IT group AYO says it will submit annual report before JSE deadline

The Johannesburg Stock Exchange says that three listed companies have not submitted their annual reports within the four-month period stipulated in its listings requirements, and may be suspended if they do not submit their reports by the end of the month.

The three companies are investment holding company African Equity Empowerment Investments, IT group AYO Technology Solutions, and investment holding company Labat Africa.

AEEI and AYO both fall under Sekunjalo, the investment holding company of Cape Town businessman Iqbal Survé. Labat Africa's investments span energy, logistics, ICT and cannabis.

Khalid Abdulla, the CEO of AEEI, said in a statement on Thursday that the group would be releasing its full audited results before January 31. "The JSE requested additional audit measures for a certain part of our group relating to our financials this past year, as you are no doubt already aware.  AEEI worked closely with the JSE and co-operated fully with our auditors in complying with all requests put to it. 

"In an effort to be overly thorough so as to ensure the results can be above reproach, the auditors spent additional time in compiling and signing off the financials.  AEEI was happy to comply with these requests as the outcome will undoubtedly boost market confidence in AEEI’s corporate governance and performance," he said.   

"Whilst AEEI would have been ready to release its results on time, these additional measures necessitated AEEI in only being able to announce its reviewed results (with no qualification) in late December 2019.  The company’s full audited results will now be as expected released before the 31st January 2020," said Abdulla. 

Howard Plaatjes, the CEO of AYO Technologies, said in a statement that AYO’s audited financial results were delayed as a result of additional audit and compliance requests by the JSE, which led to AYO releasing its reviewed results in mid-December 2019. 

"AYO’s signed off audited results are expected to be released before 31 January 2020.  AYO fully co-operated with the JSE and its auditors throughout the process and was happy to comply with such requests being that they will establish the company’s results as being beyond question."

Labat did not immediately respond to an enquiry sent to an email address listed on its website. 

The JSE said that the listing of the three companies had been annotated with an "RE" to "indicate that they have failed to submit their annual reports timeously and that the listing of these companies' securities is under threat of suspension and possible removal".

The local bourse said if the three companies still fail to submit their returns on or before January 31, then their listings may be suspended. 

Update: This article was updated at 14:55 on January 2 to include comment from AYO and AEEI. 

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