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Ayo shares at historic low as former head of investment testifies

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Siphiwe Nodwele told the inquiry into the affairs of the PIC that the technology company had been grossly overvalued

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.

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