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Release Date: 22/08/2018 09:00
Code(s): AYO     PDF:  
Wrap Text
Changes To The Board Of Directors

AYO Technology Solutions Limited
(Previously Sekunjalo Technology Solutions Limited)
(Incorporated in the Republic of South Africa)
Registration number: 1996/014461/06
JSE share code: AYO
ISIN ZAE000252441
(“AYO Technology”)


In accordance with paragraph 3.59 of the Listings Requirements of the JSE Limited, shareholders are
hereby advised that the following changes have been made to the board of directors. Since the
listing, and over the last few months, the AYO Technology board (“Board”) has engaged with
shareholders on strengthening the independence and governance structures of the Board to
ensure a stronger representation of independent non-executive directors.

The Board is pleased to announce after its engagement with its shareholders, the Board has been
restructured as follows: Dr Wallace Mgoqi, Messrs. Dennis George and Sello Rasethaba and Ms
Rosemary Mosia have been appointed as independent non-executive directors to the Board of AYO
Technology with immediate effect. Messrs. Khalid Abdulla, Walter Madzonga and Telang Ntsasa and
Ms Mbuso Khoza have resigned as members of the Board with immediate effect. Mr Salim Young
has stepped down as the independent non-executive chairman of the Board but remains an
independent non-executive director. The Board subsequently approved the appointment of Dr Mgoqi
as Chairman of the Board. As part of the changes, Ms Nobulungisa Mbaliseli who was seconded by
African Equity Empowerment Investments Limited (“AEEI”) and has returned to AEEI and is no longer
the company secretary. The announcement of the new company secretary will be made in due

Dr Wallace Mgoqi is a former Attorney and Advocate of the High Court of South Africa. He holds a
B.A Soc Science and an LLB degree, a post–graduate qualification from Harvard University, USA,
and the Development Lawyers Course from the International Development Law Institute in Rome,
Italy. Dr Mgoqi currently sits as a co-judge in the largest land restitution claim, involving 1,000 farms,
claimed by communities in the Blyde River Canyon area, called Moletele Communities Claim, which
may take three-four years, if fully litigated upon. Dr Mgoqi brings a wealth of knowledge, experience
and expertise as well as networks and contacts that can be converted into contracts, in the business
sense. He has traversed the roads both in the public and private sectors, and is at home in the civil
society sector, as well.

Mr Dennis George is the General Secretary of The Federation of Unions of South Africa (FEDUSA)
and played a key role in the successful discussion, conclusion and signing of the Framework
Agreement for a Sustainable Mining Sector in 2013, and played a key role in meeting with the then
Deputy President, labour and business leaders, in order to facilitate inclusive economic growth and
employment creation as a labour member of Team South Africa by meeting with international rating
agencies such as Standards and Poor, Fitch and Moody’s at the request of National Treasury. Mr
George has completed the degree of Doctor of Philosophiae in the Management of Technology and
Innovation to strengthen leadership and industrial democracy to extend the boundaries of business
studies, by generating, developing and exploring of management and leadership theory. He will
graduate on 20 September 2018.

Mr Sello Rasethaba is a business leader, with a broad spectrum of international engagements
spanning private business, the public sector and state-owned entities. He is currently the Executive
Chairman of Xpanse Investments, which is involved in the infrastructure and logistics industries,
including the Information Communication Technology (ICT) in Khauleza and unified communications
and audio, web and video collaboration solutions with Arkadin. Mr Rasethaba is the Chairman of
SITES-AFLA, a company with global expertise in monitoring the health of civil infrastructure and
borne out of a partnership between a South African engineer (PrEng) Ms. Seponono Kekana and
French structural health monitoring experts, SITES, with more than 30 years in the industry. Mr
Rasethaba received a BA degree (Accounting and German) from the University of Northern Iowa in
the United States of America and a Masters of Philosophy degree (Accounting) from the University
of Hull in the United Kingdom in the formulation, development and implementation of information
technology strategies.

Ms Mosia is a South African female professional, with more than 15 years’ experience in credit risk,
financial and business management, amassed from various positions and different roles in her career
life. In addition, she has extensive training in general and credit management, finance, internal auditing
and forensic auditing. Ms Mosia has been involved in multiple roles including internal audit, forensic
audit, budget management, credit risk management, operational management, for the same financial
services unit. Her experience in audit was acquired over a six years period. She served as the
regional/corridor level head of the financial services unit of a large state-owned entity. Ms Mosia is
currently the chief executive officer of Black Business Chamber which is an NGO and an emerging
wine exporter. Ms Mosia holds a Bcom degree (University of the North), Post graduate diploma in
management (Wits Graduate School of Business), Criminal Justice in Accounting (RAU), BCTA
(RAU), a Masters in Business Leadership degree (MBL) (University of South Africa) and DIP Tax Law
(University of Cape Town).

The Board welcomes the appointment of Dr Mgoqi, Messrs George and Rasethaba and Ms
Rosemary Mosia and looks forward to their contributions.

Cape Town
22 August 2018

PSG Capital

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