African Phoenix Investments (API) says it can’t pay Albie Cilliers the R83.55 a share he believes is the appropriate redemption value for the API preference shares he holds.

The reason is that if it paid Cilliers that money it wouldn’t have enough to play its own game. It wants the money to pursue its own strategy, which initially involved setting up a black-controlled fund management company, though the plan seems in the process of being radically revised.

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