Life for minority shareholders in African Phoenix Investments (API) has been a bit of a rollercoaster since the company, previously known as African Bank Investment Holdings, emerged from 30 months of business rescue in 2017. A number of key shareholders have come and gone in that time, each with their own plan to score big profits from re-arranging the group’s major assets, which include cash of about R1.6bn and an estimated R14bn assessed tax loss.

Value Capital Partners made an early stab at it and, although it didn’t hang around to finish off the job, did manage to make a nice profit on its involvement. Then along came Steyn Capital Management, which pursued plans to build up a black-controlled management company that would use the cash to take up investment opportunities.

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