AYO gets clean audit, withdraws cautionary announcement

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CAPE TOWN – AYO Technology Solutions on Tuesday announced the withdrawal of a Cautionary Announcement dated June 4, 2019, as the tech company got a clean audit after a thorough audit and investigation by auditors BDO and the JSE.

The company said in a statement on the Stock Exchange News Service (SENS) that the withdrawal included the various subsequent renewals of the cautionary announcement, the most recent of which was dated January 17, 2020, regarding the audit currently being undertaken on the company’s interim results for the six months ended February 28, 2018.

“Shareholders are further referred to the company’s reviewed preliminary condensed consolidated results for the year ended August 31, 2019, released on SENS on December 20, 2019, the change statement in respect of the aforementioned results released on SENS on January 31, 2020, and the company’s Integrated Annual Report incorporating the audited consolidated annual financial statements for the year ended August 31, 2019, posted on the company’s website on January 31, 2020 (‘2019 Integrated Annual Report’),” reads the SENS statement.

The company said it was withdrawing the cautionary announcement, because the 2019 Integrated Annual Report, which contained an unmodified audit report, has been released and contained the most recent audited financial results of AYO, which the company believed was more relevant for making investment decisions in respect of AYO than the 2018 interim results.

“The 2019 Integrated Annual Report, contains the audited results for the year ended August 31, 2018, (‘2018 financial year’) and hence any investor who wishes to analyse how the company performed in its 2018 financial year has the 2018 financial year audited results available which are more relevant for this purpose than the 2018 interim results,” reads the statement.

AYO executives were not available for comment.

This story first appeared in the Business Report