Africa Bitcoin Corporation is down to two directors. The South African listed Bitcoin treasury firm disclosed on Monday, via a Stock Exchange News Service announcement, that four of its board members have resigned, including chairperson Norma Sephuma and interim CEO Stafford Masie. Independent non-executive directors Snowy Masakale and GG Alcock also stepped down. The departures follow a shareholder push to remove them, backed by investors holding approximately 71.8% of the company's shares.
The resignations made the formal removal vote unnecessary, but they have not settled the underlying tension. A separate shareholder demand, this one backed by roughly 76% of ABC's shares, is still calling for the appointment of two new non-executive directors. That request remains unresolved, leaving the company in the middle of two overlapping boardroom fights at once.
At the centre of it all is WGW Capital Proprietary Limited, an ABC shareholder whose relationship with the outgoing board had clearly reached a breaking point. In the SENS announcement, ABC stated that "material differences emerged between the Board and WGW." The departing directors confirmed they did not resign lightly, but that those differences had become irreconcilable.
The timing is significant. ABC is in the middle of a transformation from small-business financier to Bitcoin treasury company, and it now has to rebuild most of its board while that shift is still underway. Who fills those empty seats will say a lot about where the power in this company actually sits.
Originally published by TechCabal.