African Phoenix: Excitement at hot share-on-share action
Share price takes off to fresh high as investors get worked up over prospects for November meeting
African Phoenix Investments (API) (https://www.sharenet.co.za/v3/quickshare.php?scode=AXL) touched 84c on Monday morning, the highest level the share has reached since it emerged from the business-rescue ashes of African Bank Investments (Abil) in May 2016. It then settled at 80c.
Investors are evidently excited about the likely outcome of the shareholders’ meeting that has been called for early November.
At this stage it looks as though API’s plans for the launch of a private equity fund are set to go up in smoke despite the backing of the Public Investment Corporation (PIC), which holds over 10% of the company. The PIC is keen to see the development of a black-managed private equity player. However the two major shareholders, Zarclear and Steyn Capital who together hold almost 50% of API, appear to be in agreement about scuppering the proposal...