AYO TECHNOLOGY SOLUTIONS LIMITED - Repudiation Of Allegations That AYO Is Transferring Funds Off-Shore - AYO

Repudiation Of Allegations That AYO Is Transferring Funds Off-Shore - AYO

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")

Repudiation of allegations that AYO is transferring funds off-shore

Shareholders are referred to the parliamentary session held on Tuesday, 15
October 2019 and specifically comments made by the acting executive head of
legal, governance and compliance of the Public Investment Corporation SOE
(“the PIC”), Ms. Lindiwe Dlamini, that the PIC is considering court action,
specifically an anti-dissipation order, to prevent the Company from allegedly
transferring funds off-shore.

The Company wishes to advise shareholders that these allegations are   without
merit. AYO being a South African company and operating under the       laws of
South Africa would need to follow the same process as any other        company
wishing to transfer funds off-shore by applying to the South African   Reserve
Bank for approval prior to executing such an off-shore transfer.

AYO wishes to confirm it has not made any application to the South African
Reserve Bank to transfer funds off-shore nor does it intend to do so.

AYO, via its attorneys, has sent a letter to the PIC which letter included
details of the various accounts as well as account numbers in which its funds
are held at its South African Bankers.


Cape Town
16 October 2019

Joint Sponsor
Vunani Corporate Finance

Joint Sponsor
Merchantec Capital

Date: 16/10/2019 07:35:00
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