2019 
R'000 		   2018 
R'000 		  
25.   Capital and reserves attributable to shareholders of the Company             
    Share capital           
   Issued share capital  16 948    16 873   
   Share premium  1 099 231    797 717   
   Reserves  23 864 970    22 505 429   
      Foreign currency translation reserve  208 936    262 787   
      Hedging reserve  (13 580)   (963)  
      Equity-settled share-based payment reserve  (343 118)   (243 388)  
      Retained earnings  24 012 732    22 486 993   
   Shares held by subsidiary as treasury shares  637 063    637 063   
      Share capital  (35)   (35)  
      Share premium  637 098    637 098   
   Capital and reserves attributable to shareholders of the Company  25 618 212    23 957 082   
   Reserves comprise           
   Company and subsidiaries  22 654 133    21 688 013   
   Associates  1 210 837    817 416   
      23 864 970    22 505 429   
   Share capital           
   Authorised           
   540 000 000 (2018: 540 000 000) ordinary shares of 5 cents each  27 000    27 000   
      Number    Number   
   Issued           
   Number of shares in issue  338 961 976    337 463 035   
      Balance at beginning of year  337 463 035    335 404 212   
      Issued in settlement share incentive scheme obligations  1 498 941    2 058 823   
   Less: Shares held by subsidiary as treasury shares  (579 939)   (696 625)  
      Balance at beginning of year  (696 625)   (310 024)  
      Borrowed in settlement of share incentive obligations  116 686    –   
      Shares held by the Bidvest Education Trust  –    (386 601)  
   Net shares in issue  338 382 037    336 766 410   
 

16 750 000 (2018: 30 000 000) of the unissued ordinary shares are under the control of the directors until the next annual general meeting.

No cash flows outside of the Group, when share incentive obligations are settled. To facilitate the orderly settlement of its share incentive obligations The Bidvest Share Incentive Trust borrows Bidvest ordinary shares from the Group’s treasury stock. The treasury stock is periodically replenished via a new issue. The number of outstanding treasury shares borrowed in settlement of share incentive obligations at 30 June 2019 was 116 686 (2018: Nil).

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.