3 820 644
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
-
-
-
-
-
-
-
-
-
ex 3.3
-
-
-
-
-
-
-
-
-
ex 4.1
-
-
-
-
-
-
-
-
-
Most likely
-
-
-
-
-
-
-
-
-
B2 Company
331 837 415
330 753 967
325 178 398
320 421 750
315 614 767
313 073 977
311 839 081
295 821 187
289 637 632
SUB
-27 441 028
-27 902 182
-26 024 016
-21 001 198
-13 458 744
-10 394 591
-
-
-
-3 820 644
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
300 575 743
302 851 785
299 154 382
299 420 552
302 156 023
302 679 386
311 839 081
295 821 187
289 637 632
B2 Company
331 837 415
330 753 967
325 178 398
320 421 750
315 614 767
313 073 977
311 839 081
295 821 187
289 637 632
SUB
-27 441 028
-23 527 232
-26 024 016
-21 001 198
-13 458 744
-10 394 591
-621 761
-
-
-3 820 644
-4 374 950
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
300 575 743
302 851 785
299 154 382
299 420 552
302 156 023
302 679 386
311 217 320
295 821 187
289 637 632
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-4 374 950
-
-
-
-
621 761
-
-
TRUST
-
4 374 950
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-
621 761
-
-
TRUST
Most likely
TREASURY
ex
SHAREHOLDERS'
SPREAD
TRUST
TREASURY
B2 Group
ex USB SHARE
PROGRAM
TRUST
TREASURY
B2 Group
DIFFERENCES
62
Bowler Metcalf
2008
2007
2006
2005
2004
2002
2001
2000
SUB
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
-
-
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
-
-
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
-
-
88 428 066
88 428 066
86 928 066
86 928 066
86 928 066
86 861 399
86 861 399
28 550 646
-
-
-
-
-
-
-
-
Most likely
TRUST
Most likely
TREASURY
Most likely
ex SHAREHOLDERS'
SPREAD
B2 Company
SUB
TRUST
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
88 428 066
88 428 066
86 928 066
86 928 066
86 928 066
86 861 399
86 861 399
28 550 646
B2 Company
88 428 066
88 428 066
86 928 066
86 928 066
86 928 066
86 861 399
86 861 399
28 550 646
SUB
-3 788 776
-
-
-
-
-
-
-
-134 502
-134 502
-134 502
-134 502
-134 502
-
-
-
-
-
-
-
-
-
-
-
84 504 788
88 293 564
86 793 564
86 793 564
86 793 564
86 861 399
86 861 399
28 550 646
B2 Group
-
ex USB SHARE
PROGRAM
TRUST
TREASURY
B2 Group
DIFFERENCES
B2 Company
SUB
TRUST
TREASURY
B2 Group
-
-
-
-
-
-
-
-
3 788 776
-
-
-
-
-
-
-
134 502
134 502
134 502
134 502
134 502
-
-
-
-
-
-
-
-
-
-
-
3 923 278
134 502
134 502
134 502
134 502
-
-
-
63
Business Connexion Group
2008
2007
2006
2005
2004
2003
2002
2001
2000
SUB
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
31 908 116
31 908 116
33 712 799
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
31 908 116
31 908 116
33 712 799
N/G
ex 2.3
5 831 741
5 831 741
6 404 379
13 471 919
19 826 542
-
-
-
N/G
ex 3.3
5 831 741
5 831 741
6 404 379
13 471 919
19 826 542
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
5 831 741
5 831 741
6 404 379
13 471 919
19 826 542
N/G
N/G
N/G
N/G
ex 2.3
-
-
-
-
-
-
-
-
-
ex 3.3
-
-
-
-
-
-
-
-
-
ex 4.1
-
-
-
-
-
-
-
-
-
Most likely
-
-
-
-
-
-
-
-
-
262 636 912
262 636 912
262 636 912
262 636 912
262 636 912
294 545 028
294 545 028
331 152 874
331 152 874
TRUST
Most likely
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
SUB
TRUST
TREASURY
-
-
-
-
-
-31 908 116
-31 908 116
-33 712 799
-
-5 831 741
-5 831 741
-6 404 379
-13 471 919
-19 826 542
-
-
-
-
-
-
-
-
-
-
-
-
-
256 805 171
256 805 171
256 232 533
249 164 993
242 810 370
262 636 912
262 636 912
297 440 075
331 152 874
262 636 912
262 636 912
262 636 912
262 636 912
262 636 912
294 545 028
294 545 028
331 152 874
331 152 874
-5 831 741
-5 831 741
-5 831 741
-5 831 741
-
-31 908 116
-31 908 116
-15 305 500
-
TRUST
-
-3 842 773
-6 404 379
-13 145 303
-19 826 542
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
256 805 171
252 962 398
250 400 792
243 659 868
242 810 370
262 636 912
262 636 912
315 847 374
331 152 874
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
B2 Group
DIFFERENCES
B2 Company
-
-
-
-
-
-
-
-
-
SUB
5 831 741
5 831 741
5 831 741
5 831 741
-
-
-
-18 407 299
-
TRUST
-5 831 741
-1 988 968
-
-326 616
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
3 842 773
5 831 741
5 505 125
-
-
-
-18 407 299
-
64
Cargo Carriers
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
SUB
TRUST
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
TREASURY
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
-
-
-
-
-
-
-
-
-
-593 710
-593 710
-593 710
-593 710
-
-
-
-
-
-
-
-
-
-
-
-
-
-
19 406 290
19 406 290
19 406 290
19 406 290
20 000 000
20 000 000
20 000 000
20 000 000
20 000 000
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
TRUST
TREASURY
B2 Group
DIFFERENCES
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
593 710
593 710
593 710
593 710
-
-
-
-
-
B2 Group
593 710
593 710
593 710
593 710
-
-
-
-
-
65
Cashbuild
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
3 109 760
3 109 760
3 186 447
3 890 331
1 833 796
2 489 546
3 580 046
2 959 200
884 950
ex 4.1
2 580 535
2 580 535
2 580 535
-
-
-
-
-
-
Most likely
3 109 760
3 109 760
3 186 447
3 890 331
1 833 796
2 489 546
3 580 046
2 959 200
884 950
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
25 805 347
25 805 347
25 805 347
25 805 347
23 224 812
23 224 812
23 224 812
23 224 812
23 224 812
SUB
TRUST
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
SUB
TRUST
TREASURY
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-3 109 760
-3 109 760
-3 186 447
-3 890 331
-1 833 796
-2 489 546
-3 580 046
-2 959 200
884 950
-
-
-
-
-
-
-
-
-
22 695 587
22 695 587
22 618 900
21 915 016
21 391 016
20 735 266
19 644 766
20 265 612
24 109 762
25 805 347
25 805 347
25 805 347
25 805 347
23 224 812
23 224 812
23 224 812
23 224 812
23 224 812
-
-
-
-
-
-
-631 296
-
-
-3 109 760
-3 109 760
-3 176 447
-3 789 831
-2 233 796
-
-
-
-
-
-
-
-
-
-
-
-
-
22 695 587
22 695 587
22 628 900
22 015 516
20 991 016
23 224 812
22 593 516
23 224 812
23 224 812
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-10 000
-100 500
400 000
-2 489 546
-3 580 046
-2 959 200
884 950
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-10 000
-100 500
400 000
-2 489 546
-2 948 750
-2 959 200
884 950
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
TRUST
TREASURY
B2 Group
DIFFERENCES
66
Caxton and CTP Publishers and Printers
2008
2007
2006
2005
2004
2003
2002
2001
2000
SUB
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
24 120 657
14 486 141
12 235 355
2 973 242
-
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
24 120 657
14 486 141
12 235 355
2 973 242
1 139 960
321 134
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
62 500
125 000
187 500
983 954
1 267 283
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
62 500
125 000
187 500
983 954
1 267 283
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
B2 Company
495 639 628
494 939 628
494 939 628
453 450 243
457 253 783
460 570 068
37 115 249
37 115 249
36 479 152
SUB
-24 120 657
-14 486 141
-12 235 355
-2 973 242
-1 139 960
-321 134
-
-
-
-62 500
-125 000
-187 500
-983 954
-1 267 283
-
-
-
-
Most likely
TRUST
Most likely
TREASURY
ex
SHAREHOLDERS'
SPREAD
TRUST
TREASURY
-
-
-
-
-
-
-
-
-
471 456 471
480 328 487
482 516 773
449 493 047
454 846 540
460 248 934
37 115 249
37 115 249
36 479 152
B2 Company
495 639 628
494 939 628
494 939 628
453 450 243
460 570 068
460 570 068
37 115 249
37 115 249
36 479 152
SUB
-24 120 657
-14 486 141
-12 235 355
-2 973 242
-4 456 245
-321 134
-
-
-
-62 500
-125 000
-187 500
-983 954
-1 267 283
-
-
-
-
-
-
-
-
-
-
-
-
-
471 456 471
480 328 487
482 516 773
449 493 047
454 846 540
460 248 934
37 115 249
37 115 249
36 479 152
B2 Company
-
-
-
-
-3 316 285
-
-
-
-
SUB
-
-
-
-
3 316 285
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-
-
-
-
B2 Group
ex USB SHARE
PROGRAM
TRUST
TREASURY
B2 Group
DIFFERENCES
67
Colliers South Africa Holdings
2008
2007
2006
2005
2004
2003
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
6 922 312
6 922 312
6 922 312
6 922 312
6 922 312
N/G
N/G
Most likely
N/G
6 922 312
6 922 312
6 922 312
6 922 312
6 922 312
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
SUB
TRUST
TREASURY
ex SHAREHOLDERS'
SPREAD
B2 Company
55 914 802
62 836 716
70 007 454
70 007 454
70 007 454
70 007 454
72 391 134
72 391 134
SUB
-
-6 922 312
-6 922 312
-6 922 312
-6 922 312
-6 922 312
-
-
TRUST
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
55 914 802
55 914 404
63 085 142
63 085 142
63 085 142
63 085 142
72 391 134
72 391 134
55 914 802
62 837 116
70 007 454
70 007 454
70 007 454
70 007 454
72 391 134
72 391 134
-33 800
-6 922 314
-6 922 314
-6 922 314
-6 922 314
-6 922 314
-
-
TRUST
-
-
-2 188 500
-2 188 500
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
55 881 002
55 914 802
60 896 640
60 896 640
63 085 140
63 085 140
72 391 134
72 391 134
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
B2 Group
DIFFERENCES
B2 Company
-
-400
-
-
-
-
-
-
33 800
2
2
2
2
2
-
-
TRUST
-
-
2 188 500
2 188 500
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
33 800
-398
2 188 502
2 188 502
2
2
-
-
SUB
B2 Group
68
Comair
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
19 197 404
20 483 172
20 588 336
20 582 744
N/G
N/G
N/G
20 595 416
20 749 947
ex 3.3
19 197 404
20 483 172
20 594 797
20 559 107
20 579 562
20 608 104
20 645 491
N/G
N/G
ex 4.1
19 197 404
20 483 172
20 588 336
20 582 744
N/G
N/G
N/G
N/G
N/G
Most likely
19 197 404
20 483 172
20 594 797
20 559 107
20 579 562
20 608 104
20 645 491
20 595 416
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
420 000 000
420 000 000
420 000 000
420 000 000
420 000 000
420 000 000
420 000 000
420 000 000
420 000 000
SUB
TRUST
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
SUB
TRUST
TREASURY
-
-
-
-
-
-
-
-
-
-19 197 404
-20 483 172
-20 594 797
-20 559 107
-20 579 562
-20 608 104
-20 645 491
-20 595 416
-20 749 947
-
-
-
-
-
-
-
-
-
400 802 596
399 516 828
399 405 203
399 440 893
399 420 438
399 391 896
399 354 509
399 404 584
399 250 053
420 000 000
420 000 000
420 000 000
420 000 000
420 000 000
420 000 000
420 000 000
420 000 000
420 000 000
-
-
-
-
-
-
-
-
-
-19 197 404
-20 483 172
-20 594 797
-20 559 107
-20 579 562
-
-
-
-
-
-
-
-
-
-
-
-
-
400 802 596
399 516 828
399 405 203
399 440 893
399 420 438
420 000 000
420 000 000
420 000 000
420 000 000
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-20 608 104
-20 645 491
-20 595 416
-20 749 947
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-20 608 104
-20 645 491
-20 595 416
-20 749 947
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
TRUST
TREASURY
B2 Group
DIFFERENCES
69
Cullinan Holdings
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
898 300
898 300
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
898 300
898 300
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
718 355 204
718 355 204
718 271 871
718 188 538
718 188 538
717 188 538
679 781 281
684 638 424
734 638 424
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-898 300
-898 300
-
-
SUB
TRUST
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
TREASURY
B2 Group
-
-
-
-
-
-
-
-
-
718 355 204
718 355 204
718 271 871
718 188 538
718 188 538
716 290 238
678 882 981
684 638 424
734 638 424
ex USB SHARE
PROGRAM
B2 Company
718 355 204
718 355 204
718 271 871
718 188 538
718 188 538
717 188 538
715 688 424
684 638 424
734 638 424
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
718 355 204
718 355 204
718 271 871
718 188 538
718 188 538
717 188 538
715 688 424
684 638 424
734 638 424
B2 Company
-
-
-
-
-
-
-35 907 143
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-898 300
-898 300
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-898 300
-36 805 443
-
-
B2 Group
DIFFERENCES
70
Datacentrix Holdings
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
SUB
TRUST
ex 2.3
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
9 480 692
9 610 692
9 618 192
9 160 275
9 248 400
9 323 400
9 323 400
N/G
N/G
Most likely
TREASURY
SHARE
9 480 692
9 610 692
9 618 192
9 160 275
9 248 400
9 323 400
9 323 400
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
205 265 683
205 265 683
205 265 683
204 130 088
199 862 659
193 081 280
187 008 423
161 830 224
159 287 353
-
-
-
-
-
-
-
-
-
-9 480 692
-9 610 692
-9 618 192
-9 160 275
-9 248 400
-9 323 400
-9 323 400
-
-
-
-
-
-
-
-
-
-
-
195 784 991
195 654 991
195 647 491
194 969 813
190 614 259
183 757 880
177 685 023
161 830 224
159 287 353
205 265 683
205 265 683
205 265 683
204 961 517
204 271 818
198 362 659
187 581 280
161 830 224
159 287 353
ex
SHAREHOLDERS'
SPREAD
B2 Company
SUB
TRUST
TREASURY
SHARE
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
-
-
-
-
-
-
-
-
-
-9 480 692
-9 610 692
-9 618 192
-9 160 275
-9 248 400
-
-
-
-
-
-
-
-
-
-
-
-
-
195 784 991
195 654 991
195 647 491
195 801 242
195 023 418
198 362 659
187 581 280
161 830 224
159 287 353
B2 Company
-
-
-
-831 429
-4 409 159
-5 281 379
-572 857
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
TREASURY
SHARE
-
-
-
-
-
-9 323 400
-9 323 400
-
-
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-831 429
-4 409 159
-14 604 779
-9 896 257
-
-
TRUST
TREASURY
SHARE
B2 Group
DIFFERENCES
71
Datatec
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
169 206 941
155 298 505
146 359 468
138 443 706
137 998 306
137 764 196
137 381 923
128 701 672
118 949 993
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
169 206 941
155 298 505
146 359 468
138 443 706
137 998 306
137 764 196
137 381 923
128 701 672
118 949 993
169 206 941
155 298 505
146 359 468
138 443 706
137 998 306
137 764 196
137 381 923
128 701 672
118 949 993
-
-
-
-
-
-
-
-
-
-1 752 558
-684 069
-684 069
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
167 454 383
154 614 436
145 675 399
138 443 706
137 998 306
137 764 196
137 381 923
128 701 672
118 949 993
-
-
-
-
-
-
-
-
-
SUB
TRUST
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
TRUST
TREASURY
B2 Group
DIFFERENCES
B2 Company
SUB
TRUST
TREASURY
B2 Group
-
-
-
-
-
-
-
-
-
1 752 558
684 069
684 069
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1 752 558
684 069
684 069
-
-
-
-
-
-
72
Famous Brands
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
50 661
200 661
661
914 661
2 050 995
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
50 661
200 661
661
914 661
2 050 995
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
94 448 096
87 595 244
87 595 244
87 094 244
87 094 244
64 513 599
63 913 599
62 729 199
62 583 106
SUB
TRUST
Most likely
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
SUB
TRUST
TREASURY
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-50 661
-200 661
-661
-914 661
-2 050 995
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
94 397 435
87 394 583
87 594 583
86 179 583
85 043 249
64 513 599
63 913 599
62 729 199
62 583 106
94 448 096
87 595 244
87 595 244
87 094 244
87 094 244
64 513 599
63 913 599
62 729 199
62 583 106
-
-
-
-
-
-
-
-
-
-50 661
-200 661
-661
-914 661
-
-
-
-
-
-
-
-
-
-
-
-
-
-
94 397 435
87 394 583
87 594 583
86 179 583
87 094 244
64 513 599
63 913 599
62 729 199
62 583 106
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-2 050 995
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-2 050 995
-
-
-
-
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
TRUST
TREASURY
B2 Group
DIFFERENCES
73
Gijima Ast Group
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
-
-
-
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
SUB
Most likely
TRUST
ex 2.3
ex 3.3
-
-
-
-
-
-
-
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
964 666 538
964 666 538
964 666 538
964 666 538
184 290 857
673 104 639
575 046 474
554 122 919
546 321 329
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Most likely
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
SUB
TRUST
TREASURY
B2 Group
-
-
-
-
-
-
-
-
-
964 666 538
964 666 538
964 666 538
964 666 538
184 290 857
673 104 639
575 046 474
554 122 919
546 321 329
ex USB SHARE
PROGRAM
B2 Company
964 666 538
964 666 538
964 666 538
964 666 538
184 290 857
673 104 639
575 046 474
554 122 919
546 321 329
SUB
-
-
-6 000
-6 000
-6 000
-804 427
-2 687 127
-2 627 127
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
964 666 538
964 666 538
964 660 538
964 660 538
184 284 857
672 300 212
572 359 347
551 495 792
546 321 329
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
6 000
6 000
6 000
804 427
2 687 127
2 627 127
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
6 000
6 000
6 000
804 427
2 687 127
2 627 127
-
B2 Group
DIFFERENCES
74
Highveld Steel and Vanadium Corporation
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
99 150 098
99 150 098
99 148 098
99 143 098
98 552 598
97 913 798
97 736 000
97 591 298
97 557 598
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
SUB
TRUST
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
TREASURY
B2 Group
-
-
-
-
-
-
-
-
-
99 150 098
99 150 098
99 148 098
99 143 098
98 552 598
97 913 798
97 736 000
97 591 298
97 557 598
ex USB SHARE
PROGRAM
B2 Company
99 150 098
99 150 098
99 148 098
99 143 098
98 552 598
97 913 798
97 736 000
97 591 298
97 557 598
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
99 150 098
99 150 098
99 148 098
99 143 098
98 552 598
97 913 798
97 736 000
97 591 298
97 557 598
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-
-
-
-
B2 Group
DIFFERENCES
75
Iliad Africa
2008
2007
2006
2005
ex 2.3
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
7 851 111
7 851 111
ex 4.1
N/G
N/G
7 851 111
7 851 111
-
-
7 851 111
7 851 111
ex 2.3
N/G
N/G
N/G
ex 3.3
N/G
N/G
ex 4.1
N/G
N/G
-
ex 2.3
ex 3.3
ex 4.1
2004
2003
2002
2001
2000
N/G
N/G
N/G
N/G
N/G
7 358 879
7 358 879
-
-
N/G
7 358 879
7 358 879
7 358 879
N/G
N/G
7 358 879
7 358 879
7 358 879
-
-
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
-
-
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
84
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
-
-
-
138 217 794
146 433 408
154 284 519
153 427 519
150 737 519
147 200 000
75 269 000
74 658 982
77 239 582
SUB
-
-
-7 851 111
-7 851 111
-7 358 879
-7 358 879
-7 358 879
-
-
TRUST
-
-
-
-
-
-
-
-
-
SUB
Most likely
TRUST
Most likely
TREASURY
Most likely
ex
SHAREHOLDERS'
SPREAD
B2 Company
TREASURY
B2 Group
-
-
-
-
-
-
-
-
-
138 217 794
146 433 408
146 433 408
145 576 408
143 378 640
139 841 121
67 910 121
74 658 982
77 239 582
ex USB SHARE
PROGRAM
B2 Company
138 217 794
146 433 408
154 284 519
153 427 519
150 737 519
147 200 000
75 269 000
74 658 982
77 239 582
SUB
-
-
-7 851 111
-7 851 111
-7 358 879
-7 358 879
-7 358 879
-969 600
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
138 217 794
146 433 408
146 433 408
145 576 408
143 378 640
139 841 121
67 910 121
73 689 382
77 239 582
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
969 600
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
B2 Group
-
-
-
-
-
-
-
969 600
-
B2 Group
DIFFERENCES
76
Illovo Sugar
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
349 858 800
348 867 800
340 127 800
337 194 500
333 830 700
332 911 900
331 711 001
330 183 101
329 953 442
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
SUB
TRUST
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
TREASURY
B2 Group
-
-
-
-
-
-
-
-
-
349 858 800
348 867 800
340 127 800
337 194 500
333 830 700
332 911 900
331 711 001
330 183 101
329 953 442
ex USB SHARE
PROGRAM
B2 Company
349 858 800
348 867 800
340 127 800
337 194 500
333 830 700
332 911 900
331 711 001
330 183 101
329 953 442
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
349 858 800
348 867 800
340 127 800
337 194 500
333 830 700
332 911 900
331 711 001
330 183 101
329 953 442
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-
-
-
-
B2 Group
DIFFERENCES
77
JD Group
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
7 364 892
4 505 992
646 361
587 349
2 866 396
-
-
-
-
ex 3.3
7 364 892
4 505 992
646 361
587 349
2 866 396
1 020 814
638 309
638 309
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
7 364 892
4 505 992
646 361
587 349
2 866 396
1 020 814
638 309
638 309
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
170 500 000
180 000 000
172 000 000
166 830 000
112 730 000
112 609 000
111 651 000
SUB
TRUST
Most likely
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
SUB
TRUST
TREASURY
178 000 000 175 500 000
-
-
-
-
-
-
-
-
-
-7 364 892
-4 505 992
-646 361
-587 349
-2 866 396
-1 020 814
-638 309
-638 309
-
-
-
-
-
-
-
-
-
-
163 135 108
175 494 008
177 353 639 174 912 651
169 133 604
165 809 186
112 091 691
111 970 691
111 651 000
170 500 000
180 000 000
178 000 000 175 500 000
172 000 000
166 830 000
112 730 000
112 609 000
111 651 000
-
-
-
-
-421 941
-621 941
-
-
-
-7 364 892
-4 505 992
-646 361
-587 349
-2 866 396
-
-
-
-
-
-
-
-
-
-
-
-
-
163 135 108
175 494 008
168 711 663
166 208 059
112 730 000
112 609 000
111 651 000
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
421 941
621 941
-
-
-
TRUST
-
-
-
-
-
-1 020 814
-638 309
-638 309
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
421 941
-398 873
-638 309
-638 309
-
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
TRUST
TREASURY
B2 Group
177 353 639 174 912 651
DIFFERENCES
78
Kagiso Media
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
133 507 611
133 136 477
132 539 675
131 320 802
130 243 506
129 244 336
128 556 361
127 692 013
127 692 013
SUB
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
TRUST
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
SUB
TRUST
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
TREASURY
B2 Group
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
133 507 611
133 136 477
132 539 675
131 320 802
130 243 506
129 244 336
128 556 361
127 692 013
127 692 013
ex USB SHARE
PROGRAM
B2 Company
133 507 611
133 136 477
132 539 675
131 320 802
130 243 506
129 244 336
128 556 361
127 692 013
127 692 013
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
133 507 611
133 136 477
132 539 675
131 320 802
130 243 506
129 244 336
128 556 361
127 692 013
127 692 013
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-
-
-
-
B2 Group
DIFFERENCES
79
KAP International Holdings
2008
2007
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
7 858
7 730
8 475
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
7 858
7 730
8 475
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
SUB
TRUST
TREASURY
ex SHAREHOLDERS'
SPREAD
B2 Company
424 473 657
424 473 657
423 266 074
418 720 000
168 120 000
560 400 000
560 400 000
560 400 000
SUB
-
-
-
-
-
-
-
-
TRUST
-
-
-7 858
-7 730
-8 475
-
-
-
TREASURY
-
-
-
-
-
-
-
-
424 473 657
424 473 657
423 258 216
418 712 270
168 111 525
560 400 000
560 400 000
560 400 000
B2 Group
ex USB SHARE
PROGRAM
B2 Company
424 473 657
424 473 657
423 266 074
418 720 000
168 120 000
560 400 000
560 400 000
560 400 000
SUB
-
-
-
-
-
-
-
-
TRUST
-
-
-7 858
-7 730
-8 475
-
-
-
TREASURY
-
-
-
-
-
-
-
-
424 473 657
424 473 657
423 258 216
418 712 270
168 111 525
560 400 000
560 400 000
560 400 000
B2 Company
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-
-
-
B2 Group
DIFFERENCES
80
King Consolidated Holdings
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
-
-
-
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
-
-
-
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
-
-
-
-
-
-
-
-
16 735 840
16 735 840
16 735 840
251 037 520
251 037 520
139 465 290
139 465 290
139 465 290
119 513 900
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
SUB
Most likely
TRUST
Most likely
TREASURY
Most likely
ex
SHAREHOLDERS'
SPREAD
B2 Company
TREASURY
B2 Group
-
-
-
-
-
-
-
-
-
16 735 840
16 735 840
16 735 840
251 037 520
251 037 520
139 465 290
139 465 290
139 465 290
119 513 900
ex USB SHARE
PROGRAM
B2 Company
16 735 840
16 735 840
16 735 840
251 037 520
251 037 520
139 465 290
139 465 290
139 465 290
119 513 900
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
16 735 840
16 735 840
16 735 840
251 037 520
251 037 520
139 465 290
139 465 290
139 465 290
119 513 900
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-
-
-
-
B2 Group
DIFFERENCES
81
Mr Price Group
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
18 331 746
1 931 904
3 083 550
5 752 994
6 733 282
7 936 690
8 259 459
8 420 421
-
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
SUB
TRUST
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
18 331 746
1 931 904
3 083 550
5 752 994
6 733 282
7 936 690
8 259 459
8 420 421
-
ex 2.3
-
-
-
-
-
-
-
-
-
ex 3.3
-
-
-
-
-
-
-
-
-
ex 4.1
-
-
-
-
-
-
-
-
-
Most likely
-
-
-
-
-
-
-
-
-
247 156 388
234 733 493
231 586 892
225 913 578
222 045 239
218 780 904
215 905 391
215 679 747
129 550 882
-
-
-
-
-
-
-
-
-
-18 331 746
-1 931 904
-3 083 550
-5 752 994
-6 733 282
-7 936 690
-8 259 459
-8 420 421
-
Most likely
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
SUB
TRUST
TREASURY
-
-
-
-
-
-
-
-
-
228 824 642
232 801 589
228 503 342
220 160 584
215 311 957
210 844 214
207 645 932
207 259 326
129 550 882
247 156 388
234 733 493
231 586 892
225 913 578
222 045 239
218 780 904
215 905 391
215 679 747
129 550 882
-
-
-
-
-
-
-
-
-
-17 296 890
-323 793
-302 963
-380 976
-451 845
-
-
-
-
-
-
-
-
-
-
-
-
-
229 859 498
234 409 700
231 283 929
225 532 602
221 593 394
218 780 904
215 905 391
215 679 747
129 550 882
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
-1 034 856
-1 608 111
-2 780 587
-5 372 018
-6 281 437
-7 936 690
-8 259 459
-8 420 421
-
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
TRUST
TREASURY
B2 Group
DIFFERENCES
TRUST
TREASURY
B2 Group
-
-
-
-
-
-
-
-
-
-1 034 856
-1 608 111
-2 780 587
-5 372 018
-6 281 437
-7 936 690
-8 259 459
-8 420 421
-
82
MTN Group
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
-
1 500
15 075
16 892
1 709 945
2 633 785
1 101 916
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
-
1 500
15 075
16 892
1 709 945
2 633 785
1 101 916
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
1 868 010 304
1 864 797 807
SUB
TRUST
ex 2.3
Most likely
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
1 860 268 283 1 665 317 425 1 658 802 355 1 652 057 646
1 640 437 341
1 620 244 000 1 249 132 000
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
1 500
15 075
16 892
1 709 945
2 633 785
1 101 916
-
-
-
-
-
-
-
-
TREASURY
B2 Group
-
-
1 868 010 304
1 864 799 307
1 860 283 358 1 665 334 317 1 660 512 300 1 654 691 431
1 641 539 257
-
1 620 244 000 1 249 132 000
1 860 268 283 1 665 317 425 1 658 802 355 1 652 057 646
1 640 437 341
1 620 244 213 1 249 131 949
ex USB SHARE
PROGRAM
B2 Company
1 868 010 304
1 864 797 807
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-1 078 297
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
1 868 010 304
1 864 797 807
B2 Company
-
-
-
-
-
-
-
-213
51
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
1 500
15 075
16 892
2 788 242
2 633 785
1 101 916
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
1 500
15 075
16 892
2 788 242
2 633 785
1 101 916
-213
51
B2 Group
1 860 268 283 1 665 317 425 1 657 724 058 1 652 057 646
1 640 437 341
1 620 244 213 1 249 131 949
DIFFERENCES
83
Mustek
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
110 449 804
109 615 732
107 514 661
104 643 639
101 566 618
97 433 818
90 912 333
100 114 533
100 114 533
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
SUB
TRUST
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
TREASURY
B2 Group
-
-
-
-
-
-
-
-
-
110 449 804
109 615 732
107 514 661
104 643 639
101 566 618
97 433 818
90 912 333
100 114 533
100 114 533
ex USB SHARE
PROGRAM
B2 Company
110 449 804
109 615 732
107 514 661
104 643 639
101 566 618
97 433 818
90 912 333
100 114 533
100 114 533
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
110 449 804
109 615 732
107 514 661
104 643 639
101 566 618
97 433 818
90 912 333
100 114 533
100 114 533
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-
-
-
-
B2 Group
DIFFERENCES
84
Rex Trueform Clothing Company N Ordinary
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
289 716
289 716
529 648
536 798
536 798
536 798
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
289 716
289 716
529 648
536 798
536798
536 798
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
-
-
-
-
-
-
-
-
-
-289 716
-289 716
-529 648
-536 798
-536 798
-536 798
-
-
-
-
-
-
-
-
-
-
-
-
17 446 633
17 446 633
17 206 701
17 199 551
17 199 551
17 199 551
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
17 736 349
-
-
-
-
-
-
-
-
-
-289 216
-289 216
-529 648
-536 798
-536 798
-
-
-
-
-
-
-
-
-
-
-
-
-
17 447 133
17 447 133
17 206 701
17 199 551
17 199 551
17 736 349
17 736 349
17 736 349
17 736 349
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
-500
-500
-
-
-
-536 798
-
-
-
-
-
-
-
-
-
-
-
-
-500
-500
-
-
-
-536 798
-
-
-
SUB
TRUST
Most likely
TREASURY
ex SHAREHOLDERS'
SPREAD
B2 Company
SUB
TRUST
TREASURY
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
TRUST
TREASURY
B2 Group
DIFFERENCES
TRUST
TREASURY
B2 Group
85
Rex Trueform Clothing Company Ordinary
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
SUB
TRUST
TREASURY
ex SHAREHOLDERS'
SPREAD
B2 Company
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
B2 Group
ex USB SHARE
PROGRAM
B2 Company
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
2 905 805
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
-
-
-
-
-
-
-
B2 Group
DIFFERENCES
86
Seardel Investment Corporation N Ordinary
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
68 966 011
68 966 011
69 763 188
91 434 281
106 820 112
106 820 112
80 036 541
80 036 550
80 036 550
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
SUB
TRUST
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
TREASURY
-
-
-
-
-
-
-
-
-
68 966 011
68 966 011
69 763 188
91 434 281
106 820 112
106 820 112
80 036 541
80 036 550
80 036 550
B2 Company
68 966 011
68 966 011
68 966 011
91 434 281
106 820 112
106 820 112
80 036 541
80 036 541
80 036 541
SUB
-1 971 000
-1 310 000
-
-346 000
-
-
-
-
-
-268 000
-282 000
-639 000
-960 000
-5 174 000
-
-
-
-
-
-
-
-
-
-
-
-
-
66 727 011
67 374 011
68 327 011
90 128 281
101 646 112
106 820 112
80 036 541
80 036 541
80 036 541
B2 Group
ex USB SHARE
PROGRAM
TRUST
TREASURY
B2 Group
DIFFERENCES
B2 Company
SUB
TRUST
TREASURY
B2 Group
-
-
797 177
-
-
-
-
9
9
1 971 000
1 310 000
-
346 000
-
-
-
-
-
268 000
282 000
639 000
960 000
5 174 000
-
-
-
-
-
-
-
-
-
-
-
-
-
2 239 000
1 592 000
1 436 177
1 306 000
5 174 000
-
-
9
9
87
Seardel Investment Corporation Ordinary
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
23 084 627
23 084 627
23 613 121
25 962 843
27 097 743
27 097 743
27 097 743
27 097 743
27 097 743
SUB
TRUST
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
23 084 627
23 084 627
23 613 121
25 962 843
27 097 743
27 097 743
27 097 743
27 097 743
27 097 743
23 084 627
23 084 627
23 613 121
25 962 843
27 097 743
27 097 743
27 097 743
27 097 743
27 097 743
-191 000
-172 000
-
-
-
-
-
-
-
-
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
TRUST
TREASURY
B2 Group
22 893 627
-
-528 000
-528 000
-
-528 000
-528 000
-
-
22 912 627
23 085 121
-
-
-
27 097 743
27 097 743
-
-
-
-
-
-
-
-
172 000
-
528 000
-
-
-
-
-
528 000
528 000
-
-
-
-
-
-
-
-
-
-
1 056 000
528 000
-
-
-
-
24 906 843
26 569 743
27 097 743
27 097 743
DIFFERENCES
B2 Company
SUB
191 000
TRUST
-
-
TREASURY
-
-
B2 Group
191 000
172 000
528 000
528 000
88
SilverBridge Holdings
2008
2007
2006
2005
2004
2003
2002
2001
2000
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
106 240
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
32 597 285
32 597 285
52 472 851
54 409 900
54 409 900
54 409 900
62 562 000
62 562 000
62 562 000
SUB
-
-
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
SUB
TRUST
TREASURY
ex
SHAREHOLDERS'
SPREAD
B2 Company
TREASURY
-106 240
-
-
-
-
-
-
-
32 491 045
32 597 285
52 472 851
54 409 900
54 409 900
54 409 900
62 562 000
62 562 000
62 562 000
32 597 285
32 597 285
52 472 851
54 409 900
54 409 900
54 409 900
62 562 000
62 562 000
62 562 000
-106 240
-39 200
-
-
-
-
-
-
-
TRUST
-
-
-
-
-
-
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
32 491 045
32 558 085
52 472 851
54 409 900
54 409 900
54 409 900
62 562 000
62 562 000
62 562 000
B2 Group
ex USB SHARE
PROGRAM
B2 Company
SUB
B2 Group
DIFFERENCES
B2 Company
SUB
TRUST
TREASURY
B2 Group
-
-
-
-
-
-
-
-
-
106 240
39 200
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-106 240
-
-
-
-
39 200
-
-
-
89
Transpaco
2008
2007
2006
2005
2004
2003
2002
2001
2000
SUB
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
3 037 841
3 037 841
-
-
2 962 908
2 602 777
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
3 037 841
3 037 841
-
-
2 962 908
2 602 777
N/G
N/G
N/G
ex 2.3
-
-
-
-
-
-
-
-
-
ex 3.3
2 170 993
2 705 988
1 372 288
1 494 788
515 836
303 751
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
2 170 993
2 705 988
1 372 288
1 494 788
515 836
303 751
N/G
N/G
N/G
ex 2.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 3.3
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
ex 4.1
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
Most likely
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
B2 Company
32 903 197
32 903 197
30 489 497
32697710
30 692 428
30 692 428
32 711 145
32 711 145
32 711 145
SUB
-3 037 841
-3 037 841
-
-
-2 962 908
-2 602 777
-
-
-
TRUST
-2 170 993
-2 705 988
-1 372 288
-1 494 788
-515 836
-303 751
-
-
-
Most likely
TRUST
Most likely
TREASURY
ex
SHAREHOLDERS'
SPREAD
TREASURY
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
N/G
27 694 363
27 159 368
29 117 209
31 202 922
27 213 684
27 785 900
32 711 145
32 711 145
32 711 145
B2 Company
32 903 197
32 903 197
30 489 497
32 697 710
30 692 428
30 692 428
32 711 145
32 711 145
32 711 145
SUB
-3 037 841
-3 037 841
-3 037 841
-
-2 962 948
-2 602 777
-2 602 777
-2 602 777
-
TRUST
-2 170 993
-2 705 988
-1 372 288
-1 494 778
-515 836
-
-
-
-
-
-
-
-
-
-
-
-
-
27 694 363
27 159 368
26 079 368
31 202 932
27 213 644
28 089 651
30 108 368
30 108 368
32 711 145
B2 Company
-
-
-
-
-
-
-
-
-
SUB
-
-
3 037 841
-
40
-
2 602 777
2 602 777
-
TRUST
-
-
-
-10
-
-303 751
-
-
-
TREASURY
-
-
-
-
-
-
-
-
-
B2 Group
-
-
3 037 841
-10
40
-303 751
2 602 777
2 602 777
-
B2 Group
ex USB SHARE
PROGRAM
TREASURY
B2 Group
DIFFERENCES