We're updating our website with additional information and documents on our portfolio. Please return from time to time if you encounter blank links or pages - they will be populated with research, facts, and an in-depth view of our pre-listing status. Regards, The Cardinal Team

Leadership & Team

The leadership of Cardinal comprises a small, efficient board of individuals with diverse experience ranging from real estate, petroleum, law, finance, and futures and scenario planning.

Management of the company is undertaken by a small staff component, with a view to maintaining cost efficiency and the highest possible return ratio to employee for shareholders.

Subsidiaries of the holding company account for their own management and staff.

Our Team

Abel Sithole
Non-Executive Chairman

Abel Sithole – MPhil (Futures Studies); University of Stellenbosch; MBA, Wits Business School; Chartered Financial Planner (CFP) – Fellow of the Institute of Life and Pension Advisors (FILPA); Professional Development Programme (PDP) City University of New York, USA; B.A (Mathematics & English), Lawrence University, Wisconsin, USA.

Abel is currently Deputy Director of the Institute for Futures Research (IFR) at the University of Stellenbosch, and holds the present position of Chairman of the Financial Services Board (‘FSB’).

Abel has extensive experience in the professions of retirement fund administration, asset management, regulation and policy development. He has held a number of high profile executive and leadership roles, including: Chief Executive Officer, Eskom Pension and Provident Fund; Managing Director, Metropolitan Asset Managers Ltd; Executive Director, Metropolitan Holdings Ltd; Chief Executive Officer, Metropolitan Employee Benefits.

Daryl Ducasse
Chief Executive Officer

With 25 years of commercial property experience in marketing, trading, transaction advisory, finance and banking, Daryl is dedicated to the creation and preservation of shareholder wealth. He is an active equities, warrants and futures trader, with a keen focus on energy and resources counters.

Daryl is responsible for overseeing and driving the implementation of Cardinal’s strategy, transactions and growth. He serves on the board of Continuiti Real Estate Asset Management (Pty) Ltd, and is a member of Merkurius Capital Solutions CC, a private client advisory firm.

Jerome Levendal
Chief Financial Officer

B.Com. (UWC); CTA (UWC); CA(SA)

Jerome served his articles in 1978 with BDO Spencer Steward, following which he was appointed as a lecturer at Peninsula Technikon which he held until 1987. He has served as a lecturer and senior lecturer at the University of the Western Cape. He also served as the Departmental Chairperson in the Accounting Department.

He resigned from academia in 1995 to form his own auditing firm, LEVENDAL AND ASSOCIATES INCORPORATED, a practice with branches in Johannesburg, Cape Town, Springbok, Port Nolloth, and Durban. The company renders accounting, taxation auditing and other financial services to small medium and large clients, as well as Governmental and Non-Governmental Organisations.

Jerome serves and has served on the Management or Sub-committee Boards of various Educational Institutions, Community Organisations and Structures and Commercial Entities.

He has served three terms as audit committee member for the Provincial Department of Health, Western Cape, and two terms as the Chairperson of the Audit Committee of the Western Cape Provincial Gambling Board. Jerome has provided high end services to various organisations and companies including presentations on tax topics, valuations, cost analyses, feasibilities, due diligence investigations, and on a regular basis, forensic and other special investigation assignments for a number of Government departments. Jerome brings his many years of financial, investment management, and merger and acquisition experience in support of Cardinal’s strategy and shareholders. Jerome is responsible for financial systems, management and reporting of Cardinal and its’ subsidiaries, ensuring profitability, and overseeing forecasts and viability of transactions introduced to Cardinal

Granwell Smith
Chief legal officer

Granwell is a legal professional who began his professional career as a teacher and lecturer before qualifying as an attorney. He was Contracts Manager in the procurement division of multi-national, Sasol Oil (Pty) Ltd. He thereafter advanced to Sasol Ltd where he headed up the Employment Equity and Accelerated Leadership Development Centre for Excellence for the Sasol Group of Companies.

Granwell has experience with Mediation and Conflict Resolution, as well as Company and Property Law. His specialist pursuit is International Trade Law, in particular with International Trade Agreements. Granwell is currently heading the office of the Disabled People Inclusion Institute in Cape Town, an organisation seeking to create a world-class synchronous disability sector enabling all South Africans with a disability to have access to equal opportunity.

Andrew Delport
Director – Real Estate Asset Management


Andrew qualified as a commercial property practitioner in 1987. From his early beginnings as a bank Branch Manager – United Building Society (now ABSA Bank), Andrew progressed to becoming a Property Manager for Bankorp Properties (now a subsidiary of ABSA Bank) and further to become Regional Property Manager for a number of corporates including Investec Property Group, Fedsure Group, Norwich Property Group and The Board of Executors listed property fund, Boardprop.

Andrew is a professional real estate asset manager who has gained experience in the corporate environment in the disciplines of property, facilities, and asset management and property development.
Andrew gained international experience as an independent consultant servicing the needs of various property vendors in Dubai, Abu Dhabi, Doha and Muscat. He acted in an advisory capacity for clients such as Perpetual Real Estate, Gowealthy.com, Ocean View Real Estate and Property Asset Consultants.

Andrew is responsible for management, maintenance and security oversight of all real estate held within the group, new developments, refurbishments, and the asset management function with a direct line report to the board.

Zwelibanzi Sapula
Non-Executive Director

Zweli completed his Undergraduate degree in Chemical Engineering at the University of Pretoria in 2000, following which he obtained diverse experience as a plant and research engineer and business analyst. He completed an MBA while working for BP Southern Africa, during which time he fulfilled numerous roles including Refinery Economist and Supply Strategist Sub Saharan Africa.

Zweli joined Barclays Capital UK PLC, and later transferred to work in South Africa for Absa Capital. The capital markets experience took him to the position of Head: Venture Capital Fund – National Empowerment Fund. He is an Alternate Director of SA Metals Equity Pty. Ltd.

Chris Theunissen
Non-Executive Director

Chris is an entrepreneur and adventurer who is passionate about his family, the outdoors and his business.

His career in the petroleum industry began in 1979 when he was appointed as a sales representative for Total South Africa. Chris moved to Shell South Africa in 1984, a company he served until 1995 – he had identified a niche market in lubricants, and left Shell to start Vaal Triangle Lubricants, one of the single biggest distributers of Shell lubricants in Southern Africa.
He won numerous sales achievement awards while working for Total South Africa and Shell South Africa, and Vaal Triangle Lubricants has been one of the Top 5 Distributors in South Africa a many years in a row. VTL has also won the leading distributor of South Africa on numerous occasions.
Chris also serves as a Director of Absolute Lubricants and C & T Sales. He brings his many years of industry experience in oil and gas to Cardinal, including the ability to access lubricants, his knowledge of retailing, wholesaling, logistics, and transport, and a distribution network within Southern Africa.