BUSINESS MAVERICK: Experts say AYO share valuation was an exaggeration

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 84%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

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

In AYO’s draft pre-listing statement, the company’s shares were stated to have an issue price of between R28.00 a share and R43.00 a share. Even if AYO shares were at the lower end of the valuation range, it was considered to be high by two asset managers who toldBy 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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

He just loves Iqbal Surve . Wonder why

I see black excellence will use black privilege to avoid any accountability 😂😂😂👌👌

His opinion. They cant sis agree with the fact that it was his opinion.The might disagree IN THEIR OPINION the same he value was not realistic.But they can disagree with the fact that it was his opinion. Where are all the analysis that backed ('buy' orders) SteinnoffDead quiet!

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:

 /  🏆 3. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: Dan Matjila says he was satisfied AYO Technology’s R43-a-share valuation was reasonable. Experts strongly disagreeIn AYO’s draft pre-listing statement, the company’s shares were stated to have an issue price of between R28.00 a share and R43.00 a share. Even if AYO shares were at the lower end of the valuation range, it was considered to be high by two asset managers who told Business Maverick the true value was R0.16 a share. Useless.com
Source: dailymaverick - 🏆 3. / 84 Read more »

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!
Source: IOL - 🏆 46. / 51 Read more »

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.
Source: IOL - 🏆 46. / 51 Read more »