The relisted African Phoenix Investments - formerly known as African Bank Investment Holdings - faces the challenge of building the entity into something a little more than just a cash shell company. African Phoenix, back on the local bourse since this week, is the "bad" part of the bank that used be affiliated to African Bank Limited Investments. The holding entity has three companies under its umbrella: Ellerines Holdings, Residual Debt Services and Stangen. The share traded about 20c higher than its net asset value per share at 35.7c. NAV represents the value of assets minus liabilities. Where this figure would go for African Phoenix depended on what the new management team and board did with the cash and what their plans were for the growth of the small Stangen continuing business, said Jean Pierre Verster, a portfolio manager at Fairtree Capital. Of the three entities, Stangen is the only trading entity. Ellerines is still in business rescue, and worth nothing, as is Residual D...
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