AFRICAN PHOENIX INVESTMENTS LIMITED - Condensed Consolidated Financial Results for the Year Ended 30 September 2019

Condensed Consolidated Financial Results for the Year Ended 30 September 2019

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 Group” or “the Company”)

SHORT FORM ANNOUNCEMENT - CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR
THE YEAR ENDED 30 SEPTEMBER 2019

HIGHLIGHTS
- Net asset value per ordinary share: 90.1 cents (FY2018: 52.0 cents)
- Cash and financial assets available for investment: R1.19 billion (FY2018: R1.96 billion)
- Total equity: R1.29 billion (FY2018: R1.87 billion)
- Net Income: R0.11 billion (FY2018: R0.24 billion)
- Return of capital to shareholders: R0.42 per share (FY2018: RNil)

The board of directors (Board) is pleased to present the 2019 audited financial results to stakeholders.
The current financial year reported 73% growth in Net Asset Value per ordinary share from 52.0c per
share to 90.1c per share and should be read in the context of progress made to achieve the Group’s
long-term strategy. Net Asset Value per share is the Company’s key reporting measure. The less
relevant earnings per share and headline earnings per share decreased from 3.2 and 3.7 cents,
respectively for FY2018 to a loss per share and headline loss per share of 5.5 cents for FY2019. Please
refer to the announcement released on 3 December 2019 for details of a return of capital distribution
declared to shareholders including the timetable. No distributions to shareholders were declared for
FY2018.

For further details on the Company’s activities during the year, including the investment in the API
Capital Fund, the sale of its Stangen investment and the repurchase of the preference shares, please
refer to the full announcement.

This short-form announcement is the responsibility of the board of directors of the Company. This
announcement is a summary of the information in the full announcement and does not contain full or
complete details. This announcement is extracted from audited information but is not itself audited. Any
investment decision by investors and/or shareholders should be based on consideration of the full
announcement. The full announcement is available at https://senspdf.jse.co.za/documents/2019/jse/isse/axle/ye19.pdf 
and on the Company website at www.phoenixinvestments.co.za and may be inspected at the registered office of the Company (3rd
Floor Global House, 28 Sturdee Avenue, Rosebank, 2196) and at the offices of the Sponsor,
Merchantec Capital (13th Floor Illovo Point, 68 Melville Road, Illovo, 2196) at no charge during normal
business hours from Wednesday 11 December 2019 to Friday 20 December 2019.


For and on behalf of the Board

Oyama Mabandla
Executive Chairman

11 December 2019

Sponsor
Merchantec Capital

Directors
Oyama Mabandla – Executive Chairman
Koketso Mabe – Lead Independent Non-executive
Warren Chapman – Non-executive
Andrew Hannington – Chief Financial Officer

Company Secretary
Acorim Proprietary Limited

Date: 11-12-2019 05:30:00
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