African Phoenix Investments Limited announced that Mr. Isaac Shongwe would be resigning as an independent non-executive director and Chairman of the board of directors of the Board with effect from 31 July 2017 and that the Board had commenced the process of appointing a new Chairman. Shareholders are furthermore referred to the "Appointment of Acting Chairman" announcement released on SENS on 31 July 2017 wherein shareholders were advised that Mr. Morris Mthombeni had been appointed as Acting Chairman of the Board.