25. Capital and reserves attributable to shareholders of the Company
 
  2018 
R’000 		     2017 
R’000 		  
Share capital          
Issued share capital  16 873        16 770    
Share premium  797 717        379 792    
Reserves  22 505 429        20 557 591    
Foreign currency translation reserve  262 787        286 628    
Hedging reserve  (963)       6 489    
Equity-settled share-based payment reserve  (243 388)       (14 787)   
Retained earnings  22 486 993        20 279 261    
Shares held by subsidiary as treasury shares  637 063        743 152    
Share capital  (35)       (16)   
Share premium  637 098        743 168    
Capital and reserves attributable to shareholders of the Company  23 957 082        21 697 305    
Reserves comprise                
Company and subsidiaries  21 688 013        19 948 801    
Associates  817 416        608 790    
   22 505 429        20 557 591    
Share capital                  
Authorised                
540 000 000 (2017: 540 000 000) ordinary shares of 5 cents each  27 000        27 000    
Issued                
Number of shares in issue  337 463 035        335 404 212    
   Balance at beginning of year  335 404 212        335 404 212    
   Issue for cash  2 058 823        –    
Less: Shares held by subsidiary as treasury shares  (696 625)       (310 024)   
   Balance at beginning of year  (310 024)       (2 509 812)   
   Shares held by the Bidvest Education Trust  (386 601)       –    
   Sale of shares by subsidiary to staff in terms of share incentive scheme  –        2 199 788    
Net shares in issue  336 766 410        335 094 188    

30 000 000 (2017: 30 000 000) of the unissued ordinary shares are under the control of the directors until the next annual general meeting.

Foreign currency translation reserve

The translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations.

Hedging reserve

The hedging reserve represents the effective portion of gains or losses arising on changes in fair value of hedging instruments entered into as cash flow hedges. The cumulative gain or loss arising on changes in fair value of the hedging instruments that are recognised and accumulated under the hedging reserve will be reclassified to profit or loss when the hedged transaction takes place. Where the hedged transaction is for the acquisition of non-monetary assets, the relevant hedging reserve will be offset against the acquisition cost.

Equity-settled share-based payment reserve

The equity-settled share-based payment reserve includes the fair value of the share appreciation rights granted and conditional share awards made to staff and executive directors, which have been recognised over the vesting period at fair value with a corresponding expense recognised in the income statement. The reserve also includes a share based cost resulting from an empowerment transaction entered into by a subsidiary.