The total percentage held by major shareholders and directors is noted after each class of share, unless the holdings are below 0.01%. Directors with large holdings are included under directors, not under major shareholders.

Only major shareholders of the most actively-traded class of share are listed. These are shown in size order and if a major shareholding has increased or decreased within the last nine months this is indicated by a figure (how many months ago) and a plus or minus sign (to show buying or selling).

In the panel, it is only possible to list nine major shareholders including directors. Usually, this will result in a maximum of five directors and four major shareholders.

The size of shareholdings are shown as follows:

1% or more........................................ % (percentage of shares in issue)
1,000,000 or more............................... m (millions of shares)
1,000 or more...................................... k (thousands of shares)
under 1,000......................................... n (number of shares)

Directors' shareholdings in the first class of share will be listed in this order: executive chairman, managing director or chief executive, finance director, non-executive chairman, executive directors (in annual report order) and non-executive directors (also in annual report order). Dealings are indicated with a figure and a plus or minus sign in exactly the same way as for major shareholdings. Non-beneficial directors' holdings under 3% are ignored but family holdings are aggregated with the beneficial holdings. Very large
non-beneficial holdings are shown under major shareholdings in the name of the actual beneficial shareholder.

When any director has dealt during the preceding six months, the notation [d] will appear after the particular class of share.

An August 1993 study by Smith New Court demonstrated that by following directors' dealings, an investor can out-perform the market.