Top 10 shareholders Share class Number of shares ('000) % of issued voting capital  
Public Investment Corporation Limited Ordinary 22 245 10,77  
Lazard Asset Management LLC Group Ordinary 21 297 10,31  
Prudential Group Ordinary 18 159 8,79  
Ukhamba Holdings (Proprietary) Limited Ordinary 15 086 7,31  
Lynch Family Holding Ordinary 8 211 3,98  
Ukhamba Holdings (Proprietary) Limited Deferred Ordinary 7 699 3,73  
BlackRock Inc Ordinary 7 418 3,59  
Dimensional Fund Advisors Ordinary 7 202 3,49  
Vanguard Group Ordinary 6 020 2,92  
Fidelity Management & Research Ordinary 5 211 2,52  
Morgan Stanley Ordinary 5 196 2,52  
Stock exchange performance 2018   2017  
Number of shares in issue (million) 202   201  
Number of shares traded (million) 209   206  
Value of shares traded (Rand million) 45 495   34 434  
Market price (cents per share)    
– Closing price 19 589   16 100  
– High 28 400   18 889  
– Low 15 926   13 778  
Earning yield %* 8,0   8,6  
Price: earnings ratio* 12,5    11,6  

* Calculated using headline earnings per share.

Five-year performance of Imperial share price versus the JSE Industrial 25 Index and the JSE ALSI

Distribution of shareholders (listed ordinary shares) Number
of shareholders		 Number
of shares
(‘000)		 % of ordinary
shares listed		  
Public shareholders 5 735 146 363 72,47  
Non-public shareholders  
– Shareholder holding more than 10% 2 43 543 21,56  
– Shareholder entitled to appoint a director  
– Directors, their associates and employees 68 8 579 4,25  
– Treasury shares 1 3 487 1,73  
5 806 201 971 100,00  
Spread of listed holdings Number
of shareholders		 % Number
of shares
(‘000)		 %  
1 – 1 000 4 168 71,79 1 263 0,63  
1 001 – 10 000 1 038 17,88 3 443 1,70  
10 001 – 100 000 429 7,39 13 831 6,85  
Over 100 000 171 2,95 183 436 90,82  
5 806 100,00 201 971 100,00  
Shareholder type Number
of shares
(‘000)		 % of
voting shares		  
Financial institutions, pension and provident funds 81 373 39,41  
Unit trusts 82 137 39,78  
Individuals 9 796 4,74  
Directors and employees 8 579 4,15  
Corporate holdings 16 901 8,19  
Listed ordinary shares (net of treasury shares) 198 786 96,28  
Unlisted deferred ordinary shares 7 669 3,72  
Total voting shares in issue net of treasury shares 206 485 100,00  
Treasury shares 3 185  
Non-redeemable preference shares 4 540  
Total shares in issue 214 211  
  2018   2017
Directors’ interests in shares* Beneficial Non-
beneficial		   Beneficial Non-
beneficial 		 
Non-executive    
GW Dempster 99   99  
SP Kana 9 417   9 417  
RJA Sparks 40 000   40 000 20 000  
Y Waja1    1 000  
49 516 –    50 516 20 000  
Executive    
MJ Lamberti2   600 000  
M Akoojee 72 365   51 064  
OS Arbee 161 476   134 850  
MP de Canha3   7 298 946  
M Swanepoel 144 147   110 575  
P Michaux4    95 931  
377 988 –    8 291 366 –  
Total 427 504 –    8 341 882 20 000  
* Between year end and the publication of this report, there were no changes in directors’ interests.
1 Resigned on 13 October 2017.
2 Resigned as director on 30 April 2018.
3 Retired on 31 January 2018.
4 Resigned as director on 21 August 2017.