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Consolidation of the number of treasury shares : the South African experience

dc.contributor.authorVermeulen, M.en_ZA
dc.contributor.authorYaffar, Y.en_ZA
dc.date.accessioned2018-09-17T12:44:56Z
dc.date.available2018-09-17T12:44:56Z
dc.date.issued2014
dc.identifier.citationVermeulen, M. & Yaffar, Y. 2014. Consolidation of the number of treasury shares : the South African experience. South African Journal of Business Management, 45(1): a118, doi:10.4102/sajbm.v45i1.118.
dc.identifier.issn2078-5976 (online)
dc.identifier.issn2078-5585 (print)
dc.identifier.otherdoi:10.4102/sajbm.v45i1.118
dc.identifier.urihttp://hdl.handle.net/10019.1/104443
dc.descriptionCITATION: Vermeulen, M. & Yaffar, Y. 2014. Consolidation of the number of treasury shares : the South African experience. South African Journal of Business Management, 45(1): a118, doi:10.4102/sajbm.v45i1.118.
dc.descriptionThe original publication is available at https://sajbm.org
dc.description.abstractUnlike most other values found in companies’ annual reports, there are no accounting standards that prescribe the calculation of market capitalisation and net asset value per share. These two figures play quite a significant role when valuing and comparing different companies. It is also frequently used in determining when a company should repurchase its own shares. In South Africa the number of the holding company’s shares can differ from the total number of the group’s shares after consolidation, as subsidiaries and share trusts are allowed to hold shares in their holding company. The published financial statements of a sample of JSE-listed companies were investigated to determine which number of shares companies use to calculate net asset value per share and market capitalisation, and if it is used consistently. Eight different combinations of consolidated and unconsolidated numbers of shares were found in the calculations of market capitalisation and net asset value per share showing inconsistency in application across the JSE-listed companies.en_ZA
dc.description.urihttps://sajbm.org/index.php/sajbm/article/view/118
dc.format.extent11 pages
dc.language.isoen_ZAen_ZA
dc.publisherAOSIS
dc.subjectStocks -- South Africaen_ZA
dc.subjectJohannesburg Stock Exchangeen_ZA
dc.titleConsolidation of the number of treasury shares : the South African experienceen_ZA
dc.typeArticleen_ZA
dc.description.versionPublisher's version
dc.rights.holderAuthors retain copyright


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