BUSINESS MAVERICK: Dan Matjila says he was satisfied AYO Technology’s R43-a-share valuation was reasonable. Experts strongly disagree

By all accounts, the Public Investment Corporation , which manages about R1.8-trillion in government employees’ pension money, has been unusually benevolent to Iqbal Survé and his controversial firm, AYO Technology Solutions.

The PIC’s investment has since become a dud because AYO’s illiquid shares are now trading at R9 a share – meaning that the PIC and by extension, 1.7 million current and former government employees have lost R3-billion in the scandal. In AYO’s draft pre-listing statement, the company’s shares were stated to be issued at a price of between R28 a share and R43 a share. A pre-listing statement details the number of shares a company plans to sell to investors and their value. It also explains the company’s financial performance that investors can use to determine the value of shares.

Seanie said no substantive due diligence was done by the PIC on the deal and it was rushed to benefit AYO, which approached the state-owned asset manager with a “fixed” R43-a-share valuation that was not negotiable.

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PIC Inquiry: Dan Matjila defends investment in AYO | IOL Business ReportDan Matjila defended the asset manager's R4.3 billion investment into Ayo Technology Solutions in 2017, saying the outlay was strategic for the PIC.
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PIC Inquiry: PIC must liquidate assets to fund subscription for Ayo - Dan Matjila | IOL Business ReportPICInquiry: A request for liquidity to be created, in order to fund a subscription for AYO, was neither unusual nor irregular, said PIC's chief executive and investment officer, Dr Daniel Matjila. Tsotsi ye e utswitse pensions tsa Rona yong!
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