The Mpati commission has heard that Dr Daniel Matjila, the PIC’s chief executive officer at the time, signed an irrevocable subscription for AYO shares even before the PIC investment committee had considered the proposed investment.The downside protection agreement, negotiated long after PIC had already paid for the shares, represented a belated attempt to create some cushioning for the Government Employees Pension Fund investment.
They are the only shareholders who have only increased their shareholding without ever selling shares. Survé’s Sekunjalo is the largest buyer of AYO shares. In the past year, it has bought tiny amounts of AYO shares practically every month. It was, until December 2018, simply known by its registration number K2011146299 when its name changed to Kata Strategic Investments. AEEI CEO Khalid Abdulla joined it as a director in October 2018.
During May, when the shares evidently went from Kata to Miramare, the AYO share price however staged a remarkable but short-lived improvement from R25 to R36. that it was a foregone conclusion that certain of BTSA’s existing primary customers would move to AYO; The draft pre-listing statement also said that investors were going to be given the option of subscribing at between R28 and R43 per share. In the final one, this was simply R43 with no allowance for lower bids.
At last count, at the end of February 2019, AYO had R3.5-billion left before subsequent dividend payments of R120-million. This is according to its financial statements for the six months to the end of February.That’s no surprise as it is AEEI that effectively controls AYO despite owning only 49% of it.financial results covering the six months to the end of February.
Consider him served!
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