Ayo Technologies’ headline earnings per share (HEPS) will be about 80% lower than forecast in its prospectus, the investment vehicle of Independent Media Group proprietor Dr Iqbal Survé said in a trading update on Tuesday. Reasons for Ayo’s figures coming in far lower than claimed when the Public Investment Corporation (PIC) controversially invested R4.3bn for a 29% stake in December 2017, include a delay in a contract “with a multi-national company”. A single Ayo share had traded by 1pm on Tuesday, raising its price by 4% to R24.94 — reducing the PIC’s loss to 42% from the R43 per share it paid ahead of Ayo’s initial public offering (IPO). In May, Ayo announced it had been awarded a contract to “provide and manage Sasol’s entire global network, communications and security services from SA”. “A contract with a multi-national company was scheduled to commence earlier in the reporting period, which was delayed and only commenced in the latter part of the financial year,” Tuesday’s sta...

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