Technology company AYO, owned 29% by the PIC, 49% by African Equity Empowerment Investments and 20% by individual investors, has delivered stellar returns for its shareholders in the past year. Its share price appreciated by more than 300% – from 148c in January 2020 to 600c in January 2021 – making it the second-best performer of the year, after AH-Vest, makers of tomato sauce.
This sudden reversal in fortune must be of interest to the PIC, given that it acquired its stake in AYO at R43/share ahead of its listing in December 2017. Since then, the share has mostly traded below R10. Previously, the JSE fined and censured AYO in relation to the group’s 2018 interims, 2019 interims, 2019 audited annual financial statements and the revised 2019 audited annual financial statements. The company had published financial information that was incorrect, false and misleading in material aspects.
In total, R388-million has been paid to shareholders since listing in late 2017, while interest income of R686-million has been earned in the same period.
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