Shares in Ayo Technology Solutions fell to a record low on Monday as its former chief investment officer, Siphiwe Nodwele, told the inquiry into the affairs of the Public Investment Corporation that the technology company had been grossly overvalued.
But Nodwele, who resigned in August 2018 without ever having signed an employment contract with Ayo, said on Monday even a R1bn valuation “would have been extreme”.There was “no real intention” by the company to deliver on its pre-listing statement, including its ambitious revenue targets, Nodwele said. “That would be deliberately misleading to the market," he said.
The PIC’s investment is under scrutiny at the Mpati commission of inquiry into the PIC. The state asset manager has vowed to recover its investment.However, the bid price for Ayo’s stock, which reflects the price at which investors are prepared to buy, was just R1.14. If a single trade goes through at this level, the PIC will have lost 97% of its R4.3bn investment.
Ayo’s investment revenue from bank deposits leapt from R38.2m a year before to R150.2m in the six months to February. That equates to 56% of group profit before tax of R266.7m.
tears4ickballs
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former AYO exec Nodwele testifies before #PICInquiry | IOL Business ReportNodwele gave evidence in front of retired Judge Lex Mpati, about his version of events that led to his resignation at AYO.
Source: IOL - 🏆 46. / 51 Read more »
Former AYO exec Nodwele testifies before #PICInquiry | IOL Business ReportPICInquiry: In another message to IqbalSurve, former AYO executive Simphiwe Nodwele says: “Hi Doc, hope you are enjoying the long weekend. How are you keeping up with all this bullshit? I would have a few body bags by now.”
Source: IOL - 🏆 46. / 51 Read more »
Investment by PIC into AYO remains viable | IOL Business ReportPIC into AYO was a viable investment and remains a viable investment, the PIC Commission of Inquiry was told on Tuesday.
Source: IOL - 🏆 46. / 51 Read more »
WATCH LIVE: Iqbal Surve details Ayo deal at PIC inquirySekunjalo chairperson Iqbal Surve continues giving testimony at the PIC inquiry on the Ayo investment.
Source: ewnupdates - 🏆 30. / 53 Read more »
Survé: All Ayo Technology's deals with PIC above boardA number of companies linked to Iqbal Survé that received billions in funding from the Public Investment Corporation (PIC) came under scrutiny on Wednesday at the PIC inquiry.
Source: ewnupdates - 🏆 30. / 53 Read more »
Survé: Recordings of meetings with Ayo execs unlawfulThe recordings provided to the Public Investment Corporation (PIC) inquiry allegedly reveal how Iqbal Survé and Ayo executives colluded to withhold crucial information from the PIC about the deal.
Source: ewnupdates - 🏆 30. / 53 Read more »
#PICInquiry: 'AYO a victim of a smear campaign' | IOL Business ReportDr Iqbal Survé told the Mpati Commission of Inquiry there was nothing wrong with AYO and its operations.
Source: IOL - 🏆 46. / 51 Read more »
Iqbal Survé & Co reap more Ayo ‘profits’Ayo Technology Solutions, the company tied to mogul Iqbal Survé, that controversially received R4.3 billion from the Public Investment Corporation (PIC), will dramatically hike its dividends even though profits are still mostly derived from interest on the PIC’s cash. If anc would want to make a difference, they could have done more better than what apartheid did,unfortunately after they came in, they just put their eyes on the money,and blaming whites that develop the nation. I question Survé's sanity.
Source: City_Press - 🏆 7. / 72 Read more »
Matjila will have to explain Ayo Technologies deal: Surve - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Chairperson of Independent Media and head of the Sekunjalo Group, Iqbal Surve says he was not aware that the Public Investment Corporation (PIC) did not follow due diligence when the Ayo Technologies deal was concluded.
Source: SABC News Online - 🏆 32. / 51 Read more »