Brief
Four directors resign from Africa Bitcoin Corporation after shareholder dispute
The resignations follow a second letter from shareholders holding about 71.8% of the company’s shares, prompting a board overhaul.
By Felo News Desk · Published
Four of the six directors of Africa Bitcoin Corporation, including chair Norma Sephuma and interim CEO Stafford Masie, resigned effective 9 October after a shareholder group led by WGW Capital moved to have them removed, techcentral.co.za reported.
What happened
The JSE‑listed bitcoin treasury company said in a stock‑exchange announcement on Monday that shareholders holding roughly 71.8% of its ordinary shares sent a second letter demanding resolutions to remove Sephuma, Masie, and independent non‑executive directors Snowy Masakale and GG Alcock. All four directors stepped down on 9 October. Masie also announced he will remain as interim CEO until 28 February 2027 to ensure continuity.
What the reports add
Techcentral noted that the resignations came four days after shareholders, then holding about 76% of the shares, demanded a meeting under section 61(3) of the Companies Act to vote on two new non‑executive directors. The board accepted the demand as valid but objected on governance grounds, not on the candidates’ experience. The company said the resolutions to remove the four directors are now unnecessary.
What was said
The departing directors said “material differences” had emerged between the board and WGW, and that these could not be resolved after the second letter, according to the company’s statement.
How it came about
WGW Capital is wholly owned by the WGW Family Trust, whose beneficiaries include founder Warren Wheatley and his family. Wheatley was debarred by the Financial Sector Conduct Authority in August and later resigned as director on 31 August and as CEO on 21 September. The board’s earlier composition was disrupted after Wheatley’s precautionary leave and subsequent debarment.
Key facts
- Four directors, including chair Norma Sephuma and interim CEO Stafford Masie, resigned on 9 October. (techcentral.co.za)
- Shareholders holding about 71.8% of Africa Bitcoin Corporation’s ordinary shares sent a second letter demanding board removals. (techcentral.co.za)
- Stafford Masie will remain interim CEO until 28 February 2027 to ensure an orderly handover. (techcentral.co.za)
- WGW Capital, owned by the WGW Family Trust, controls the majority shareholding and is linked to debarred founder Warren Wheatley. (techcentral.co.za)
Sources
- [1] techcentral.co.za — originally reported as “Africa Bitcoin Corporation board quits in shareholder clash”
