The 2018 annual report shows there's been no change whatsoever...

The 2018 annual report shows there's been no change whatsoever to the composition of SRH's top 20 shareholders over the last year - just some shuffling of positions within the top 20.

Seven of the top 20 shareholders increased their holdings over the year. None reduced their holdings. As a result, ownership of the company has become even more concentrated, with the top 20 now holding 73.2% of the company compared to 71.1% a year ago.

The total number of shareholders has declined each year since 2014, from 691 in 2014 to just 554 in 2018.

The movement of shares from weak hands to strong hands continues. As a result, it's probably getting more and more difficult to acquire shares in the company without bidding up the price.