AYO TECHNOLOGY SOLUTIONS LIMITED - Interdict Application

Interdict Application

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")

Interdict Application

Shareholders are referred to the announcements released on SENS on 26 and 28
February 2019 and the article (“Article”) published in the Business Day on
26 February 2019 which referred to a compliance notice (“Notice”) issued by
the Companies and Intellectual Property Commission (“CIPC”) to the board of
directors of the Public Investment Corporation (SOC) Limited (“PIC”).

Shareholders are hereby notified that on 7 March 2019 AYO has, on an urgent
basis, approached the High Court of South Africa (Gauteng Division, Pretoria)
for an application to:

• Interdict CIPC from enforcing the Notice issued to the PIC’s board of
  directors on or about 21 February 2019 in terms of section 171 of the
  Companies Act 71 of 2008; and

• Interdict the PIC from acting on the said Notice, and / or taking any
  further action in connection therewith.

Shareholders are also advised that AYO has applied to the above court to
have the Notice issued by CIPC set aside.

AYO maintains that the uptake by the PIC of its listed shares through a
private placement in December 2017 was fully transparent and complied with
all the necessary legal requirements and will defend any action which seek
to undermine AYO’s contractual rights.


Cape Town
11 March 2019

Joint Sponsor
Vunani Corporate Finance

Joint Sponsor
Merchantec Capital

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