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Update on Legal proceedings and cautionary announcement
AYO TECHNOLOGY SOLUTIONS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1996/014461/06
JSE share code: AYO
ISIN: ZAE000252441
("AYO" or "the Company")
UPDATE ON LEGAL PROCEEDINGS AND CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcement released on SENS on 31 May
2019 wherein the Company advised shareholders that AYO had received a summons
issued by the Public Investment Corporation (“PIC”) and Government Employees
Pension Fund (“GEPF”). The summons seeks a declaration that the subscription
agreement entered into between the PIC and AYO be declared unlawful and set
aside. AYO has instructed its attorneys to oppose the action and is confident
of its position.
Shareholders are advised that the legal proceedings pursuant to the aforementioned
matter, which may have a material effect on the price of AYO’s securities, are set
to commence on Tuesday, 7 March 2023.
Accordingly, shareholders are advised to exercise caution when dealing in
the Company’s securities until a further announcement is made.
Cape Town
6 March 2023
Joint Sponsor
Vunani Capital Sponsors
Joint Sponsor
Merchantec Capital
Date: 06-03-2023 05:39:00
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