AYO to be reported to JSE over share register
Moneyweb plans to report what it says is a contravention of the Companies Act by AYO Technology Solutions to the JSE following its failure to get a response from AYO to its request for access to the company’s share register in terms of section 26 of the Companies Act. A report on the Moneyweb site says AYO’s failure to respond begs the question, what does it have to hide?
It points out AYO has made a number of large share issues in recent years. However, the only large shareholdings evident in its publicly available share register are those of African Equity Empowerment Investments, part of Iqbal Survé’s Sekunjalo Group, and the Public Investment Corporation.
Moneyweb points out it has been a party to a precedent-setting case on section 26 of the Act, relating to its application to access the shareholder register of the Nova Property Group, where the SCA clarified that the media and members of the public have an unqualified right to obtain access to share registers.
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