TB AFR 131985 – MO ABIL Amended MOI - September 2016.docx 
                
                
                
                                      THE COMPANIES ACT, 71 OF 2008 
                                               (AS AMENDED) 
                                                       
                                                       
                                     MEMORANDUM OF INCORPORATION 
                                                       
                                                       
                                                     of 
                                                       
                                                       
                                  AFRICAN PHOENIX INVESTMENTS LIMITED 
                                              (“the Company”) 
                                                       
                 A PUBLIC COMPANY DULY REGISTERED AND INCORPORATED WITH LIMITED 
                 LIABILITY UNDER THE COMPANY LAWS OF THE REPUBLIC OF SOUTH AFRICA 
                
               REGISTRATION NUMBER: 1946/021193/06 
                
               REGISTRATION DATE: 30 March 1946 
                
                
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                  TB AFR 131985 – MO ABIL Amended MOI - September 2016.docx 
                   
                   
                   
                                                          TABLE OF CONTENTS 
                   
                  1.     INTERPRETATION ................................................................................................................................... 4 
                  2.     JURISTIC PERSONALITY, RESTRICTIONS AND POWERS ........................................................... 8 
                  3.     REPRESENTATION ............................................................................................................................... 10 
                  4.     COMPANY RULES ................................................................................................................................. 10 
                  5.     ISSUE OF SHARES AND VARIATION OF RIGHTS ......................................................................... 10 
                  6.     ALTERATION OR MEMORANDUM OF INCORPORATION ............................................................ 13 
                  7.     COMMISSION AND NO LIEN ............................................................................................................... 14 
                  8.     CERTIFICATED AND UNCERTIFICATED SECURITIES ................................................................. 15 
                  9.     BRANCH REGISTER .............................................................................................................................. 17 
                  10.    TRANSFER AND TRANSMISSION OF SECURITIES ...................................................................... 17 
                  11.    BENEFICIAL INTERESTS IN SECURITIES ....................................................................................... 21 
                  12.    RECORD DATE FOR EXERCISE OF SHAREHOLDERS RIGHTS ............................................... 21 
                  13.    MEETINGS OF SHAREHOLDERS ...................................................................................................... 21 
                  14.    PROCEEDINGS AT MEETINGS OF SHAREHOLDERS .................................................................. 22 
                  15.    SHAREHOLDERS' RESOLUTIONS..................................................................................................... 24 
                  16.    VOTES OF SHAREHOLDERS .............................................................................................................. 25 
                  17.    PROXIES AND REPRESENTATIVES ................................................................................................. 28 
                  18.    MANNER OF PROVIDING NOTICES .................................................................................................. 30 
                  19.    DIRECTORS ............................................................................................................................................ 32 
                  20.    ROTATION OF DIRECTORS ................................................................................................................ 36 
                  21.    MANAGING DIRECTORS ...................................................................................................................... 37 
                  22.    ALTERNATE DIRECTORS .................................................................................................................... 38 
                  23.    PROCEEDINGS OF DIRECTORS ....................................................................................................... 39 
                  24.    POWERS OF DIRECTORS ................................................................................................................... 41 
                  25.    BORROWING POWERS AND DEBT INSTRUMENTS ..................................................................... 42 
                  26.    COMMITTEES OF THE BOARD .......................................................................................................... 43 
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                  TB AFR 131985 – MO ABIL Amended MOI - September 2016.docx 
                   
                   
                   
                  27.    APPOINTMENT OF ATTORNEYS ....................................................................................................... 44 
                  28.    INDEMNIFICATION OF DIRECTORS ................................................................................................. 44 
                  29.    STATUTORY RECORDS ....................................................................................................................... 45 
                  30.    ACCOUNTS AND RECORDS ............................................................................................................... 46 
                  31.    AUDIT ........................................................................................................................................................ 48 
                  32.    DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS\ ........................................................... 48 
                  33.    LOSS OF DOCUMENTS ........................................................................................................................ 53 
                  34.    RESERVE FUND ..................................................................................................................................... 53 
                  35.    CAPITALISATION ................................................................................................................................... 54 
                  36.    ACQUISITION OF SHARES .................................................................................................................. 55 
                  37.    ODD-LOT OFFERS ................................................................................................................................. 56 
                  38.    NON-REDEEMABLE, NON-CUMULATIVE, NON-PARTICIPATING PREFERENCE 
                         SHARES (“THE PREFERENCE SHARES”) ....................................................................................... 57 
                  39.    DEFINITIONS FOR CLAUSE 38 ........................................................................................................... 64 
                  40.    USE OF ELECTRONIC MEDIA AND ELECTRONIC COMMUNICATION ..................................... 67 
                  41.    WINDING UP ........................................................................................................................................... 68 
                   
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               TB AFR 131985 – MO ABIL Amended MOI - September 2016.docx 
                
                
                
               1.      INTERPRETATION 
                 
                       In this Memorandum of Incorporation, unless the context otherwise requires. 
                
                 1.1            “Board”means the board of Directors from time to time of theCompany or if 
                                there is only one Director, then that Director; 
                
                 1.2            “Companies Act” means the Companies Act, No. 71 of 2008, asamended, 
                                consolidated or re-enacted from time to time, and includes all Schedules to 
                                such Act and the Companies Regulations; 
                
                 1.3            ”Companies Regulation” means the regulations published in terms ofthe 
                                Companies Act from time to time; 
                
                 1.4            “Director” means a member of the Board as contemplated in section66 of 
                                the  Companies  Act,  or  an  alternate  director,  and  includes  any  person 
                                occupying the position of a director or alternate director, by whatever name 
                                designated; 
                
                 1.5            “Electronic  Communication”  has  the  meaning  set  out  in  theElectronic 
                                Communications and Transactions Act; 
                
                 1.6            “Electronic  Communications  and  Transactions  Act”  means  the 
                                Electronic  Communications  and  Transactions  Act,  No  25  of  2002,  as 
                                amended, consolidated or re-enacted rom time to time; 
                
                 1.7            “JSE”  means  the  exchange,  licensed  under  the  Securities  Services  Act, 
                                operated by the JSE Limited, registration number 2005/022939/06, a public 
                                company  duly  incorporated  in  the  Republic  and  includes  any 
                                successor-in-title thereto; 
                
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