Warren Wheatley: Altvest’s bold move to JSE and exclusive offshore investments

In this BizNews interview, Alec Hogg speaks with Warren Wheatley, founder of Altvest, on the company’s recent listing on the Johannesburg Stock Exchange. Wheatley discusses the strategic shift from the Cape Town Stock Exchange, the company’s partnership with EasyEquities, and upcoming exclusive investment opportunities, including offshore ventures. He highlights Altvest’s mission to democratize private equity and create wealth-building opportunities for South Africans.

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Edited transcript of the Interview

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00:00:05:12 – 00:00:29:09
Alec Hogg
There has been a long road for Altvest, and today marks another huge leap forward. Warren Wheatley, the founder and chief executive, joins us on the day that Altvest listed on the Johannesburg Stock Exchange. First, it was Cape Town, and it didn’t work out too well. We’ll find out in a moment why. And now, onto the JSE, Warren Wheatley is with us.

00:00:29:11 – 00:00:53:21
Alec Hogg
So, there we go. Warren, I’ve now told people your name twice, so I’m sure everyone knows you from your previous discussions on the BizNews TV channel. And, of course, we’ve seen you at all of the BizNews conferences to date. Today’s a big day, but I suppose the question has to be: didn’t it work out too well at the Cape Town Stock Exchange?

00:00:53:23 – 00:01:27:13
Warren Wheatley
I think the primary reason for the move was that we just didn’t have the luxury of time to wait for the ecosystem to build around the Cape Town Stock Exchange. And what I mean by ecosystem is that for an exchange to thrive, you need both buyers and sellers. Now, the Cape Town Stock Exchange simply didn’t have enough access to the retail market, which is our primary target audience.

00:01:27:15 – 00:01:58:13
Warren Wheatley
They only have one retail brokerage, which, I’d guess, has around 4,000 members, with not even half of them being active. I needed a vibrant retail market, which the JSE provides. The JSE currently boasts in excess of 2 million retail customers, most of them brought in by platforms like EasyEquities.

00:01:58:13 – 00:02:34:17
Warren Wheatley
We partnered with them on this particular IPO, and immediately that strategic change paid dividends. We welcomed over 2,360 new retail investors to the platform in a very short, two-week period. So, the strategy paid off, and we were instantly successful. Thousands of investors put their money behind the concept, and we’re looking for thousands more, if not millions.

00:02:34:19 – 00:02:44:23
Alec Hogg
But EasyEquities is an interesting story, because they, too, are disruptors. Is that part of the reason why you were drawn to them?

00:02:45:01 – 00:03:13:23
Warren Wheatley
Yes, and we genuinely share an ethos with Charles and his team about democratizing access to financial and capital markets. When people share a vision and passion, it makes partnership discussions really easy and quick. So, it was easy to partner with them and work on getting this IPO off the ground.

00:03:14:01 – 00:03:30:07
Warren Wheatley
Every obstacle was quickly overcome. And there were some, but when you’re working towards a common goal, even from different factions, those challenges are easily dismantled.

00:03:30:09 – 00:03:47:17
Alec Hogg
You’ve added a couple of big names in GG Alcock and Stafford Masie to your board of directors. Have they had much influence on this decision, or did they just come along for the ride?

00:03:47:18 – 00:04:12:17
Warren Wheatley
No, absolutely. I was actually rewatching a clip, and the commentary around it was, “We’re reporting to the heavyweights now, watch the rocket ship fly.” Since they joined the company—and not just them, but with an array of new appointments—the business has really taken off.

00:04:12:17 – 00:04:44:02
Warren Wheatley
Our upgraded fund is doing incredibly well in terms of the impact it’s creating. We’ve created more than 500 jobs, given out loans to over 20 SMEs, and deployed almost R200 million in loans to date. The directors have been cautious, especially regarding the big leap to the JSE, which was nerve-wracking. A lot of your reputation gets wrapped up in the company, and they helped me navigate the minefield of compliance, bureaucracy, and all the other necessary steps that come with listing.

00:04:44:02 – 00:05:22:18
Warren Wheatley
If you want to be a custodian of other people’s money, you need to be willing and able to comply with the laws of the land, to do what’s right, and ensure your governance and compliance are spot on. So, to answer your question, the guys have been fundamental—not only to the strategy but in making it happen.

00:05:31:11 – 00:06:05:01
Alec Hogg
So, are you now going to be able to expand your vision of democratizing private equity? And I mean that because you’ve got the game reserve, Garner, you’ve got Bumba, Nani, and other companies. Will you be able to bring them under the Altvest umbrella and give them some kind of public ownership as well?

Read more: Alec Hogg: Farewell Tito; SA’s privilege to have crossed your path

00:06:05:03 – 00:06:39:06
Warren Wheatley
Our strategy going forward will remain true to what we’ve said. We now have the tools to execute it. One of the criticisms we often receive is that I haven’t listed as many companies as I promised the market. The problem was that, with a very small audience of registered investors, each listing became incredibly difficult and near impossible. I have now removed all my excuses, and I just need to execute.

00:06:39:08 – 00:07:16:00
Warren Wheatley
We won’t only be bringing private equity to the business, but we’ll also bring a whole range of opportunities for wealth creation. We’ve got a mixed bag that will blow the minds of the South African public. We’re introducing an investment opportunity that will be exclusive to South Africa for the next few months, if not years. I gave a hint about it in my speech this morning, but we’ll be waving that red flag to many South Africans soon, enticing them into that part of the world.

00:07:16:02 – 00:07:42:18
Warren Wheatley
We now have the tools to legitimately raise public capital for businesses looking for equity. Our credit fund is doing exceptionally well. We have a thriving debt business, and SMEs in need of capital can come to us for a fully structured finance solution. You get to meet the team, we go through your business with you, and we structure your loan package.

00:07:42:20 – 00:08:06:09
Warren Wheatley
We also say yes more often than we say no. And when we say no, it’s mostly a “not yet.” We want to help get the country moving. There’s a renewed optimism, not just among consumers but also entrepreneurs. People are willing to take chances, and they need support. That’s precisely what we aim to provide.

00:08:06:11 – 00:08:34:00
Alec Hogg
So, how did the listing go this morning?

00:08:34:01 – 00:08:56:17
Warren Wheatley
I was quite nervous, obviously. There are always technical issues. For example, some investors can’t see the shares in their accounts yet, but that’s par for the course. I’m too old now to get rattled by stuff like that, but we’re trying to get it sorted. Then, of course, Takealot failed me completely this morning. It was a beautiful event, though. The JSE was extremely welcoming, and there was a great vibe in the air. All our staunch supporters were there, so it was nice being surrounded by friends, family, and well-wishers. You can’t put a price on that.

00:08:56:19 – 00:09:21:15
Warren Wheatley
It was a beautiful event.

00:09:21:17 – 00:09:23:17
Alec Hogg
Very different from your Cape Town Stock Exchange listing. I suppose your experiences will have given you some pause when looking ahead. But help us understand where Altvest will be in a year’s time, and what we’ll be talking about then.

00:09:23:18 – 00:10:35:21
Warren Wheatley
We’re going to aggressively move the needle on getting companies funded, getting businesses out there, and getting the economy moving. We’re raising capital for the trend aggressively, and we’re in talks with investors almost daily to support that initiative. In a year’s time, I hope to talk to you about having spent a billion rand in funding, creating thousands of jobs, and having many repeat customers coming to us again and again for business funding ideas and for investors looking for alternative investment products.

00:10:35:23 – 00:11:05:20
Warren Wheatley
We’re not going to slow down the pace. I’m not going to be bringing small companies. I’ll be bringing themed investments to the market almost every eight weeks. Our first theme is going to be a big one. It’s going to be a very exclusive investment opportunity, and it will be offshore. You can start guessing where that offshore destination will be, but it’s going to be a significant opportunity.

00:11:05:20 – 00:11:06:10
Warren Wheatley
That red…

00:11:06:10 – 00:11:07:18
Alec Hogg
Flag?

00:11:07:20 – 00:11:09:03
Warren Wheatley
Red flags…

00:11:09:05 – 00:11:13:12
Alec Hogg
Red flag? It kind of gives it away, Warren.

00:11:13:14 – 00:11:37:20
Warren Wheatley
But I like telling your listeners in particular what’s coming first. You’ve always given us the most airtime, and I want to reciprocate by sharing it with them here first. In about 3 to 4 weeks, we’ll start announcing what that looks like, and I promise you it won’t be another MSCI index with exposure to China. It’ll be something much more exotic, exciting, and potentially more lucrative than just taking an indexed position on listed equity.

00:11:37:22 – 00:12:09:00
Warren Wheatley
We’ll bring themed investment opportunities to the market that align with our objectives. For example, I’m working with GG Alcock on a township portfolio and with Stafford Masie on a South African venture tech portfolio. We’re focusing on creating big movements in these spaces and finding properties that deserve that attention.

00:12:09:02 – 00:12:21:11
Warren Wheatley
It’s about making a difference where it counts, creating opportunities that resonate.

00:12:21:13 – 00:12:26:17
Alec Hogg
And creating jobs. Warren Wheatley, the founder of Altvest. I’m Alec Hogg from BizNews.com.

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