Warren Chapman

Servant of South African Capital markets. Views are my own.

[Warren Chapman @WarrenC_ZA]

@albie_cilliers @Cy36ONE @JP_Verster Neither @Cy36one nor anyone supports me. #AfricanPhoenix said it would shine a light on your criminal #S164 behaviour that serves only you and harms many public companies. Following through on that pledge. Far from done. https://t.co/7O000qhAvJ

[Warren Chapman @WarrenC_ZA]

During a telcon on 29Mar'21 discussing the Legae/Peregrine BEE transaction, @JP_Verster made a slur about one of its architects and questioned his competence. He could not accept that Tshepo Maseko leads SA's largest stockbroker and is one of the best at his job on the planet!

[Warren Chapman @WarrenC_ZA]

For "Tolls" and Prejudice, analysts/fund managers [sic] investigated the BEE transaction that created the only 51% black-owned/managed stockbroker that competes ably in the JSE Top10 against 9 global investment banks, calling it a sham & defaming its black leadership.

[Warren Chapman @WarrenC_ZA]

AfricanPhoenix and ENX are being extorted by bad market actors and market frauds who believe it acceptable to issue threats & "toll" public companies. These companies and their boards and management will not tolerate this. More legal action to follow to serve the SA market.

[Warren Chapman @WarrenC_ZA]

Near their lows during Covid, not on them, and only after 30 June'20, #AfricanPhoenix made several large investments, all of which, bar one, remain in its portfolio. In two years to June'22, this portfolio returned c.90%. One would think minority shareholders would be pleased!

[Warren Chapman @WarrenC_ZA]

In response to liquidity requests by minority s/holders who were delisting Peregrine at the time, ALL Zarclear s/holders were offered 440c per share (then the highest price traded) in Sep '20. So many accepted that Zarclear was forced to delist a year later AND with 100% support.

[Warren Chapman @WarrenC_ZA]

In Dec'19, minority #AfricanPhoenix shareholders rejected a proposal to merge it and Zarclear. They wished for liquidity in order to exit. In response, Phoenix delisted in Jun'20 with 99.6% s/holder support @ 40c when tangible NAV was 47c per share.

[Warren Chapman @WarrenC_ZA]

Near the market lows in 2020, #AfricanPhoenix purchased a regulated OTC equity-linked note as part of its new investment strategy. The note has an asymmetric payoff profile using high gearing. It is 17% of the portfolio, adequately disclosed & served public shareholders well.

[Warren Chapman @WarrenC_ZA]

Prior to the African Phoenix / Zarclear merger vote (which later passed with 99.99%), the extortionists made it clear if the "Tolls" were not paid, "the destination would not be reached". To date, they have succeeded in their threat and public shareholders are prejudiced

[Warren Chapman @WarrenC_ZA]

If not to apply unlawful pressure for their “SMALL TOLL” of R57 million & serve David Brouze’s interests, why else would @JP_Verster and @albie_cilliers engage Trillian-linked, Bradley Scop to attend #AfricanPhoenix s/holder meetings on their behalf? View a Verster proxy below

[Warren Chapman @WarrenC_ZA]

Whether by means of extortion or not, it is very bad for markets when an institutional fund manager has negotiated R24.50 for his own shares, when his public clients only got R6.00.

[Warren Chapman @WarrenC_ZA]

It's extortion & very bad for markets when fund managers/bank directors buy shares for c.R36.00 per share in a listed public and then immediately demand R83.55 with threatening letters & defamatory statements. My opinions on appraisal rights extortion https://t.co/uWKIzgLNGm

[Warren Chapman @WarrenC_ZA]

@JP_Verster @robrose_za @AIMhonesty Your narrative does not change the fact that your letter is extortive. Your subsequent conduct with Cilliers, Scop, and others supports that. African Phoenix has now complied with obligations to report the suspicion of a crime.

[Warren Chapman @WarrenC_ZA]

I told @robrose_za the #AfricanPhoenix criminal complaint was lodged in accordance with #AfricanPhoenix obligations under PRECCA when extortion letter surfaced on 25 July 2022, NOT a Tit for Tat. Read the full article here, https://t.co/QqKk56BIwX

[Warren Chapman @WarrenC_ZA]

The four analysts have complained that minorities have been prejudiced, which is not true at all. Liquidity has been provided to those who sought it, mostly at the height of Covid uncertainty. Those who did not wish/need it and remained invested have been rewarded handsomely.

[Warren Chapman @WarrenC_ZA]

@albie_cilliers Howso? African Phoenix, Extract and Enx have delivered exceptional cash and market returns to their shareholders in the last 12 months and have robust largely ungeared balance sheets. Overlaps: Steve Booysen (prev director at SHF and ENX ), Craig Butters (investigated both)

[Warren Chapman @WarrenC_ZA]

There has been a huge amount of value and plenty of liquidity for African Phoenix, Zarclear and ENX shareholders over the last three years for the benefit of ALL shareholders. Minorities have been particularly well served. Have a look at ENX!

[Warren Chapman @WarrenC_ZA]

@albie_cilliers I disagree. The TRP investigation is a reaction to complaints that it deemed worthwhile to investigate. It is a good thing for SA markets. I also note that you are a complainant, who also happens to be a cR20million dissenting shareholder in African Phoenix.

[Warren Chapman @WarrenC_ZA]

@albie_cilliers Corporate activity (incl delistings) and Liquidity are the lifeblood of markets. They are even more important in a de-rating cycle, which is where the JSE and SA market finds itself now. Investors, infrastructure providers and regulators should encourage more, not less.

[Warren Chapman @WarrenC_ZA]

@albie_cilliers What is bad for markets are the motives of the dissenting shareholder. What is he looking to achieve? Is it money or publicity or some other "weird" motive? Is this shareholder related to you?