Ayo Technology Solutions (AYO) has been suspended from the JSE for failing to publish its annual results within the required timeframe. However, the South African ICT investment holding group struck a reassuring note, saying the results for the year ended August 31, 2024, will be released imminently.
The JSE announced the suspension via its Stock Exchange News Service on Wednesday, citing AYO’s non-compliance with Listings Requirements.
“AYO failed to publish its annual report within the prescribed period,” the JSE stated. “Accordingly, under paragraphs 1.6 and 1.7 of the Requirements and Section 12(2) of the Financial Markets Act No. 19 of 2012, the listing of the company’s securities has been suspended with immediate effect,” it said.
AYO confirmed it received the JSE’s communication.
"AYO once again acknowledges that it has not been in a position to release its results timeously in accordance with 3.16 of the Listings Requirements. This is due to several reasons beyond the management and Board’s control, which include the resignation of its joint auditor at the end of October 2024, the appointment of a new CFO and the lengthy and detailed process of the external quality review," it said.
The company said it has released several market notifications in this regard and has also kept the JSE informed throughout the process.
CEO of AYO, Amit Makan, stated: “We regret to inform stakeholders of our suspension, but wish to assure the market that we remain committed to transparency and engagement with all our stakeholders, including the Regulator and our valued shareholders.
“I believe we have done everything within our power to ensure compliance with the Listings Requirements, however, the release of our results is contingent on the external quality reviewer, the independence and process of which we respect.”
AYO said it "is therefore disappointed" that the JSE has not exercised its discretionary oversight in granting leniency given the extenuating circumstances and the revised release date, which is very soon.
BUSINESS REPORT