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Update to shareholders on discussions between Ayo and Sasol
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 TO SHAREHOLDERS ON DISCUSSIONS BETWEEN AYO AND SASOL
Further to the announcement released on SENS on 22 January 2020, shareholders
are advised that Ayo and Sasol Limited (“Sasol”) have, by mutual agreement,
reached a settlement (“the settlement agreement”) in respect of the declared
dispute between Ayo and Sasol regarding Sasol’s purported early termination
of the ICT Master Services Agreement (“the ICT agreement”) entered into
between them and effective from 1 April 2018. The settlement agreement was
made on order of court on Tuesday, 4 February 2020.
In terms of the settlement agreement, Ayo will continue to render ICT services
to Sasol until 31 July 2020, whereafter the ICT agreement will terminate.
Ayo will continue to provide services to Sasol in terms of the ICT agreement
and will also immediately commence providing termination / expiration
assistance to Sasol. This resolves the need to refer the dispute to
arbitration.
Until its termination on 31 July 2020, the ICT agreement remains of full
force and effect.
Cape Town
6 February 2020
Joint Sponsor
Vunani Corporate Finance
Joint Sponsor
Merchantec Capital
Date: 06-02-2020 02:15:00
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