AFRICAN PHOENIX INVESTMENTS LIMITED - Disclosure of Beneficial Interest in Securities

Disclosure of Beneficial Interest in Securities

Incorporated in the Republic of South Africa
(Registration number 1946/021193/06)
Ordinary share code: AXL ISIN: ZAE000221370
("African Phoenix" or "the Company")


In compliance with section 122(3)(b) of the Companies Act, 2008 (Act 71 of 2008), as amended ("Companies
Act") and paragraph 3.83(b) of the Listings Requirements of JSE Limited, shareholders are advised that
African Phoenix has received notifications in terms of section 122(1) of the Companies Act that Ancilla
Capital Proprietary Limited has acquired a beneficial interest in the A ordinary shares of the Company, such
that its entire beneficial interest amounts to 13.52% of the total A ordinary shares in issue.

As required in terms of section 122(3)(a) of the Companies Act, African Phoenix has filed the required
notices with the Takeover Regulation Panel.

26 March 2020

Merchantec Capital

Date: 26-03-2020 01:32:00
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