AFRICAN PHOENIX INVESTMENTS LIMITED - Dealings in Securities by an Associate of a Director

Dealings in Securities by an Associate of a Director

AFRICAN PHOENIX INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1946/021193/06)
Ordinary share code: AXL   ISIN: ZAE000221370
(“African Phoenix” or “the Company”)


DEALINGS IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR


In compliance with paragraphs 3.63 to 3.74 (both inclusive) of the Listings Requirements of the
JSE Limited, the following is disclosed:

Name of director:                                Mr W Chapman

Company:                                         African Phoenix Investments Limited

Name of associate:                               Legae Peresec Proprietary Limited (“Legae Peresec”)

Relationship of director to associate:           Mr W Chapman is a director and indirect shareholder of
                                                 Legae Peresec

Extent of director’s interest:                   Indirect beneficial

Class of securities:                             A ordinary shares

Date and nature of the transaction:              On 31 October 2019, Legae Peresec entered into a put/call
                                                 option arrangement with Steyn Capital Management
                                                 Proprietary Limited (“Steyn Capital”) in terms of which, for a
                                                 period of seven days from the later of either:

                                                 (i) 09:00 on 20 December 2019; or

                                                 (ii) the exact time of release on SENS of the financial
                                                      results of African Phoenix for the year ended
                                                      30 September 2019,

                                                 and subject to and conditional on the African Phoenix
                                                 audited results for the year ended 30 September 2019
                                                 reflecting a net asset value per African Phoenix A ordinary
                                                 share of greater than 85 cents, Steyn Capital may put to
                                                 Legae Peresec and Legae Peresec may call on Steyn
                                                 Capital to sell 364 879 903 African Phoenix A ordinary
                                                 shares at a price of 80 cents per share for a total value of
                                                 R291 903 922.



Johannesburg
5 November 2019

Sponsor
Merchantec Capital

Date: 05/11/2019 09:05:00
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