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Trading Statement
AFRICAN PHOENIX INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1946/021193/06)
Ordinary share code: AXL ISIN: ZAE000221370
(“Phoenix” or “the Company”)
TRADING STATEMENT
Given the nature of the Company’s business as an investment holding company, Phoenix has adopted net
asset value (“NAV”) per ordinary share as its key reporting measurement for trading statement purposes in
terms of paragraph 3.4(b)(vi) of the Listings Requirements of JSE Limited (“Listings Requirements”).
In terms of the Listings Requirements, companies are required to publish a trading statement as soon as
they become reasonably certain that the financial results for the period to be reported on will differ by more
than 20% from that of the previous corresponding period.
Accordingly, a review of the financial results for the year ended 30 September 2019 by management has
indicated that the NAV per ordinary share is expected to be between 87.50 cents and 92.70 cents, reflecting
an increase of between 68% and 78% compared to the NAV per ordinary share of 52.0 cents for the year
ended 30 September 2018.
The financial information on which this trading statement is based has not been reviewed or reported on
by the Company’s auditors.
Johannesburg
10 December 2019
Sponsor
Merchantec Capital
Date: 10-12-2019 09:38:00
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