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
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