ABC shareholders push for new directors
Shareholders controlling 76% of Africa Bitcoin Corporation’s ordinary shares want two new directors appointed, but the board is resisting.
Shareholders of Africa Bitcoin Corporation (ABC), holding 76% of its issued ordinary shares, are pushing for new non-executive directors to be appointed following regulatory sanctions against three executives. Former CEO Warren Wheatley, who resigned two weeks ago, has been banned for 20 years and fined R9 million for alleged share trades involving just 50 shares.
ABC disclosed that Wheatley and related parties increased their combined shareholding from 45.60% to 50.35%. The board acknowledged the demand as legally valid but did not support the proposed appointments, citing governance and regulatory integrity concerns. ABC will convene a shareholders' meeting in accordance with legal and regulatory requirements to vote on the appointment of the new directors.
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