Amid shocking new allegations that surfaced this week about Ayo and Iqbal Survé, City Press also established that much of the limited trading of the share on JSE consists of former directors selling shares – with Survé himself being almost the only buyer
Ex-Sekunjalo directors would love to unload increasingly worthless shares, but there are no takers
Former directors of what was known as Sekunjalo Investments two decades ago were given an option to buy shares in a subsidiary then known as Sekunjalo Healthcare, which was meant to get listed on the JSE almost 20 years ago. Instead, they have been sitting on unsellable shares they paid for until now – in the form of Ayo shares.
Another former director told City Press how he learnt from in media that Ayo was listing, and then “dusted off” his old share certificates to trade them for Ayo shares at the apparent value of R43. Most of the attention has been given to the alleged attempt to “massage” Ayo’s financial results and inflate its valuation to justify the PIC’s controversial R4.3 billion investment in the company. But that is just the beginning.Virtually all the deals using the PIC’s money that Ayo has announced to date have been related party deals, claims Nodwele.
Further acquisitions by Ayo include 32% of the Vunani Group, which was renamed Bambelela last month, for R145 million in equity and R100 million in debt. City Press previously reported on Ayo’s moving of R400 million of the PIC cash to investment manager 3 Laws Capital – Survé’s company, which has also been a buyer of Ayo shares.
“Ayo has grave reservations and is extremely disappointed in the testimony given by both Mr Hardy and Mr Nodwele.”The value and financial results of Ayo were not the only things allegedly overstated. Hardy further alleges that Ayo’s initial claim when it listed, that its share offering had been “oversubscribed by R1 billion”, was fake.
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