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Warren Chapman @WarrenC_ZA

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

Joined October 2021
  • Tweets 62
  • Following 44
  • Followers 554
10 Photos and videos
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!
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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.
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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.
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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!
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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.
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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.
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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.
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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
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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
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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.
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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 tinyurl.com/222hj54m
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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, tinyurl.com/ycks8y4b

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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.
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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!
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One would think we had evolved as an inter-reliant, inter-connected species to have sufficient non-violent disincentives to prevent major conflicts. Not yet! The global financial industry must play its part to the maximum to stop #UkraineWar and prevent similar future ones.
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#AfricanPhoenix contacted #TONJSE management and advisors in Jan to offer better plan for the co & minorities. Includes issue of convertible debt, underwriters to remain under 35% and concessions from bankers until outcomes on legal actions. No response from Tongaat to date.
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Tech increasingly defines our workspaces and fulfils employment functions. Shorter workweeks, protection from authority/technology and universal basic income guarantees should be in our future and should be embraced by capitalists. Well done Belgium! bit.ly/3HTnYXF

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Stock Brokers are a dying breed, intermediated and fighting a losing battle against technology. Except for this one! An amazing career in our profession over many market cycles and still going strong.
ScamSnifferAlert@ScamSniffers
1 Feb 2022
50yrs ago to the day I joined stockbroker Max Pollak & Fremantle, a day after completing my articles. I was an unauthorised clerk. Salary R450pm. I remember uncle Max Borkum helped me with a trade in Wesbank l/a’s that made me a small profit enough to buy Linda a small gold coin.
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To understand the recent evolutions in listed market structures and the empowerment of #retailinvestors, you need to understand what is happening at @citsecurities. Read more here: bit.ly/3H34K12
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Well done A2 Investment Partners on concluding #Novus corporate action. Massive price uplift for ALL shareholders and liquidity for those wishing to exit. V good for SA markets. Hope this is seen as a template for rerating undervalued #JSE names. bit.ly/3IzMEnF
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