Sekunjalo to acquire AYO shares and delist from JSE

Sekunjalo Investment Holdings Proprietary Limited has announced a firm intention to acquire all shares in AYO Technology Solutions Limited, excluding those already held by Sekunjalo and its concert parties, at a price of ZAR 0.52 per share, valuing the offer at ZAR 80,772,531. The offer, aimed at eligible shareholders, is conditional on the subsequent approval of AYO's delisting from the JSE. This offer is deemed fair by an independent expert. The independent board supports the delisting, citing factors such as the declining share price, negative media coverage, and elevated listing expenses. Sekunjalo believes that removing AYO from public markets will allow for an increase in intrinsic value. A circular detailing the offer and including an independent expert's report will be distributed to shareholders. The company's shares closed today at ZAR 0.52.