SHAREHOLDER ANALYSIS 1. ANALYSIS OF REGISTERED ORDINARY SHAREHOLDERS AND COMPANY SCHEMES Source: J.P. Morgan Cazenove
REGISTERED SHAREHOLDER SPREAD In accordance with the JSE Listings Requirements, the following table confirms that on 28 December 2018 the spread of registered ordinary shareholders, as detailed in the integrated report and accounts, was: Number of holders
% of total shareholders
Number of shares
% of issued capital
1 – 1 000 shares 1 001 – 10 000 shares 10 001 – 100 000 shares 100 001 – 1 000 000 shares 1 000 001 shares and above
3 467 1 097 341 133 20
68,54 21,69 6,74 2,63 0,40
1 084 256 3 402 098 12 160 458 48 202 064 56 980 207
0,89 2,79 9,98 39,57 46,77
TOTAL
5 057
100
121 829 083
100
Shareholder spread
PUBLIC AND NON-PUBLIC SHAREHOLDINGS Within the shareholder base, we are able to confirm the split between public shareholdings and Directors/Company-related schemes as being: Shareholder type
Number of holders
% of total shareholders
Number of shares
% of issued capital
5 053 4
99,92 0,08
109 778 345 12 050 738
90,11 9,89
1 3
0,02 0,06
11 884 699 166 309
9,76 0,14
5 057
100
121 829 083
100
Public shareholders Non-public shareholders — Treasury shares — Directors/related holdings TOTAL
2. SUBSTANTIAL INVESTMENT MANAGEMENT AND BENEFICIAL INTERESTS SUBSTANTIAL INVESTMENT MANAGEMENT AND BENEFICIAL INTERESTS ABOVE 3% Through regular analysis of STRATE registered holdings, and pursuant to the provisions of section 56 of the Companies Act, the following shareholders held directly and indirectly equal to or in excess of 3% of the issued share capital as at 28 December 2018: INVESTMENT MANAGEMENT SHAREHOLDINGS Investment manager PIC Allan Gray PSG Asset Management Kagiso Asset Management Dimensional Fund Advisors AECI Community Education and Development Trust The Vanguard Group Sanlam Investment Management TOTAL
100
AECI INTEGRATED REPORT AND SUMMARISED FINANCIAL STATEMENTS 2018
Total shareholding (number of shares)
% of issued capital
16 028 078 15 196 743 11 417 376 7 159 425 5 832 506 4 426 604 3 776 118 3 439 660
14,58 13,82 10,38 6,51 5,30 4,03 3,43 3,13
67 276 510
61,18
SHAREHOLDER ANALYSIS
2. SUBSTANTIAL INVESTMENT MANAGEMENT AND BENEFICIAL INTERESTS
CONTINUED
INVESTMENT MANAGEMENT SHAREHOLDING POSITIONS ABOVE 3% WITH 12-MONTH CHANGE
TOTAL SHAREHOLDING (MILLIONS OF SHARES)
HISTORICAL SHAREHOLDING (MILLIONS OF SHARES)
AECI SHARE PRICE OVER THE YEAR (RAND)
200
175 16,0 150
14,6
15,2
125
12,0
11,9
11,4
100
7,4
75
7,2 5,8
50
6,1
5,5 4,4
4,4
3,8
3,8
3,4
25
0 GOVERNMENT EMPLOYEES PENSION FUND (PIC)
ALLAN GRAY
PSG ASSET MANAGEMENT
KAGISO ASSET MANAGEMENT
DIMENSIONAL FUND ADVISORS
AECI COMMUNITY EDUCATION AND DEVELOPMENT TRUST
THE VANGUARD GROUP
SANLAM INVESTMENT MANAGEMENT
Total shareholding (number of shares)
% of issued capital
15 264 349 4 680 812 4 426 604 5 086 018
13,44 4,26 3,63 2,85
29 457 783
24,18
BENEFICIAL SHAREHOLDINGS Beneficial shareholdings Government Employees Pension Fund (PIC) PSG Flexible Fund AECI Community Education and Development Trust Allan Gray Balanced Funds TOTAL
AECI INTEGRATED REPORT AND SUMMARISED FINANCIAL STATEMENTS 2018
101
SHAREHOLDER ANALYSIS
2. SUBSTANTIAL INVESTMENT MANAGEMENT AND BENEFICIAL INTERESTS
CONTINUED
BENEFICIAL SHAREHOLDING POSITIONS ABOVE 3% WITH 12-MONTH CHANGE
TOTAL SHAREHOLDING (MILLIONS OF SHARES)
HISTORICAL SHAREHOLDING (MILLIONS OF SHARES)
AECI SHARE PRICE OVER THE YEAR (RAND)
200
175
16,4
150
15,3 125
100
75
50
5,1
4,7
4,4
3,5
25
4,4
3,1
0 GOVERNMENT EMPLOYEES PENSION FUND (PIC)
ALLAN GRAY BALANCED FUNDS
PSG FLEXIBLE FUND
AECI COMMUNITY EDUCATION AND DEVELOPMENT TRUST
PREVIOUSLY DISCLOSED HOLDINGS INVESTMENT MANAGERS NOW HOLDING BELOW 3% Investment manager Coronation Asset Management Old Mutual TOTAL
102
AECI INTEGRATED REPORT AND SUMMARISED FINANCIAL STATEMENTS 2018
Total shareholding (number of shares)
% of issued capital
Previous %
1 161 116 1 884 219
1,06 1,71
4,89 4,06
3 045 335
2,77
8,95
SHAREHOLDER ANALYSIS
3. GEOGRAPHIC SPLIT OF SHAREHOLDERS GEOGRAPHIC SPLIT OF INVESTMENT MANAGERS AND COMPANY-RELATED HOLDINGS Region South Africa United States of America and Canada United Kingdom Rest of Europe Rest of the world 1 TOTAL
Total shareholding (number of shares)
% of issued capital
80 882 215 18 562 080 4 724 469 1 753 833 15 906 486
66,39 15,24 3,88 1,44 13,06
121 829 083
100,00
Total shareholding (number of shares)
% of issued capital
81 640 493 18 265 880 2 652 867 3 773 434 15 496 409
67,01 14,99 2,18 3,10 12,72
121 829 083
100,00
GEOGRAPHIC SPLIT OF BENEFICIAL SHAREHOLDERS Region South Africa United States of America and Canada United Kingdom Rest of Europe Rest of the world 1 TOTAL 1 Represents all shareholdings except those in the above regions.
4. SHAREHOLDER CATEGORIES An analysis of beneficial shareholdings, supported by the section 56 enquiry process, confirmed the following beneficial shareholder types:
BENEFICIAL SHAREHOLDER CATEGORIES Category Unit trusts Pension funds Black Economic Empowerment Insurance companies Private investor Trading position Exchange-traded fund Hedge fund Custodians Sovereign wealth University Medical aid scheme Charity Local authority Remainder TOTAL
Total shareholding (number of shares)
% of issued capital
48 319 359 34 539 741 5 596 271 3 835 786 3 091 623 2 442 125 1 184 226 992 715 898 117 519 345 318 097 300 856 247 000 214 952 19 328 870
39,66 28,35 4,59 3,15 2,54 2,00 0,97 0,81 0,74 0,43 0,26 0,25 0,20 0,18 15,87
121 829 083
100,00
AECI INTEGRATED REPORT AND SUMMARISED FINANCIAL STATEMENTS 2018
103
SHAREHOLDER ANALYSIS
4. SHAREHOLDER CATEGORIES
CONTINUED
BENEFICIAL SHAREHOLDERS SPLIT BY CATEGORY (%) 1
19,70
2,00 2,54 3,15 4,59
39,66 28,35 4,59 3,15 2,54 2,00 19,70
UNIT TRUSTS PENSION FUNDS BLACK ECONOMIC EMPOWERMENT INSURANCE COMPANIES PRIVATE INVESTOR TRADING POSITION REMAINDER
39,66
28,35
1 Includes categories above 2% only.
5. ANALYSIS OF INVESTMENT STYLES (%) 1 Analysis into institutional attributes broadly indicates the following split of investment approach within the shareholder base:
2,87
1,64
4,59
21,87 8,23
12,54
21,87 19,13 14,62 14,51 13,24 1,26
12,54 8,23 4,59 2,87 1,64
INDEX VALUE OTHER GROWTH
GROWTH EXCL. GROWTH AT A REASONABLE PRICE (GARP) GARP
DEEP VALUE QUANTITATIVE BLACK ECONOMIC EMPOWERMENT TRADING POSITION RETAIL
19,13
14,51
14,62
1 Includes categories above 1% only.
104
AECI INTEGRATED REPORT AND SUMMARISED FINANCIAL STATEMENTS 2018
