AYO Technology shares surge 20% following Sekunjalo Investment Holdings' acquisition offer

SHARES in technology group AYO Technology Solutions Limited (AYO) leapt 20% after Sekunjalo Investment Holdings (Sekunjalo) on Friday confirmed that it has made a firm offer to acquire all remaining ordinary shares in South Africa’s largest black-owned and managed ICT investment group not already held by it or its related parties.

- PHILIPPA LARKIN

Sekunjalo currently holds a 45% majority shareholding in AYO. Sekunjalo has also submitted a proposal for the voluntary delisting of AYO from the JSE.

"Sekunjalo will acquire the Offer Shares, being a maximum of 155 331 790 shares, in respect of which valid acceptances are received prior to the closing date of the Offer, for a total maximum Offer Consideration of R80 772 531," AYO said.

It said the Offer will be subject to the condition that the proposed delisting, pursuant to the voluntary delisting provisions of the Listings Requirements, is approved by at least 75% of shareholders present or represented by proxy at the General Meeting and the JSE.

Sekunjalo said in a statement, "We hope shareholders will remain on this journey with us, but we also recognise that some may prefer to exit. This offer allows for both - providing liquidity to those who wish to sell and stability for those who believe in the future of AYO.