African Phoenix Investments Ltd is an investment holding company, with income generated through dividends received from its 100% owned subsidiary, Standard & General Insurance Company ('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
More on the group structure...
Stangen is currently African Phoenix Investments Ltd only trading subsidiary.
The credit life insurance historically sold to the clients of African Bank Limited has been fully reinsured to Guardrisk Life Limited (“Guardrisk”) pending finalisation of the legal transfer of that book to Guardrisk. The reinsurance agreement passes 100% of the risk and benefit on the run-down credit life book to Guardrisk. The transfer is subject to regulatory approval and is expected mid-2017.
Stangen operates as a licensed life insurance product- and financial services provider. It has retained its retail insurance portfolio that wasn’t linked to unsecured loans (mainly funeral policies) and its core operations, and continues to service these customers directly. It is currently marketing and selling its products through various distribution partners, and developing alternative products and distribution channels as it positions itself as a niche life insurer in the South African market.
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 The Standard General Insurance Company Ltd ("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.
From left: Morris Mtombeni (Independent non-executive director), Daniël Vlok (Independent non-executive director), Enos Banda (CEO),
Alethea Conrad (Independent non-executive director), Isaac Shongwe (Independent non-executive Chairman), John Evans (CFO)
(Independent non-executive Chairman)
M.Phil in Management Studies (Rhodes scholar at Oxford University)
Isaac was appointed as non executive director on the 20 September. On the 16 December 2016, he was appointed as independent non- executive chairman.
Isaac is the co-founder and Chairman of the African Leadership Initiative, which is part of the Aspen Global Leadership Network and is focused on the development of effective, values-based, community-spirited leaders in Africa. He recently founded the Young African Leadership Initiative to focus on leadership development of fellows between the ages of 25 and 35.
Isaac was until the end of May 2014 an Executive Director of Barloworld Limited. He remains a non-executive Director of the Company. Prior to that, he was the CEO of Barloworld Logistics, a subsidiary of Barloworld with global operations. He joined Barloworld in 2005 as a result of a transaction involving the purchase of a stake in a subsidiary, Barloworld Logistics Africa Proprietary Limited.
Isaac is a founder and Chairman of Letsema Holdings and is focused on building a values based, long term, buy and hold investment company. In 1996 he founded Letsema Consulting which is now a leading black owned and managed management consulting company in South Africa. Off that platform Isaac created an investment company that has built several successful companies of long standing. Isaac has a demonstrated ability to innovate and grow businesses in challenging economic circumstances. It was as a result of one of these investments that he joined Barloworld ultimately to become their first black executive director.
(Independent non-executive director)
BProc, LLB, B Juris, MBA (Finance), PhD Fellow (UP)
Morris serves as a non-executive director of African Bank Investments Limited, Inno-Phemba Investments Proprietary Limited and Public Affairs Research (a non-profit organisation).
In addition he serves on the boards of Relyant Insurance Company Limited, Relyant Life Assurance Limited, Standard General Insurance Company Limited, Vilakazi Street Advisors and Vilakazi Street Kapital Proprietary Limited. In 2013, following a two decade executive level career in financial services where he, amongst other roles, served as chief executive of a large investment management businessand executive director of a large insurance based financial service company.
Morris then started reading for his PhD at the University of Pretoria’s Gordon Institute of Business Science.
Morris is currently a lecturer in the University of Pretoria’s Gordon Institute of Business Science, a governance practitioner and a mass-tech entrepreneur. On the MBA programme, Morris teaches the Environment of Business core course as well as the General Management and Professional Management Consulting electives. He also supervises students on the MBA programme. On the customised programmes, he teaches senior managers and executives on strategic thinking and strategic transformation. On the open programmes, he is the lead faculty on the flagship Global Executive Development Programme and exclusive Building Better Boards. In his governance practice, Morris serves on several boards of public, private, and not for profit companies. In his mass-tech activities, he facilitates the digital transformation of individuals and businesses at the bottom of the pyramid.
(Independent non-executive director)
Daniël (“Danie”) gained a wealth of experience in the banking industry whilst being employed at the South African Reserve Bank for five years.
Subsequently Danie worked in merchant banking for at least another twenty years. Danie also 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, Danie has also, as a non-executive director, served on the board and committees of a number of companies operating in the banking, life assurance, asset management, technology and engineering and manufacturing industries of the economy.
(Independent non-executive director)
BA, LLB, Management Advancement Programme (Wits Business School), International Executive Development Programme (Wits Business School and London Business School)
Alethea Conrad (“Lea”)is a member of the Institute of Directors of Southern Africa
She has held directorships on the boards of listed, public and private companies. Until recently, Lea served on the board of Oceana Group Limited (“Oceana”), as well as on numerous of its board committees. Lea has extensive experience in 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. A group-wide transformation strategy was developed and successfully implemented by Lea, achieving recognition for the Oceana group to be ranked as the most empowered listed company in South Africa for a period of two consecutive years (2014 and 2015).
BA (Fin Acc), Juris Doctor and LLM (with distinction)
He is an experienced investment banker who headed the African investment and corporate banking operations of Credit Suisse and HSBC, and he has practiced as an international corporate lawyer in the state of New York and in South Africa. He has advised on private sector and sovereign government transactions in excess of US$10 billion in a career spanning over 20 years. Enos has also engaged in proprietary business activities, and has formed business venture and investment partnerships with global companies such as De Beers, Aquarius Platinum, DHL, International Power (now part of EDF), Saab Technologies as well as a number of South African domestic entities. He is a founder shareholder of Cell C, a mobile network operator. He is the former CEO of Eskom Enterprises, the international arm of Eskom Holdings, the South African electricity utility in which he served as an executive director. He has had significant electricity industry advisory experience as an international lawyer and investment banker, where he advised global independent power producers in relation to renewable and other primary energy generation infrastructure projects. During his time at Eskom, he oversaw an international electricity operation with over 3,500 employees, and with operations in sub-Saharan Africa, the Middle East and Asia. He was responsible for a significant proportion of the massive South African program for increasing consumer connections to the national electricity network. He is the founder and Chairman of the Freetel Group, an investment and advisory firm that has advised on significant cross-border M&A transactions, project finance, and sovereign policy initiatives and transactions.
He serves as a non-executive director of Super Group Ltd (JSE listed), and MixTelematics Ltd (NYSE and JSE listed), and serves on the audit committees of the two boards. He is the non-executive Chairman of the South African Chamber of Commerce in America, and former member of the board of the South Africa Washington International Program (a Washington DC NGO providing internships to South African university students). His prior board positions include: Board member and Chair of the Audit and Budget Committees of LSE listed Norilsk Nickel, which at the time was the largest nickel producer in the world; Africa Board & Audit Committee Member of Air Liquide (the global French air products company); Chairman of the Board of Gold Reef Resorts Ltd (a South African gaming and leisure company); Founding Chairman of the SA Government Municipal Infrastructure Fund. He has extensive investor and ESG roadshow experience in the South African, European, US and UK markets. He is former Chairman of the South African National Electricity Regulator, where he established the foundations for the country’s current energy regulation institutions, and contributed to the liberalization of the energy sector. Enos 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. In that role, he gained critical insights into the global nuclear energy industry. He is a pioneering and founder member of the Southern African regulators association.
Enos has taught extensively on debt and equity capital markets, economic development and project finance in a number of institutions and forums in relation to both law and finance. He is currently a core faculty member and Senior Associate of the University of Cambridge Institute for Sustainability Leadership.
He holds a BA (Hons) in Financial Accounting with academic honors, a Doctor of Jurisprudence in corporate law, and a postgraduate LL.M in international and comparative law, which he obtained with the highest distinction.
He is a member in good standing of the New York Bar and an Advocate of the Supreme Court of South Africa.
John was appointed the board as Executive Financial Director on the 1 October 2016. John has some twenty years experience in business advisory.
He began his career in Sydney, Australia with specialist turnaround management business, Jirsh Sutherland.
John joined Deloitte Reorganisation Services in 2001 in Edinburgh before returning to South Africa in 2002. John was director of the Deloitte Corporate Finance team, with specific focus on restructuring and turnaround management projects. In 2008, John founded RS Advisors and has since work 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 ABIL, together with Mr Dawie van der Merwe.
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