Wrap Text
Receipt of Supplementary Demand, Changes to the Board and Executive Leadership Update
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
(“ABC” or the “Company”; together with its subsidiaries, 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
RECEIPT OF SUPPLEMENTARY DEMAND, CHANGES TO THE BOARD AND EXECUTIVE LEADERSHIP UPDATE
Unless otherwise defined herein, capitalised words and terms contained in this announcement shall bear the same
meanings ascribed thereto in the announcement published on 8 October 2026 (“Announcement”).
Supplementary Demand
Shareholders are referred to the Announcement and are hereby advised that a subsequent letter was received by the
Board in terms of which WGW, together with other Shareholders, who collectively hold approximately 71.8% of the total
issued ordinary shares in the Company, require additional resolutions to be proposed at the Meeting in respect of the
removal of Ms Norma Sephuma, Mr Stafford Masie, Ms Snowy Masakale and Mr GG Alcock as directors of the Board
(“Supplementary Demand”).
Changes to the Board
Following receipt of the Supplementary Demand, shareholders are advised that the following persons (“Relevant
Individuals”) tendered their resignations from the Board and the relevant Board committees, with effect from
9 October 2026:
• Ms Norma Sephuma, Independent Non-executive Chairperson and member of the Group’s Audit and Risk and
Social and Ethics Committees;
• Mr Stafford Masie, Executive Director and member of the Group’s Social and Ethics Committee;
• Ms Snowy Masakale, Independent Non-executive Director and member of the Group’s Audit and Risk and
Remuneration and Nomination Committees; and
• Mr GG Alcock, Independent Non-executive Director and member of the Group’s Social and Ethics and
Remuneration and Nomination Committees.
Ms Sephuma and Ms Masakale have additionally resigned as directors of Altvest Credit Opportunities Fund Limited.
The Company wishes to express its sincere appreciation to the Relevant Individuals for their service, leadership and
commitment, particularly during the recent exceptionally challenging period in the Group’s history.
The Relevant Individuals wish to acknowledge the professionalism, dedication and resilience demonstrated by the
Group’s employees and management team throughout this period.
The Relevant Individuals did not take the decision to resign lightly. They have at all times acted in what they believe to
be the best interests of the Company. Recently, however, material differences emerged between the Board and WGW.
After receiving the Supplementary Demand, the Relevant Individuals concluded that these differences could not be
resolved and they accordingly resigned.
The Relevant Individuals remain appreciative of the opportunity to have served the Company and extend their best
wishes to the executive team.
Executive Leadership Update
The Company further advises that Mr Stafford Masie has separately tendered his resignation as Interim Chief Executive
Officer and Director of Bitcoin Strategy, with an intended final day of service being 28 February 2027.
Mr Masie has confirmed his willingness to continue fulfilling his executive responsibilities, including supporting the
Company's management team, maintaining operational continuity and facilitating an orderly transition to permanent
executive leadership.
The Company will communicate any further developments regarding executive succession arrangements as
appropriate.
Board Composition and Operational Continuity
Following the above resignations, Mr Robin Coode, Independent Non-executive Director, and Mr Jonathan Phillips,
Financial Director, remain directors of the Company.
The remaining directors, in consultation with the Company’s advisors, are addressing the steps necessary to restore
the appropriate Board and committee composition in accordance with applicable statutory, regulatory and listing
requirements.
The Company’s executive management team remains in place and will continue to manage the Group’s day-to-day
operations within the scope of its existing lawful delegated authorities.
The Company remains committed to maintaining operational continuity, appropriate governance oversight and the
interests of its shareholders, employees, institutional funders, borrowers and other stakeholders.
Demand for Meeting
As a result of the abovementioned resignations, none of the Relevant Individuals are in office as a director of the
Company. Accordingly, the proposed resolutions seeking their removal in terms of the Supplementary Demand will no
longer achieve their stated purpose and therefore will not be necessary.
The original Demand concerning the proposed appointment of two additional directors remains unaffected, and the
Company continues to recognise its obligations in relation to that Demand, as detailed in the Announcement.
Further announcements will be made as required.
Johannesburg
12 October 2026
JSE Sponsor NSX Sponsor
Questco Corporate Advisory Cirrus Securities (Pty) Ltd
Member of the Namibia Securities Exchange
Date: 12/10/2026 07:05:00
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