INTEGRATED ANNUAL
REPORT 2020

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ANALYSIS OF SHAREHOLDING

    Number of
shareholdings		 % of total
shareholdings		 Number
of shares		 % of issued
capital
Shareholder spread          
1 – 1 000   2 077 56.32 493 537 0.05
1 001 – 10 000   883 23.94 2 996 453 0.28
10 001 – 100 000   338 9.16 13 147 562 1.24
100 001 – 1 000 000   292 7.92 102 453 739 9.66
Over 1 000 000   98 2.66 941 804 421 88.77
Total   3 688 100.00 1 060 895 712 100.00
Distribution of shareholders          
Assurance companies   37 1.00 10 989 906 1.04
Close corporations   20 0.54 2 494 376 0.24
Collective investment schemes   220 5.97 271 693 752 25.61
Control accounts   3 0.08 27 0.00
Custodians   24 0.65 1 055 165 0.10
Foundations and charitable funds   35 0.95 14 218 647 1.34
Hedge funds   7 0.19 27 235 403 2.57
Insurance companies   7 0.19 3 535 940 0.33
Investment partnerships   13 0.35 104 956 0.01
Managed funds   33 0.89 3 962 327 0.37
Medical aid funds   21 0.57 6 253 749 0.59
Organs of state   1 0.03 943 574 0.09
Private companies   77 2.09 457 602 750 43.13
Public companies   11 0.30 115 594 140 10.90
Public entities   3 0.08 550 509 0.05
Retail shareholders   2 773 75.19 20 134 706 1.90
Retirement benefit funds   221 5.99 98 310 259 9.27
Scrip lending   3 0.08 3 750 281 0.35
Share schemes   1 0.03 435 558 0.04
Sovereign funds   3 0.08 12 731 484 1.20
Stockbrokers and nominees   16 0.43 1 324 802 0.12
Trusts   155 4.20 7 973 122 0.75
Unclaimed scrip   4 0.11 279 0.00
Total   3 688 100.00 1 060 895 712 100.00
* In terms of section 56(3)(a) and (b) and section 56(5)(a), (b) and (c) of the Companies Act, foreign disclosures have been incorporated into this analysis (increasing the number of shareholdings).
    Number of
shareholdings		 % of total
shareholdings		 Number
of shares		 % of issued
capital
Shareholder type          
Non-public shareholders   11 0.30 529 684 128 49.93
>10% HCI and its subsidiaries   4 0.11 523 819 720 49.38
Directors and associates   7 0.19 5 864 408 0.55
Public shareholders   3 677 99.70 531 211 584 50.07
Total   3 688 100.00 1 060 895 712 100.00
    Number of
shareholdings		   Number
of shares		 % of issued
capital
Fund managers with a holding greater than 3% of the issued shares          
Allan Gray       204 390 080 19.27
Steyn Capital Management       57 903 827 5.46
PSG Asset Management       41 423 415 3.90
Prudential Investment Managers       32 707 928 3.08
Total       336 425 250 31.71
Beneficial shareholders with a holding greater than 3% of the issued shares          
TIHC Investments (RF) Proprietary Limited       415 182 027 39.14
Allan Gray       123 089 731 11.60
HCI       106 784 202 10.07
PSG       41 418 475 3.90
Steyn Capital       33 501 242 3.16
Total       719 975 677 67.87
Total number of shareholdings   3 688      
Total number of shares in issue   1 060 895 712      
Share price performance          
Opening price 12 June 2019   R2.70      
Closing price 31 March 2020   R1.58      
Closing high for period   R4.60      
Closing low for period   R1.30      
Number of shares in issue   1 060 895 712      
Volume traded during period   255 559 913      
Ratio of volume traded to shares issued   24.09%      
Rand value traded during the period   R959 732 883      
Price:earnings ratio as at 31 March 2020   15.19      
Earnings yield as at 31 March 2020   6.58      
Dividend yield as at 31 March 2020   0      
Market capitalisation as at 31 March 2020   R1 676 215 225      

DIRECTORS’ INTERESTS

    31 March 2020 At listing (12 June 2019)
    Direct
beneficial		 Indirect  
beneficial(1)		 Associates Total Direct
beneficial		 Indirect  
beneficial(1)		 Associates Total
Executive directors                  
MN von Aulock(3)   – 2 916 388 – 2 916 388 – 235 495 – 235 495
L McDonald(2)(3)   46 377 – – 46 377 46 377 – – 46 377
Non-executive directors                  
JA Copelyn   – 2 591 111 – 2 591 111 – 1 973 836 – 1 973 836
JR Nicolella   – – 59 479 59 479 – – 2 479 2 479
Total   46 377 5 507 499 59 479 5 613 355 46 377 2 209 331 2 479 2 258 187

Refer to note 3 below for changes in the above interests of directors subsequent to year end and the date of approval of the consolidated annual financial statements.

(1) Certain directors are nominees of HCI and they (or their associates) may have an indirect interest in Tsogo Sun Hotels as a result of those interests held in HCI.
(2) These shares were acquired in terms of the Gold Reef Share Scheme Trust (‘Trust’), an equity-settled share-based compensation plan established in September 1999. Shares acquired through the share scheme were settled by the participants at the subscription prices as determined in the option contracts by way of loans granted by the Trust to the participants. Any dividends paid on those shares are utilised to reduce the balance owing by participants. Loans to participants incur fringe benefit tax as the loans are interest free.
(3) The group has entered into a share for share agreement with Elsitime Proprietary Limited to acquire 559 746 Hospitality shares. These shares will be acquired in exchange for the issue and allotment of 990 750 Tsogo Sun Hotels ordinary shares at an exchange ratio of 1.77 Tsogo Sun Hotels shares for every 1 Hospitality share acquired. The effective date of this transaction in expected to be on or about 19 August 2020. Marcel von Aulock and Laurelle McDonald hold 75% and 25% respectively of the issued share capital of Elsitime Proprietary Limited.

 

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