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 Preference share code: AXLP and ISIN: ZAE000221388
The 2017 financial year represents the first full year of operations after business rescue proceedings, and will therefore provide an opportunity for the Group to utilise its strong balance sheet to explore synergistic opportunities and to create shareholder value.
The Group’s strategy in relation to Stangen involves a combination of the minimal investments necessary to enable Stangen to operate as a viable going concern, and actively exploring partnerships to accelerate the Company’s return to sustainability. In addition to seeking general investment opportunities, the Group will endeavor to explore those investment opportunities that provide synergies for Stangen, where appropriate.
Management remains focused on establishing the Group’s operating platform and in generating opportunities for medium to long term growth and sustainability. As an investment holding company, the Group will seek opportunities that have the potential
for capital appreciation and for creation of shareholder value.
More on the group structure...
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.
(Independent Non-Executive Acting Chairman)
BProc, LLB, B Juris, MBA (Finance), PhD Fellow (UP)
Morris is currently a lecturer in the University of Pretoria’s Gordon Institute of Business Science, a governance practitioner and a mass-tech entrepreneur.
Previously, Morris pursued a two decade executive level career in financial services where he, amongst other roles, served as Chief Executive Officer ("CEO") of a large investment management business and executive director of a large insurance based financial service company.
Morris chairs the Audit and Risk committee and serves on the Remuneration, transformation, ethics and sustainability committee
(Independent Non-Executive director)
Daniel ("Danie") has worked in merchant banking for at least twenty years and also gained a wealth of experience in the banking industry whilst employed at the South African Reserve Bank for five years.
Danie served as an executive director of Real Africa Holdings, as well as on the board and committees of all its subsidiary and investment companies. In addition he served as a non- executive director on the board and committees of a number of companies operating in the banking, life assurance, asset management, technology and engineering and manufacturing industries.
Danie serves on the Audit and Risk committee
(Independent Non-Executive director)
BA, LLB, Management Advancement Programme (Wits Business School), International Executive Development Programme (Wits Business School and London Business School)
Althea ("Lea") has extensive experience serving on the board of a JSE-listed company and is well skilled in scenario planning on future policies, strategy development and implementation as well as developing governance frameworks. Whilst serving on the board of Oceana, Lea led the process to ensure that Oceana’s inclusion on the JSE’s Socially Responsible Investment Index was retained for 10 consecutive years. Lea also created and established the Oceana Empowerment Trust in 2006, through which more than 2 600 black employees now own 13.8 million shares in the Oceana group.
Lea is a member of the Institute of Directors of Southern Africa
Lea chairs the Remuneration, transformation, ethics and sustainability committee
Carmen Le Grange
(Independent Non-Executive director)
BCom, CA (SA), Post Graduate Diploma in Accountancy (Natal University)
Carmen has 22 years experience in auditing and consulting in the accounting profession and was previously a partner at PricewaterhouseCoopers Proprietary Limited (“PwC”). She has had operational responsibility for a number of partners and associate directors of PwC where her focus was the development of the strategy for growth, identification and development of resources and growing the value in the area of business resilience.
Carmen is a member of, the South African Institute of Chartered Accountants, the Independent Regulatory Board of Auditors and the Black Management Forum.
Carmen serves on the Audit and Risk committee.
(Chief Executive Officer)
BA (Fin Acc), Juris Doctor and LLM (with distinction)
Enos is an experienced investment banker who headed the African investment and corporate banking operations of Credit Suisse and HSBC. Enos is a founder shareholder of Cell C, a mobile network operator and the former CEO of Eskom Enterprises. He is the founder and Chairman of the Freetel Group, an investment and advisory firm that has advised on cross-border M&A transactions, project finance, and sovereign policy initiatives and transactions.
He is former Chairman of the South African National Electricity Regulator and has also served as Chairman of the Pebble Bed Modular Reactor company, which was a leading nuclear technology innovation company of the South African Government. He is a pioneering and founder member of the Southern African regulators association.
He is a member in good standing of the New York Bar and an Advocate of the Supreme Court of South Africa.
(Chief Financial Officer)
John has some 20 years experience in business advisory.
Previously, John worked for Deloitte Reorganisation Services in Edinburgh and then director of the Deloitte Corporate Finance team, in South Africa, with specific focus on restructuring and turnaround management projects. John founded RS Advisors and has worked on a number of restructuring and corporate finance assignments in South Africa, Europe and the Middle East. John was one of the joint business rescue practitioners on African Bank Investments Ltd ("ABIL"), together with Mr Dawie van der Merwe.
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
In the media
African Phoenix Investments Ltd
Tel: +27 010 590 7724
52 Corlett Drive, Wanderers Office Park, Illovo, South Africa 2196
Private Bag X31, Northlands, South African 2116
Designated advisor/ Sponsor
Merchantec Capital (Pty) Ltd
Tel: +27 11 325 6363
Public and investor relations
Vestor Media and Investor Relations
Tel: +27 11 787 3015 / 27 83 504 1186
Acorim (Pty) Ltd
Tel: +27 11 325 6363
2nd Floor, North Block, Hyde Park Office Tower, Corner of 6th Rd and Jan Smuts Avenue, Jan Smuts Ave, Sandton, 2196
Independent external auditor
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