AYO responds to article

The company has pointed out two factual errors in DM168's story about its demise and wishes to place its side of the story on record regarding several statements

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The article, “AYO collapses without any reckoning for its leadership”, published in DM168 on Friday, 30 May and written by Yeshiel Panchia, refers. We stand by our story, but we acknowledge the following errors, for which we apologise:

1. The spokesperson for AYO indicated that the Public Investment Corporation's (PIC's) own witnesses testified in later proceedings (and not at the Mpati Commission, as reported) that the price had been valued above what the corporation ultimately paid; and

2. Media reports about the overvaluation of the shareholding broke shortly after the listing, not before.

In addition, AYO's full right of reply as received from it is carried below:

On AYO's original valuation and the PIC investment:

At the time of listing in 2017, AYO's share price was based on a valuation reviewed by an independent reporting accountant and firm Grant Thornton and prepared in accordance with the JSE listings requirements. It is important to note that the PIC made a commercial decision to invest, and evidence from subsequent legal proceedings — including testimony from the PIC's own witness/witnesses — confirmed that the PIC valued AYO shares at more than it ultimately paid. In hindsight, AYO acknowledges that the post-listing environment has been complex and, at times, challenging, but it has continuously strived to operate transparently and responsibly.”

On pre-listing disclosures and the Mpati Commission findings: