Wrap Text
ACOF Loan Book Performance Update (Quarter ended 31 May 2026) & Update Regarding Potential Admission to Aquis
AFRICA BITCOIN CORPORATION LIMITED
(formerly Altvest Capital Limited)
Incorporated in the Republic of South Africa
(Registration Number: 2021/540736/06)
LEI Number: 37898OOE85B7YW5EEW57
JSE Main Board – General Segment
("Africa Bitcoin Corporation" or the "Company" or the "Group")
Share Class JSE and A2X NSX Code OTCQB Deutsche ISIN
Codes Code Börse Code
Ordinary Shares BAC BAN AFBCF 4BC ZAE000358925
Preferred A Ordinary Shares BACA - - - ZAE000338422
Preferred B Ordinary Shares BACB - - - ZAE000338430
Preferred C Ordinary Shares BACC BANC - - ZAE000338448
ACOF LOAN BOOK PERFORMANCE UPDATE FOR THE QUARTER ENDED 31 MAY 2026 AND UPDATE REGARDING
POTENTIAL ADMISSION TO THE AQUIS GROWTH MARKET
ACOF LOAN BOOK PERFORMANCE UPDATE – QUARTER ENDED 31 MAY 2026
1. Introduction
Shareholders are hereby provided with an update on the performance of the loan book of Altvest Credit Opportunities
Fund Limited ("ACOF"), a wholly owned subsidiary of the Company, as at 31 May 2026. ACOF constitutes the largest
asset on the balance sheet of Africa Bitcoin Corporation, representing the Group's primary income-generating operation
and the principal vehicle through which private credit is deployed to Small and Medium Enterprises ("SMEs").
The Company has elected to provide this loan book performance update as part of a broader commitment by ACOF's
management and board of directors to enhance transparency and communication with its noteholders and other
stakeholders. As ACOF continues to grow in scale and importance within the Africa Bitcoin Corporation ecosystem,
management believes that more frequent disclosure of key portfolio metrics assists investors in better understanding
the performance, risk profile and social impact of the loan book. Accordingly, this update forms part of an enhanced
reporting framework intended to provide more timely information to investors, lenders and other stakeholders. The Group
intends to maintain this level of disclosure going forward through a regular cadence of quarterly performance updates.
During the quarter ended 31 May 2026, ACOF continued to actively deploy the funding mandate received in the prior
quarter ended 28 February 2026. This capital is being progressively advanced into ACOF's SME loan book, which
continues to scale, with each loan made to qualifying borrowers following the completion of ACOF's standard credit
review process. Cash available in ACOF reduced from R156m as at 28 February 2026 to R80m as at 31 May 2026,
reflecting the strong pace of deployment, and ACOF management remains confident in the continued growth and quality
of the loan book as further capital is put to work.
The board of directors of ACOF and Africa Bitcoin Corporation have a reasonable degree of certainty with regard to
ACOF's loan book performance as at 31 May 2026 and provides the following update.
2. Loan Book Summary
31-May-26 28-Feb-26
Assets under management R512m R502m
Cash available R80m R156m
Total credit exposure R363m R267m
Total deployments R491m R395m
Value of security R870m R671m
3. Portfolio Composition
31-May-26 28-Feb-26
Times loans covered 2.6 1.7
Average term (months) 43 43
Average interest rate (ZAR) Prime+7.80% Prime+7.62%
Largest loan R35,073,835 R30,000,000
Smallest loan R259,757 R407,185
Average loan R6,181,625 R5,911,271
4. Credit Quality
The credit quality metrics below are presented on two bases to provide a complete picture of the portfolio's risk profile:
% of Total Deployments (R491m): Each metric is expressed as a percentage of R491m, being the aggregate capital
advanced by ACOF since inception of its lending programme i.e. all loans ever advanced, whether currently outstanding
or previously repaid and recycled. This basis reflects ACOF's lifetime credit experience across its entire deployment
history.
% of Current Loan Book (R338m): Each metric is expressed as a percentage of R338m, being the outstanding loan
book balance as at 31 May 2026. This basis reflects the credit risk ACOF actually carries at the reporting date and is
most directly comparable to industry benchmarks.
% of Total Deployments % of Current Loan Book
31 May-26 28-Feb-26 31 May-26 28-Feb-26
Provision for bad debts 2.60% 3.76% 3.77% 5.56%
(ECL)
Bad debts written off 0.09% 0.09% 0.13% 0.13%
5. Social Impact
ACOF's SME lending programme continues to demonstrate meaningful economic and social impact. As at 31 May 2026,
ACOF's borrower base supports a cumulative total of 2,406 jobs created and supported across 45 active SME clients,
at a cost per job created/supported of approximately R246,128.
31-May-26 28-Feb-26
Current Number of SME's funded 45 44
Number of industries 23 21
Cumulative number of jobs created & supported* 2,406 2,084
*The number of jobs supported is an estimate based on employment information provided directly by borrower SMEs
during the credit assessment process. These figures are reviewed and vetted by the Group at the point of loan
origination but are not subject to a detailed or independent audit. They are presented as an indication of the
employment impact of the Group's lending and should be read on that basis.
6. Notes To Shareholders
The Company wishes to remind shareholders that:
1. ACOF has a ZAR5,000,000,000 Domestic Medium Term Note Programme. As at 31 May 2026, an aggregate
outstanding notes of ZAR419,358,877 were in issue.
2. ACOF operates a security-first underwriting discipline, maintaining a security coverage ratio across its loan book of
between 1.5x and 2.6x.
The financial information contained in this announcement is extracted or derived from unaudited and unreviewed
management accounts of ACOF as at 31 May 2026, prepared in accordance with the measurement and recognition
requirements of International Financial Reporting Standards ("IFRS"), and the accounting policies adopted are
consistent with those applied in the published audited annual financial statements of ACOF for the year ended 28
February 2026. The comparative financial information as at 28 February 2026 is extracted from the published audited
annual financial statements of ACOF, which were prepared in accordance with IFRS Accounting Standards.
The financial information is presented in South African Rand (ZAR), which is ACOF's functional and presentation
currency (IAS 21). Expected credit loss provisions have been determined in accordance with IFRS 9 – Financial
Instruments. Loans and receivables are measured at amortised cost using the effective interest rate method (IFRS
9.4.1.2).
The board of directors of ACOF and Africa Bitcoin Corporation take responsibility for the information contained in this
announcement. The information contained in this announcement is based on unaudited management accounts of ACOF
and has not been reviewed or reported on by the Company's external auditors.
UPDATE REGARDING POTENTIAL ADMISSION TO THE AQUIS GROWTH MARKET
Africa Bitcoin Corporation is actively pursuing the admission of its ordinary shares to trading on the Aquis Growth Market,
operated by Aquis Stock Exchange Limited in London ("Aquis Admission" or "Admission"). The Aquis Admission forms
part of the Company's stated strategy to broaden its access to international pools of capital and to extend its multi-listing
footprint, complementing the Company's existing listings on the JSE, A2X, the Namibia Securities Exchange, the
OTCQB Venture Market in the United States and the Frankfurt Stock Exchange.
In connection with the Aquis Admission, the Company has appointed Guild Financial Services, as its corporate adviser,
and Oberon Capital, as its corporate broker.
Further updates will be made, as appropriate, in due course.
Johannesburg
29 June 2026
JSE Sponsor NSX Sponsor
Questco Corporate Advisory Cirrus Securities (Pty) Ltd
Member of the Namibia Securities Exchange
Date: 29-06-2026 09:00:00
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