Ayo Technology: a good investment? Us?
Self-serving arguments and attempts to deflect blame make up the bulk of Ayo’s response to the legal action launched by the PIC, which pumped R4.3bn into the company and wants its money back
Iqbal Survé-linked Ayo Technology Solutions says the Public Investment Corp (PIC) should have checked the small print before it rushed to commit R4.3bn for a 29% stake in the dying days of 2017 — when everyone, including small-print readers, is on holiday.
It seems Ayo didn’t give the PIC an undertaking that its money was going into a business that would be pumping out revenue of R4.4bn and gross profit of R1.4bn a year later. These figures were little more than wishful thinking, or as Ayo explains, forward-looking statements, which apparently shouldn’t be taken too seriously.