AYO sets the record straight

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CAPE TOWN – AYO Technology Solutions (AYO), a JSE-listed company with a 20-year track record of profitability, yesterday (correct) issued a statement to set the record straight  and said it would not hesitate to institute claims for reputational damage and loss of earnings arising out of these “malicious and illicit” allegations.

It said, “AYO is dismayed at the malicious, inaccurate and defamatory statements made by various journalists and some PIC representatives about the company.” AYO rejects with contempt these continuous attempts to slander the company.

AYO said it believed that this was an orchestrated campaign by powerful individuals to mislead the public about AYO in order to deflect attention away from the real acts of corruption in the country.

“AYO is caught in a political and succession battle within the PIC and between factions outside the PIC trying to gain control of the PIC. Furthermore, the company believes that the campaign is also aimed at trying to undermine it as a legitimate black business and to prevent the transformation of the ICT industry.

AYO is cognisant of the collaboration between certain journalists and asset managers and hedge funds to undermine its share price on the JSE.”

In the statement it said AYO was highly profitable, had strong cash flows, had a good customer base and was the largest black-owned ICT company in the country and has zero debt.

It said the company had concluded a number of transactions recently and continued to acquire additional ICT companies in line with its profit and loss statement.

“AYO is proud of its broad shareholding base of more than 2.5 million workers, through Union investment companies, who own in excess of 10percent of the company. Shareholders also include individual black businesses, community groups, NGOs and institutions.

“Integral to AYOs philosophy is job creation, skills development, the promotion of ICT investments and to grow its business in order to deliver excellent shareholder returns.”

AYO said yesterday it reserved all of its rights and would not hesitate to institute claims for reputational damage and loss of earnings arising out of these malicious and illicit acts.

This article first appeared on BUSINESS REPORT