According to an official Stock Exchange News Service (SENS) announcement published via Moneyweb, the departures followed a supplementary demand letter from WGW Capital, which holds roughly 71.8% of ABC’s ordinary shares. WGW demanded an extraordinary general meeting to formally vote on removing the four directors.
The resigning board members are:
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Norma Sephuma: Independent Non-Executive Chair
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Stafford Masie: Interim CEO, Executive Director, and Director of Bitcoin Strategy
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Snowy Masakale: Independent Non-Executive Director
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GG Alcock: Independent Non-Executive Director
The departing directors cited irreconcilable “material differences” between themselves and WGW Capital. Sephuma and Masakale also stepped down from the board of ABC’s subsidiary, Altvest Credit Opportunities Fund.
Masie, the former Google Africa executive who assumed the interim CEO role on 31 August, will step down completely as CEO and director of bitcoin strategy on 28 February 2027. He will remain in an executive management capacity until then to ensure operational continuity and facilitate a transition to permanent leadership.