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.
BA, LLB, Management Advancement Programme (Wits Business School), International Executive Development Programme (Wits Business School and London Business School)
Lea has held directorships on the boards of listed, public and private companies since 1999. Lea previously served on the board of Oceana Group Limited ("Oceana") as an executive director, as well as on a number of its board committees. Lea has extensive experience in serving on the boards of JSE-listed companies 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. A group-wide transformation strategy was developed and successfully implemented by Lea, achieving recognition for Oceana to be ranked as the most empowered listed company in South Africa for a period of two consecutive years (2014 and 2015).
Lea has been appointed as an independent non-executive director, chairperson of the board, chairperson of the remuneration, nomination, transformation, social and ethics committee and as a member of the audit and risk committee.
BComm (University of Witwatersrand), CFA Charterholder (CFA institute in the USA) since 2003.
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 at Peregrine Securities where he spent over 19 years.
Thiru Pather (“Thiru”)
(Independent Non-Executive director)
Thiru has over 13 years’ experience in the finance and investments industry. She is a member of the South African Venture Capital and Private Equity Association transformation subcommittee with specific involvement in the development and implementation of a Fund Manager training programme for emerging Fund Managers.
She is currently a Principal at the SA SME Fund which was established by members of the CEO Initiative – a collaboration between the South African government, business and labour to address some of the most pressing challenges to the country’s economic growth. This role includes responsibility for day to day investment activities including due diligences and monitoring and reporting of investment performance.
Prior to joining the SME Fund, Thiru spent just over 7 years at the Public Investment Corporation (“PIC”), where her role included strategy development and all aspects of investment execution – deal origination, transaction structuring, due diligence, valuations, strategic oversight, divestitures, performance monitoring and reporting.
Thiru is a Chartered Accountant by profession and completed her articles with Deloitte. Thiru also gained valuable technical skills and experience in her role as a manager at PWC Corporate Finance.
(Independent Non-Executive director)
CA(SA), BCom (Honours,) PGD and MBA.
Reshma has over 18 years' experience in financial management. She is the executive director of finance at Unisa, where her responsibilities cover all aspects of financial management including financial planning, asset management, governance and compliance as well as financial reporting. Reshma recently completed her Masters in Business Administration from GIBS, after having qualified as a chartered accountant in 2004. Prior to joining Unisa, Reshma served as the chief financial officer for the National Regulator for Compulsory Specifications for more than four years. Reshma also gained experience as a senior manager at the Road Accident Fund and director for financial control services at the Department of Defence and the SA Police Services.
Reshma has been appointed as an independent non-executive director and as a member and chairperson of the audit and risk committee.
Alton Solomons (“Alton”)
(Independent non-executive director)
Alton has over 18 years’ experience in the investments industry, primarily in Private Equity.
Before that, Alton served as the Chief Executive Officer (“CEO”) of Sanlam Private Equity (SPE) for seven years. Prior to that he was an Investment Principal and then partner with SPE. Alton’s responsibilities covered all aspects of the investment cycle including origination, structuring, valuations, maintenance and investment exits. His experience on concluding investment transactions covers all industries, sectors and investment sizes. Prior to joining SPE, Alton spent three years at the Industrial Development Corporation
He is currently a non-executive director at Ademia Capital Proprietary Limited, Coidlink Proprietary Limited and Play Africa Group NOC.
Alton is a member of the Audit and Risk committee
Mr Oyama Mabandla
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.
Oyama has been appointed as an executive director.
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:
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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