Tech investment group Ayo Technology Solutions received 99% shareholder support on Wednesday for a settlement agreement that will see it repurchase 17.2 million shares and hand over R619 million to the Public Investment Corporation (PIC).
This is well short of the R4.3 billion invested by the PIC, then under the stewardship of former chief executive Dan Matjila, for a 29% share in Ayo prior to its listing on the JSE in 2017.
Ayo, part of Iqbal Survé's Sekunjalo group, was hauled to court by the PIC in 2019, seeking an order to undo the share subscription agreement between Ayo and the PIC and have it set aside on the grounds that the investment case was based on misrepresentations.
The PIC asked the court to order Ayo to repay the R4.3 billion it had invested, with interest at 10.25% a year.
A settlement was reached more than a year ago and then made an order of court.
Controversial
Diese Geschichte stammt aus der June 28, 2024-Ausgabe von The Citizen.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der June 28, 2024-Ausgabe von The Citizen.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
JOSE IS 'SPECIAL'
The Spaniard is on the cusp of making Bucs the first side to win the MTNS8 three consecutive times.
'Rusty' Foden is on the way back
Phil Foden said he is still \"rusty\" but scored his first goal of the season as Manchester City thrashed Slovan Bra tislava 4-0 to record their first Champions League win of the campaign.
Bok takeaways benefit Morne
Talented scrumhalf Morne van den Berg is hopeful of implementing lessons learned.
Challenge to big 5 law firms
Minister gazettes legal code which sector indicated they would litigate against.
Woolies boss gets R100m
Bagattini's total remuneration drops to R65.3m in FY2024.
Shrinking lake on Albanian-Greek border struggles to survive
Plants and reeds have sprouted up as the waters of Little Prespa Lake on the Albanian-Greek border recede, their beauty overshadowing a painful truth: the lake is slowly dying.
'Only link to outside world'
It has become one of few reliable sources of information left.’
Iran will 'pay' for missiles
Tehran warns of even bigger attack.
Africa's road safety crisis
The dilapidated state of vehicles isa major factor.
Acsa denies lack of medical safety measures
Airports Company South Africa (Acsa) has denied having inadequate medical safety measures after a death at King Shaka International Airport on 14 September.
