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Court finds notice issued by CIPC of no force and effect
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")
Court finds notice issued by CIPC of no force and effect
Shareholders are referred to the announcement released on SENS on 11 March
2019 referring to the application brought by AYO to interdict the Companies
and Intellectual Property Commission (“CIPC”) from enforcing the compliance
notice (“Notice”) issued to the board of directors of the Public Investment
Corporation (SOC) Limited (“PIC”) on or about 21 February 2019 as well as
interdict the PIC from acting on the said Notice.
Shareholders are advised that in addition to AYO approaching the courts as
set out above, the PIC also brought an application before the High Court Of
South Africa, Gauteng Division, to have the Notice set aside, which ruling
was handed down today.
On 26 March 2019, Judge, Cornelius Van Der Westhuizen, ruled in favour of
the PIC and declared the Notice to be unlawful, and therefore of no force
and effect.
Due to the ruling in favour of the PIC, the successful action brought by AYO
is moot and was therefore removed from the roll. The cases were dismissed
with costs.
Cape Town
26 March 2019
Joint Sponsor
Vunani Corporate Finance
Joint Sponsor
Merchantec Capital
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