African Phoenix Investments Limited announced that with reference to the `Proposed Merger of Zarclear and African Phoenix, API Capital Acquisition and Cautionary Announcement' released on SENS simultaneously with this announcement wherein it is stated that further to its assessment that African Phoenix has funds surplus to its requirements and strategic objectives, the board of directors of African Phoenix ("Board") has resolved to distribute ZAR 599,342,214.24 of its surplus funds by way of a distribution. Ex-Distribution is on 8 January 2020. Record date is on 10 January 2020. Payment date is on 13 January 2020.