Grumpy ghosts bicker amid the ashes of African Bank

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Grumpy ghosts bicker amid the ashes of African Bank

Irate preference shareholders in African Phoenix Investments are demanding ‘fair value’ payment

Ann Crotty

It looks as though African Phoenix Investments (https://www.sharenet.co.za/v3/quickshare.php?scode=AXL) (API), which rose out of the ashes of African Bank, is being kept busy these days.

On the one hand it’s trying to fend off irate preference shareholders who are holding out for “fair value” payment for their preference shares, and on the other trying to deal with a major new shareholder who appears to be unhappy.

In the latest development, financial investment company Zarclear (https://www.sharenet.co.za/v3/quickshare.php?scode=ZCL), which paid a hefty R246m to get a 22% stake in API just over a month ago, has demanded a meeting of API shareholders. It looks as though Zarclear wants to terminate API’s plans to set up a private-equity type fund...

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