African Phoenix Investments Ltd is an investment holding company, with income generated through dividends received from its 100% owned subsidiary, Stangen.
The shares of African Phoenix are listed and tradeable on the JSE.
Ordinary share code: AXL and ISIN: ZAE000221370
As a publicly listed investment holding company, African Phoenix’s primary aim is to create and sustain long-term value as measured by consistent growth in net asset value, before distributions to shareholders.
Accordingly, the Board has chosen to position African Phoenix as an investment holding company, managed primarily by black South Africans who have a proven track record of deploying capital in a manner that generates long term economic value.
It is the Company’s intention to reach its long-term goal by owning meaningful equity interests in a range of diverse businesses that have either a proven track record or a proven business concept. These businesses should demonstrably generate or be able to generate cash and should earn acceptable returns in relation to the initial capital invested.
While African Phoenix is a listed company, it is able to benefit from the advantages of operating as a private equity investor without the limitations of a typical private equity structure, which usually demands an exit from investee companies within a defined period.
Investments are selected with a long-term view in mind and the intention is that they will be maintained for as long as they continue to meet the Company’s investment criteria.
Conversely, investments will be disposed of should they fall short of these criteria.
The performance of deployed capital is actively assessed against the investment criteria on an ongoing basis to make sure that African Phoenix meets its long-term objective of growing the Company’s net asset value by more than the cost of capital at portfolio level. African Phoenix will continue to use its strong balance sheet to take advantage of appropriate investment opportunities and to build shareholder value.
At subsidiary level, Stangen will continue to strengthen its distribution network and to actively seek out synergies that will enable it to secure its long-term sustainability.
Stangen is currently African Phoenix Investments Ltd.’s only trading subsidiary. Having previously operated as “The Standard General Insurance Company Limited”, it began marketing itself using the shortened brand name “Stangen” in June 2017. Stangen is a niche life insurer that provides a range of insurance products designed for individuals and community groups across the Disability, Health, and Life Insurance sectors.
Stangen's products are purposefully designed to be inclusive and promote responsible, wise financial decisions. Stangen also has a financial services provider license. Visit their website www.stangen.co.za or www.stangenlife.co.za for more information.
Historically Stangen sold credit life insurance to the clients of African Bank Limited. Effective 30 June 2017, all such credit life policies have been transferred to Guardrisk Life Limited. Stangen has however retained the retail bancassurance portfolio that wasn’t linked to unsecured loans (mainly funeral policies) and continues to service these customers directly.
Residual Debt Services Limited ('RDS') is the new name given to what was previously the 100% owned subsidiary of African Phoenix called African Bank Limited. The name was changed from African Bank Limited to RDS on 4 April 2016, when the whole African Bank Limited balance sheet was sold to a new entity which was then called New African Bank.
RDS remains as a 100% subsidiary of African Phoenix Investments Ltd , while the new African Bank was launched as a new separate entity called African Bank Limited.
RDS is currently in curatorship, managed for the benefit of creditors by Tom Winterboer, who was appointed by the Reserve Bank.
RDS has been impaired in full by African Phoenix.
Ellerine Holdings Limited is a 100% owned subsidiary of African Phoenix, which commenced business rescue proceedings on August 21, 2014.
The business rescue plan was adopted on 5 June 2015. The company is still in business rescue.
Ellerines Holdings Limited has been impaired in full by African Phoenix.
Dematerialised shareholders need not take any action with regards to the change of name as their accounts at the CSDP or broker will be automatically updated with the change of name.
For certificated shareholders, it is strongly recommended that they take this opportunity to dematerialise their shares. To do this, shareholders should approach a CSD Participant or their banker or broker as soon as possible to arrange for the dematerialisation of their shares.
Alternatively, certificated shareholders are referred to the “Procedure for surrendering existing documents of title”paragraph set out under Special Resolution Number 6 in the African Bank Investments Ltd 2016 Notice of Annual General Meeting (available here: http://www.abil.co.za/reports.php) which sets out the process required in order for certificated shareholders to surrender their existing ABIL share certificates and obtain new African Phoenix share certificates.
African Phoenix owns 100% of Stangen, which is the Company's only trading subsidiary.
The company is still invested in Residual Debt Services Ltd ("RDS") which is still in curatorship and Ellerine Holdings Ltd (in business rescue). Both of these investments were impaired in full in previous financial periods.
Oyama Mabandla ("Oyama")
BA (Political Science) (University of California) and Juris Doctorate (Columbia University School of Law)
Oyama joined the Johannesburg Bar as a practising advocate in January 1999 after working as an investment banker for the Union Bank of Switzerland (UBS). He was then headhunted by South African Airways as general counsel, later becoming the Deputy CEO of the airline. He has held various positions during his career, including board chairperson at both Vodacom Group Limited and Consol Glass Proprietary Limited; director of Group Five Limited and Mvela Group Limited; and as a member of the JP Morgan African Advisory Board.
Warren Chapman ("Warren")
Warren is the Chief Executive Officer of Zarclear Holdings Limited (“Zarclear”) and Zarclear Proprietary Limited. He is also an executive director at Legae Peresec Holdings Proprietary Limited. Prior to joining Zarclear, he was the Managing Director at Peregrine Securities where he spent over 19 years.
Warren has been appointed as a non-executive director and as a member of the remuneration, nomination, transformation, social and ethics committee.
Koketso Mercedes Mabe (“Koketso”)
(Independent non-executive director and Lead Independent Director)
BComm (Insurance and Actuarial Science) (University of Pretoria)
Koketso is an executive director of the asset management company, Capital Link Partners Proprietary Limited. Prior to joining Capital Link Partners in 2017, Koketso spent almost ten years at the Public Investment Corporation, initially as Senior Credit Risk Manager: Fixed Income and Private Equity Portfolios between April 2008 and March 2012, and subsequently as Executive Head: Private Equity and Structured Investments Products between April 2012 and February 2017.
Koketso has held numerous sub-committee positions at both private and public companies, as well as private equity funds. He currently serves on various committees of Rand Mutual Assurance Group and Afgri Holdings Proprietary Limited.
Andrew James Hannington
(Chief Financial Officer)
Andrew was previously CEO of Grant Thornton in Johannesburg, and prior to that CEO and National Chairman of PKF. He was a member of the South African Institute of Chartered Accountants Senior Partners Committee and during his career acted as the reporting accountant on a number of JSE listings. He serves as an executive director of Zarclear and a non-executive director of Texton Property Fund Limited. Andrew is currently an independent corporate consultant and in addition, advises a number of non-profit organisations in the environmental, religious and education sectors.
The Board and senior management are committed to the highest standards of corporate governance and strive for the highest moral and ethical business standards, as well as sound and transparent business practices. Phoenix embraces the principles of good corporate governance to ensure that an ethical foundation exists that promotes, inter alia:
Results & reports
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African Phoenix Investments Ltd
Tel: +27 010 595 4983
3rd Floor Global House, 28 Sturdee Avenue, Rosebank, South Africa 2196
Private Bag X31, Northlands, South Africa 2116
Designated advisor/ Sponsor
Merchantec Capital (Pty) Ltd
Tel: +27 11 325 6363
68 Melville Road
Independent external auditor
BDO South Africa Incorporated
(Partnership practice number 905526)
Wanderers Office Park
52 Corlett Drive
(Private Bag X60500, Houghton, 2041)
Link Market Services South Africa (Pty) Limited(Registration number 2000/007239/07)
Tel: +27 11 713 0828
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001
PO Box 4844, Johannesburg, 2000, South Africa
Fax: +27 86 674 4381; 086674 1990