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
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.
(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)
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
Nonzukiso Siyotula (“Zukie”)
(Independent Non-Executive director)
CA(SA), MBA (Gordon Institute of Business Science) Executive Leadership Programmes at INSEAD, Harvard Business School and Oxford Business School.
Zukie was CEO of Thebe Capital at Thebe Investment Corporation where she was responsible for managing a portfolio of strategic investments. Prior to joining the Thebe Group, Zukie held various senior positions at the Barclays Africa Group, Old Mutual Retail Mass, Royal Bafokeng Holdings and South African Breweries.
Zukie serves on the Audit and Risk committee.
Oyama Andrew Mabandla
(Independent Non-Executive director)
BA in Political Science (University of California), Juris Doctorate (Columbia University's 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 chairman of Vodacom Group Limited and Consol Glass Proprietary Limited, director of Group Five Limited, Mvela Group Limited, as well as a member of the JP Morgan African Advisory Board.
Oyama serves on the Board's Investment Committee as well as on the Remuneration, Transformation, Social and Ethics Committee.
Samuel Sithole ("Sam")
CA(ZIM), Leadership Development from Harvard Business School.
Sam is the CEO and co-founder of Value Capital Partners Proprietary Limited and a current shareholder in African Phoenix. Sam previously served as the Group Financial Director of Brait SE for eight years and was a member of the Brait Investment Team for five years. Before that he was the Audit Leader for the Deloitte and Touche Group.
Sam is currently a non-executive director for Allied Electronics Corporation Limited and Adcorp Holdings Limited.
He is a member of the South African Institute of Chartered Accountants, the Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants in Zimbabwe.
Sam is Chairman of the Board's Investment Committee and serves on the Audit and Risk Committee.
(Chief Executive Officer)
BCom, CA(SA), Post Graduate Diploma in Accounting (UCT)
Siya joined African Phoenix after a 10 year career at Medu Capital, a black-owned Private Equity firm where he was a partner and responsible for deal origination, transaction structuring and investment execution.
He spent five years at PWC, where he initially undertook his articles and later became a manager of Transaction Services. From 2010 to 2017, Siya served as the treasurer for the Southern African Venture Capital and Private Equity Association (SAVCA).
Siya is an independent non-executive director of Kunene Motor Holdings Ltd.
(Chief Financial Officer)
BA Business Science; Finance Honours (UCT)
BCom ; Honours (University of KwaZulu-Natal)
Shafiek joined African Phoenix after being part of the finance team at Brait since 2008. Before that he worked as a Senior Analyst at Goldman Sachs International in London and prior to that worked with Old Mutual in Cape Town.
He undertook his articles at KPMG in 2003 and qualified as a Chartered Accountant in 2006.
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
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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
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