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Africa Bitcoin Corporation, the Johannesburg-listed bitcoin company backed by South African billionaire Rob Hersov, will not hold a proposed shareholder meeting after investors withdrew their demand to appoint two non-executive directors.
In a notice published on October 21, the company confirmed that WGW Capital and other ordinary shareholders had withdrawn their demand for a meeting to consider the appointments. The request was submitted under Section 61(3) of South Africa's Companies Act.
The withdrawal removes the immediate prospect of the meeting, but the company's boardroom challenges remain. Africa Bitcoin Corporation said it had begun taking steps to restore its board and committees in line with statutory, regulatory and listing requirements.
The dispute became public on October 8, when WGW Capital and other shareholders sought a meeting to appoint two new non-executive directors. The board acknowledged that the demand had been validly submitted but raised concerns about the proposed appointments, citing governance and regulatory integrity.
Four directors, including chair Norma Sephuma and interim chief executive Stafford Masie, subsequently resigned alongside Snowy Masakale and GG Alcock, effective October 9. Their departures left Robin Coode and financial director Jonathan Phillips as the company's remaining directors.
The company has not explained why the shareholders withdrew their demand or announced replacement directors. The withdrawal also does not establish that the wider disagreements among shareholders have been resolved.
Hersov is a significant outside investor in the company. He held a 6.16% stake as of February, according to the company's annual report cited by ITWeb. The South African businessman previously founded Marquis Jets Europe, which he sold to NetJets, and established Invest Africa, an investor network focused on the continent.
Africa Bitcoin Corporation, formerly known as Altvest Capital, adopted a bitcoin treasury strategy in 2025. It also operates a private credit business that provides financing to small and medium-sized enterprises.
The company is facing separate regulatory scrutiny. In an October 15 report, Billionaires.Africa covered an investigation by South Africa's Financial Sector Conduct Authority into suspected share-price manipulation involving individual market participants. The company said the notice did not allege wrongdoing by Africa Bitcoin Corporation or its board.
Billionaires.Africa previously covered the directors' departures in its October 14 article, South African billionaire Rob Hersov's bitcoin investment rocked as four directors quit.
Investors will now be watching for director appointments and updates on the company's governance arrangements. For Hersov, the latest development leaves the focus on whether the company can rebuild its board, meet its listing obligations and maintain confidence in its bitcoin and private credit businesses.
The confirmed outcome is that the proposed shareholder meeting will not proceed. The company says work to restore its board and committees is underway, but it has yet to announce a completed restructuring.
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