Business · Companies · 2 hrs ago
Four Africa Bitcoin Corporation directors resign after shareholder dispute
Four of the six directors of Johannesburg-listed Africa Bitcoin Corporation resigned after a dispute with a group of shareholders led by WGW Capital.
The departing directors included chair Norma Sephuma and interim CEO Stafford Masie.
Shareholders holding about 71.8% of the company’s ordinary shares had sought a vote to remove four directors, but the resignations mean those removal resolutions are no longer needed.
A separate shareholder demand to hold a meeting and vote on appointing two new non-executive directors remains in place, and the company says it will arrange the meeting.
The company now has two directors, although the Companies Act requires a public company to have at least three.
The remaining directors are working with advisers to restore the board and committee structure required by law and stock exchange rules.
Masie will continue in his executive role until 28 February 2027 to support continuity and a handover to a permanent CEO.
Four of Africa Bitcoin Corporation’s six directors resigned after a shareholder group led by WGW Capital sought their removal.
Chair Norma Sephuma, interim CEO Stafford Masie and directors Snowy Masakale and GG Alcock resigned effective 9 October.
The departing directors said “material differences” with WGW could not be resolved.
The company is left with two directors and says it is working to restore the board and committee composition required by law and JSE rules.
A separate shareholder demand to hold a meeting on appointing two non-executive directors remains in place.
- Who
- Four directors of Africa Bitcoin Corporation, including chair Norma Sephuma and interim CEO Stafford Masie, resigned.
- What
- They left after WGW Capital and other shareholders sought their removal. The company is left with two directors.
- When
- The resignations took effect on 9 October.
- Where
- Africa Bitcoin Corporation, a JSE-listed company.
- Why
- The departing directors said material differences had emerged between the board and WGW and could not be resolved.
Departing directors
WGW Capital and supporting shareholders
Reason for the dispute
Departing directors
The directors said material differences with WGW could not be resolved.
WGW Capital and supporting shareholders
WGW and other shareholders sought resolutions to remove four directors.
Proposed board changes
Departing directors
The board said it did not support the proposed appointments, citing governance and regulatory integrity concerns.
WGW Capital and supporting shareholders
Shareholders demanded a meeting to vote on appointing two new non-executive directors.
material differences
governance and regulatory integrity
Stafford Masie became interim CEO after founder Warren Wheatley was placed on precautionary leave.
WGW and other shareholders demanded a shareholders’ meeting to vote on appointing two non-executive directors.
Norma Sephuma, Stafford Masie, Snowy Masakale and GG Alcock resigned from the board.
The company announced the resignations and said it was working to restore the board and committee composition.
- Departed directors
- Norma Sephuma, Stafford Masie, Snowy Masakale and GG Alcock
- Remaining directors
- Robin Coode and Jonathan Phillips
- Resignation effective date
- 9 October
- Shareholder stake in second letter
- About 71.8% of ordinary shares
- Minimum directors required
- Three for a public company
- Masie’s last day as interim CEO
- 28 February 2027
Sources
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