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Name	synonyms = 1, variations = 2, abbreviations = 3

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Definition

A shareholder who is not directly associated with the company itself, but rather is a member of the public at large. The JSE is intent in its listing requirements to ensure that there is a good level of trade in listed shares. One of the ways which it does this is to insist on a level of shareholder spread. The listing requirements (in paragraph 4.28 (e)) require that a company listed on the main board of the JSE must have at least 20% of its shares held by public shareholders. Then a public shareholder is defined as anyone who is not: (a) the directors of the applicant or of any of its major subsidiaries; (b) the trustees of any employees’ share scheme or pension fund established for the benefit of any directors or employees of the applicant or any of its subsidiaries; (c) any person that is interested in 10% or more of the securities of the relevant class, (d) employees of the issuer, where restrictions on trading in the issuer’s listed securities, in any manner or form, are imposed by the issuer on such employees.

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