Access Financial Services Announces Board Changes

• Access Financial Services Limited (AFS) has advised that Executive Chairman, Mr. Marcus James requested a one-year leave of absence from his role effective June 27, 2024. During this period, Mr. James will continue to serve on the Board.
• Mr. Michael Shaw was subsequently appointed as the new Chairman of the Board. Mr. Shaw brings extensive leadership experience in the financial sector. He served in senior positions where he consistently exceeded targets, improved efficiency, and delivered strong financial results.
• Additionally, the AFS Board appointed Mrs. Charmaine Boyd-Walker as the Chairman of the Audit & Risk Management Committee. Mrs. Boyd-Walker has over 25 years of experience in accounting and finance, with significant expertise in audit and accounting standards, internal controls, compliance, and risk management.
• AFS’ stock has declined 13.1% since the start of the calendar year and closed at $21.73 on Tuesday, July 16^th. At this price, the stock currently trades at a P/B of 2.0x earnings, which is below the Junior Market Financial Sector average of 2.7x.

(Sources: JSE & NCBCM Research)