• Welcome to African Phoenix Investments Limited
    Listed on the JSE

About us

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

Strategic outlook

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.




African Phoenix Investments Ltd has 3 subsidiaries:



Stangen

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 (In Curatorship)

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.



Ellerines Holdings Ltd (In Business Rescue)

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.


Download the Memorandum of Incorporation

History

31 July 2017: Morris Mthombeni appointed as Acting Chairman

  • 19 July 2017 AGM: Isaac Shongwe resigned as Chairman
  • 1 February 2017: Shares resume trading under the new Company name, African Phoenix Investments Ltd.
  • 14 December 2016:Enos Banda is appointed as CEO. Isaac Shongwe appointed as Chairman
  • 6 September 2016 AGM: A board predominantly made up of new members is constituted. Enos Banda appointed as Board Chairman.
  • 19 May 2016: - Adopted business plan is successfully implemented and business rescue proceedings of African Bank Investments Limited are ended. The company is as a consequence no longer distressed and can continue to operate as a going concern.
  • 19 May 2016: - Creditors receive the full payment of 100 cents in the rand to the value of R1 billion. After payment ABIL has R250 million in cash reserves and its subsidiary Stangen has reported equity of R1,1 billion as at September 2015.
  • 18 April 2016: - Requisite majority of creditors vote in favour of the business rescue plan.
  • 5 June 2015: - ABIL commences voluntary business rescue proceedings due to the demand for repayment of loans and fulfilment of guarantees issued to various financial institutions.
  • 22 August 2014: - Ellerine Holdings Limited commences business rescue proceedings
  • 11 August 2014: - ABIL shares are suspended on the JSE Ltd. Holders of ABIL equity instruments are requested to exercise caution in dealing with their securities.
  • 10 August 2014: - ABIL subsidiary African Bank Limited is placed under curatorship by governor of the Reserve Bank.
  • 7 August 2014: - Ellerines Furnishers Proprietary Ltd a wholly owned subsidiary of Ellerine Holdings Limited which in turn is a wholly owned subsidiary of ABIL commences business rescue proceedings.
  • 6 August 2014: - ABIL announces a trading update and intention to raise a minimum of R8.5 billion in capital in Tier 1 capital
  • 25 October 2013: - ABIL announces R5.5 billion rights issue
  • 2008: - ABIL acquired Ellerine Holdings Ltd ("EHL"). Credit card portfolio reaches R1 billion
  • 2003: - ABIL achieves investment grade credit rating
  • 2002: - ABIL acquires the R2,8 billion Saambou personal loans
  • 1999 - Theta Investments Group changed its name to African Bank Investments Ltd (“ABIL”), which was the holding company for African Bank Limited
  • 1998: - Acquisition of African Bank. Boland book acquired for R1,7 billion
  • 1997: - Baobab acquires controlling interest in Altfin, King and Unity. Name changed to Theta Group Ltd.



Frequently asked questions re the listing and trading of African Phoenix shares on the JSE Ltd

1. What does the lifting of the suspension and listing of African Phoenix shares mean for ABIL shareholders?
From 1 February 2017, African Bank Investments Ltd will be tradable on the JSE Ltd as African Phoenix Investments Ltd. Current ABIL shareholders will own shares in African Phoenix Investments Ltd. Ordinary shareholders and preference shareholders will receive African Phoenix shares on a 1:1 ratio.



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.



There is no dilution on the exchange from ABIL to African Phoenix Investments Ltd. Shares are converted at a 1:1 ratio. This is merely a name change from African Bank Investments Limited to African Phoenix Investments Limited.



The company’s name change was necessitated by the company’s divestment from the banking sector, which requires that the word “bank” be removed from the company name as per section 27 of the banks Act, 1990 (Act 94 of 1990). The name change does not however, change the company’s operating structure.



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.



The price at which the shares will trade will depend on the offers and the bids on the market and the price at which these trades match.   Only on the morning of Wednesday, 1 February 2017 before the market opens will one be able to see what the offers and bids are.



There is no prospectus. The suspension of the ABIL shares has been lifted and trading on the JSE Ltd will recommence as African Phoenix Investments Ltd from 1 February 2017. These are not new shares but are the original ABIL shares that are now known as African Phoenix Investments Ltd.



There are currently 1,427,005,272 ordinary shares in issue
 and 13,523,029 preference shares in issue, which will be the same the number of shares that will be issue under African Phoenix Investments Ltd.



The Main Board of the JSE Ltd.



Board of directors





Non-executive directors

Morris Mtombeni
(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

Daniël Vlok
(Independent Non-Executive director)
BCom, MBA

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

Alethea Conrad
(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.


Executive directors

Enos Banda
(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.

John Evans
(Chief Financial Officer)
(CA (Aus))

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.


Download the Memorandum of Incorporation

Investor relations

Shareholder information


(JSE shares resumed trading under new company name African Phoenix Investments Ltd on the 1 February 2017)

African Phoenix Investments Ltd is incorporated in the Republic of South Africa 
(Registration number: 1946/021193/06)
Ordinary share code: AXL and ISIN: ZAE000221370
Preference share code: AXLP and ISIN: ZAE000221388 

1,427,005,272 ordinary shares in issue
   13,523,029 preference shares in issues

Corporate governance

Ethical Leadership and Corporate Citizenship

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:

  • Responsibility – by assuming responsibility for the actions of the Company and being willing to take corrective actions to keep the Company on a strategic path that is ethical and sustainable;
  • Accountability – by being able to justify its actions and decisions to shareholders and other stakeholders;
  • Fairness – by giving fair consideration to the legitimate interests and expectations of all stakeholders; and
  • Transparency – by disclosing information in a manner that enables stakeholders to make an informed analysis of the Company’s performance and sustainability.


Announcements
  31st July 2017 - African Phoenix appoints Morris Mthombeni as Acting Chairman  (107k)
  24th July 2017 - Dealings in securities by a director  (150.4k)
  19th July 2017 - Results of African Phoenix AGM  (194.3k)
  19th July 2017 - Resignation of directors  (229.5k)
  27th June 2017 - Modification of notice to annual general meeting  (263.3k)
  23rd June 2017 - African Phoenix reviewed condensed consolidated financial results for the 6 month period ended 31 March 2017  (297.7k)
  14th June 2017 - African Phoenix notice of acquisition of beneficial interest of preference shares  (153.8k)
  14th June 2017 - African Phoenix further trading statement  (146.8k)
  12th June 2017 - African Phoenix notice of acquisition of beneficial interest  (153.8k)
  6th June 2017 - Notification in terms of Section 122(3) of Companies Act  (155.1k)
  12th April 2017 - African Phoenix withdraws cautionary  (108.4k)
  6th April 2017 - African Phoenix notice of acquisition of beneficial interest  (153.9k)
  29th March 2017 - African Phoenix appoints two new directors  (192.5k)
  14th March 2017 - African Phoenix notice of acquisition of beneficial interest  (153.8k)
  14th March 2017 - African Phoenix notice of acquisition of beneficial interest  (153.8k)
  7th March 2017 - African Phoenix notice of acquisition of beneficial interest  (153.8k)
  7th March 2017 - African Phoenix issues cautionary announcement  (108.8k)
  3rd March 2017 - Update on run-down credit life portfolio of Stangen  (249.2k)
  24th February 2017 - African Phoenix notice of disposal of beneficial interest  (153.3k)
  17th February 2017 - African Phoenix notice of acquisition of beneficial interest  (153.9k)
  16th February 2017 - African Phoenix notice of acquisition of beneficial interest  (153.8k)
  14th February 2017 - African Phoenix notice of acquisition of beneficial interest  (153.7k)
  6th February 2017 - African Phoenix notice of disposal of beneficial interest  (112.8k)
  6th February 2017 - African Phoenix notice of acquisition of beneficial interest  (153.3k)
  31st January 2017 - ABIL trading statement  (155.6k)
  24th January 2017 - Finalisation announcement in respect of the name change  (252.9k)
  3rd January 2017 - ABIL quarterly update for 31 December 2016  (384.8k)
Announcements
  15th December 2016 - Change in function of directors  (11.3k)
  31st October 2016 - ABIL Change in function of director  (175.7k)
  3rd October 2016 - ABIL quarterly update  (348.6k)
  3rd October 2016 - ABIL changes to the board - Appointment and change in function  (199.6k)
  23rd September 2016 - ABIL name change update announcement  (119.6k)
  21st September 2016 - ABIL appointment of directors  (186.8k)
  7th September 2016 - ABIL change to the Board  (200.7k)
  6th September 2016 - ABIL results of annual general meeting  (185.6k)
  18th August 2016 - ABIL Name change announcement  (130.9k)
  12th August 2016 - ABIL corrective announcement March 2016 interim results  (196.5k)
  8th August 2016 - ABIL Notice of AGM  (16.3k)
  25th July 2016 - ABIL agreement with BEE companies  (165.1k)
  30th June 2016 - Consolidated reviewed financial results for period ended 31 March 2016  (388.3k)
  25th May 2016 - Succesful implementation and termination of business rescue proceedings  (36k)
  22nd April 2016 - Condensed audited financial results for the six month period ended 31 March 2015  (24k)
  22nd April 2016 - Condensed audited financial results for the year ended 30 September 2015  (23.5k)
  22nd April 2016 - Condensed audited financial results for the year ended 30 September 2014  (26.9k)
  16th April 2016 - ABIL creditors meeting  (21.3k)
  12th April 2016 - ABIL creditors meeting  (21.3k)
  14th March 2016 - ABIL creditors meeting  (21.2k)
  29th February 2016 - ABIL creditors meeting  (78.8k)
  24th February 2016 - Publication of Business Rescue Plan  (68.1k)
  21st December 2016 - Condensed Audited Financial Results for the Year Ended 30 September 2016  (510k)
Announcements
  19th November 2015 - ABIL creditors meeting  (80.3k)
  9th September 2015 - Disposal of Stangen  (42.6k)
  31st August 2015 - Change of sponsor  (31.9k)
  6th August 2015 - Quarterly operational update for the third quarter ended 30 June 2014, changes to the board, trading statement and cautionary announcement  (26.5k)
  3rd August 2015 - Resignation of company secretary  (40.5k)
  16th July 2015 - Publication of The Standard General Insurance Company Limited (“Stangen”) annual financial statements for the year ended 30 September 2014 and the interim financial statements for the six months ended 31 March 2015  (52.1k)
  14th July 2015 - Further cautionary announcement: Sale of the entire issued equity held in the Standard General Insurance Company Limited (“Stangen”)  (38.9k)
  30th June 2015 - Quarterly update in terms of Section 1.10(c) of the JSE Listings Requirements  (43.7k)
  30th June 2015 - Cautionary announcement: Offer received for the sale of the entire issued equity held in the Standard General Insurance Company Limited (“Stangen”)  (46.9k)
  11th June 2015 - Publication of African Bank Investments Limited Results  (39.3k)
  5th June 2015 - ABIL voluntary commencement of Business Rescue  (72.7k)
  16th April 2015 - Further cautionary announcement and continued suspension of all debt securities of the Bank and equity securities of ABIL  (46.6k)
  31st March 2015 - Unaudited interim results and Preference Cash dividend declaration for the six months ended 31 March 2014  (375.7k)
  27th January 2015 - Further cautionary announcement and continued suspension of all debt securities of the Bank and equity securities of ABIL  (46.2k)


News


Results & reports


Presentations


In the media

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African Phoenix Investments Ltd
Tel: +27 010 590 7724
Registered office
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
merchantecsponsor@merchantec.com

Public and investor relations
Vestor Media and Investor Relations
Louise Brugman
Tel: +27 11 787 3015 / 27 83 504 1186
louise@vestor.co.za

Company Secretary
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
apil@acorim.co.za

Independent external auditor
Grant Thornton

Share registrars
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

Investorservices@linkmarketservices.co.za

Fax: +27 86 674 4381; 086674 1990

© 2016 African Phoenix Limited. All rights reserved.