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Shareholder analysis

as at 26 February 2010

Altron shareholder analysis – compiled by VACO Stakeholder Intelligence utilising the company’s transfer secretaries’ records as at 26 February 2010.

 
Number of  
 
Number  
 
 
shareholdings  
%  
of shares  
%  
SHAREHOLDER SPREAD
        
– ORDINARY SHARES
        
1  – 500 shares 1 273   34.90   303 123   0.29  
501  – 1 000 shares 721   19.77   594 658   0.56  
1 001  – 5 000 shares 1 151   31.56   2 801 508   2.65  
5 001  – 10 000 shares 196   5.37   1 458 333   1.38  
10 001  – 50 000 shares 215   5.90   4 755 994   4.50  
50 001  – 100 000 shares 35   0.96   2 374 956   2.25  
Over 100 000 shares 56   1.54   93 380 559   88.37  
Totals
3 647  
100.00  
105 669 131  
100.00  
         
DISTRIBUTION OF SHAREHOLDERS
        
– ORDINARY SHARES
        
Banks 27   0.74   717 138   0.68  
Close corporations 68   1.86   105 772   0.10  
Endowment funds 30   0.82   293 396   0.28  
Holding company 1   0.03   50 630 527   47.92  
Individuals 2 634   72.22   14 438 195   13.66  
Insurance companies 24   0.66   3 354 512   3.17  
Investment companies 19   0.52   918 691   0.87  
Medical aid schemes 2   0.05   14 790   0.01  
Mutual funds 107   2.93   11 116 067   10.52  
Nominees and trusts 481   13.19   1 888 598   1.79  
Other corporations 40   1.10   115 543   0.11  
Private companies 91   2.50   1 389 968   1.32  
Public companies 9   0.25   63 901   0.06  
Repurchased shares 1   0.03   3 246 469   3.07  
Retirement funds 113   3.10   17 375 564   16.44  
Totals
3 647  
100.00  
105 669 131  
100.00  

 

 
Number of  
 
Number  
 
 
shareholdings  
%  
of shares  
%  
SHAREHOLDER SPREAD
        
– PARTICIPATING PREFERENCE SHARES
        
1  – 500 shares 4 109   58.03   614 190   0.25  
501  – 1 000 shares 821   11.59   631 372   0.26  
1 001  – 5 000 shares 1 258   17.77   3 027 577   1.26  
5 001  – 10 000 shares 284   4.01   2 131 121   0.89  
10 001  – 50 000 shares 330   4.66   7 707 059   3.20  
50 001  – 100 000 shares 85   1.20   6 127 660   2.55  
Over 100 000 shares 194   2.74   220 455 700   91.59  
Totals
7 081  
100.00  
240 694 679  
100.00  
         
DISTRIBUTION OF SHAREHOLDERS
        
– PARTICIPATING PREFERENCE SHARES
        
Banks 39   0.55   6 035 190   2.51  
Close corporations 77   1.09   118 737   0.05  
Endowment funds 41   0.58   756 160   0.32  
Individuals 5 698   80.46   8 457 308   3.51  
Insurance companies 42   0.59   41 862 977   17.39  
Investment companies 29   0.41   2 485 144   1.03  
Medical aid schemes 11   0.16   198 147   0.08  
Mutual funds 176   2.49   68 101 345   28.29  
Nominees and trusts 554   7.82   6 599 784   2.74  
Other corporations 48   0.68   73 554   0.03  
Private companies 116   1.64   6 865 444   2.85  
Public companies 8   0.11   18 870   0.01  
Repurchased shares 2   0.03   27 704 013   11.51  
Retirement funds 239   3.38   71 096 206   29.54  
Share trust 1   0.01   321 800   0.14  
Totals
7 081  
100.00  
240 694 679  
100.00  
 
 
 
STOCK EXCHANGE PERFORMANCE DURING THE PAST SIX YEARS
 
2010
 2009 2008 2007 2006 2005
 
 
Participating  
   Participating    Participating    Participating    Participating    Participating 
 
Ordinary
preference  
 Ordinary preference  Ordinary preference  Ordinary preference  Ordinary preference  Ordinary preference 
Market value per share (cents)
 
 
                    
– at year-end
2 600
2 350  
 1 950 1 920  3 700 3 600  4 478 4 200  2 550 2 250  1 555 1 538 
– highest
3 100
2 879  
 4 390 4 240  5 600 5 100  5 000 4 500  2 610 2 350  1 725 1 665 
– lowest
1 530
1 487  
 1 830 1 775  3 500 3 320  2 350 2 100  1 460 1 385  1 100 1 099 
Number of shares traded (000)
23 814
88 015  
 18 506 96 723  14 496 89 796  9 023 68 696  20 079 49 069  18 879 49 903 
Value of shares traded (R’000)
585 069
2 121 315  
 616 580 2 928 417  654 634 3 866 991  271 172 1 965 779  398 947 903 016  254 339 649 083 
Total volume traded as %
 
 
                    
  of total issued shares
22.54
36.57  
 17.51 40.36  13.72 37.8  9.28 32.2  20.7 23.1  19.4 23.9 
 
 
 
SHAREHOLDER SPREAD
 
ORDINARY SHARES
PARTICIPATING PREFERENCE SHARES
 
Number of  
 
Number of  
 
Number of  
 
Number of  
 
 
shareholdings  
%  
shares  
%  
shareholdings  
%  
shares  
%  
Public   3 641   99.84   42 441 608   40.17   7 068   99.81   206 413 475   85.76  
Non-public   6   0.16   63 227 523   59.83   13   0.19   34 281 204   14.24  
 
 
 
BENEFICIAL SHAREHOLDERS HOLDING 2% OR MORE OF THE COMPANY’S LISTED ORDINARY SHARES
AS AT 26 FEBRUARY 2010
 
Number of  
 
 
shares  
%  
Venter WP 59 324 597   56.14  
Government Employees Pension Fund 13 161 358   12.46  
Old Mutual 4 366 589   4.13  
Altron Finance (Pty) Limited 3 246 469   3.07  
 
 
 
BENEFICIAL SHAREHOLDERS HOLDING 2% OR MORE OF THE COMPANY’S LISTED PARTICIPATING PREFERENCE SHARES
AS AT 26 FEBRUARY 2010
 
Number of  
 
 
shares  
%  
Old Mutual   43 199 906   17.95  
Government Employees Pension Fund   31 569 845   13.12  
Altron Finance (Pty) Limited   27 704 013   11.51  
Sanlam   13 410 447   5.57  
Nedbank Group   12 122 852   5.04  
Investment Solutions   11 434 845   4.75  
Venter WP   6 231 184   2.59  
Metal & Engineering Industries   5 705 653   2.37  
Mines Pension Fund 5 484 251   2.28  
Liberty Group 4 963 230   2.06  
 
 
SUMMARISED TERMS OF THE PARTICIPATING PREFERENCE SHARES
Altron has two securities listed on the JSE Limited (JSE), namely ordinary shares and participating preference shares. The ordinary and participating preference shares, other than in respect of voting, rank pari passu for earnings and dividends. The participating preference shares have been classified by the JSE as an N share, due to their lower voting rights. Accordingly, both classes of shares must be taken into account when determining the market capitalisation of Altron. The terms of the participating preference shares are summarised below:
 
Par value (nominal value)
The participating preference shares have a par value of 0.01 cent per share while the ordinary shares have a par value of 2 cents per share.
 
Earnings and dividends
The participating preference shares rank pari passu with the ordinary shares in terms of earnings and dividends.
 
Voting
Holders of participating preference shares may attend general meetings of the company but may only vote in the following circumstances:
  • where no dividend on the participating preference shares in respect of any financial year has been declared and paid within six months of the end of the financial year.
  • upon the winding up of Altron.
  • the resolution before the meeting involves the disposal of the whole or substantially the whole of the undertaking of the company or the whole or the greater part of the assets of the company.
  • the resolution before the meeting directly affects the rights attaching to the participating preference shares.
  • where dividends remain in arrears and unpaid for more than six months.
  • otherwise in accordance with Altron’s articles of association.

In such circumstances, a holder of the participating preference shares will be entitled, on a poll, to that proportion of the total votes of Altron which the aggregate of the nominal value of the participating preference shares held by him/her bears to the aggregate nominal value of all the shares in Altron.

Holders of participating preference shares are entitled to receive financial statements, notices of general meetings and other reports issued by Altron from time to time.

No resolution for the voluntary winding up of Altron or the creation of shares ranking in priority to or pari passu with the participating preference shares may be passed, unless the participating preference shareholders have given their prior consent thereto at a separate class meeting of the participating preference shareholders.

Bonus or capitalisation awards
Holders of participating preference shares are entitled to participate in any bonus or capitalisation issues or other offer of securities made to the holders of the ordinary shares on the basis that, in respect of each participating preference share so held, the holder thereof will be offered or entitled to receive such number of participating preference shares or like securities having the same voting rights as the particular preference shares on a basis and terms relative to each ordinary share.
 
Distribution of assets
Holders of participating preference shares are entitled to participate in any offer or distribution of assets made by Altron to ordinary shareholders. The offer or distribution in terms thereof in respect of each participating preference share shall be on the basis and terms relative to each ordinary share.
 
Winding up
Holders of participating preference shares are entitled on winding up to receive out of the surplus assets in priority to the holders of the ordinary shares, payment of the nominal value per participating preference share. Thereafter, once the ordinary shares have received a distribution of the equivalent nominal value per participating preference share, each participating preference share shall rank equally with the ordinary shares in any surplus then remaining.
 
Variation of rights
The rights attaching to the participating preference shares may be varied only with the prior consent thereto at a separate class meeting of the participating preference shareholders.