AFRICAN PHOENIX INVESTMENTS LIMITED - Change in Audit Firm due to Merger

Change in Audit Firm due to Merger

AFRICAN PHOENIX INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1946/021193/06)
Ordinary share code: AXL       ISIN: ZAE000221370
Hybrid instrument code: AXLP      ISIN: ZAE000221388
(“API” or “the Company”)


CHANGE IN AUDIT FIRM DUE TO MERGER


Shareholders are advised in terms of paragraph 3.78 of the Listings Requirements of JSE Limited
(“Listings Requirements”) that the Company has been informed by its audit firm, Grant Thornton
Johannesburg Partnership (“Grant Thornton”), that there has been a change in its network firm
membership from Grant Thornton to BDO South Africa Inc (“BDO”).

The change was initiated by the audit firm following the merger of the Grant Thornton with BDO on
1 December 2018.

Accordingly, the audit firm of the Company is now BDO and the designated audit partner has, due to
rotation, changed from Sone Kock to Serena Ho.

The Audit and Risk Committee (“ARC”) of the Company has followed the process detailed in paragraph
3.84(g)(iii) of the Listings Requirements in terms of which the ARC received and considered the separate
information relating to BDO, the receiving audit firm, and Serena Ho as the designated individual partner.
The ARC has recommended, and the Board of Directors have confirmed, the appointments of Serena
Ho and BDO as the designated audit partner and audit firm for the Company.


Johannesburg
4 December 2018

Sponsor
Merchantec Capital

Date: 04/12/2018 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.