Despite years of controversy about companies failing to meet their financial obligations and other evidence that they’re bleeding money, Iqbal Survé reckons his ‘empire’ is cash rich and thriving.
The news is surprising given the quagmire of financial issues and controversy surrounding the entities linked to Survé. First, the banks have refused to deal with several of his companies. Then there are the controversial Public Investment Corporation settlement and the delisting of African Equity Empowerment Investments . And don’t forget the lawsuits that two of Survé’s companies instituted against the government and Cyril Ramaphosa.
The deal allowed the PIC to get back a small portion of its original investment of R4.3-billion while not placing Ayo in immediate jeopardy of bankruptcy. It left the PIC with about R600-million of its original investment. The GEPF would have the option to sell another 5% of the shares back to Ayo after three years at either R20 a share or the 90-day average weighted price of the share at that time – whichever is higher.Delivery of the Ayo shares in relation to the initial specific repurchase will only be effected when Ayo obtains all approvals required by the Companies Act and the listings requirements;
Certain clauses of the settlement agreement that were not in compliance with the listings requirements have been deleted or amended to ensure compliance with the listings requirements;