Ayo says the matter of the summons requesting that it be ordered to pay the PIC R4.29bn plus interest ‘is currently in discovery’. Moneyweb SouthAfrica finance
Ayo Technology has declared an interim dividend of 35c per share despite the group reporting a headline loss of R122 million on revenue of R859 million in the six months to February 28, 2022. The interim dividend totals R120.4 million but is more modest than the R223.7 million dividend declared at the half-year mark in 2021. In total, Ayo declared dividends totalling R326.9 million in the last fiscal.
The PIC’s interim board bows out with a whimper Ayo has previously objected to the description of its cash balances as the “PIC’s money”. But without the investment of R4.3 billion by the manager of government pensions, it is unlikely the Ayo would have billions in cash on hand. Last year, the group earned R164 million in interest. Of this, R96 million was from its cash balances, without which its R200.5 million loss before tax would’ve been 50% higher.
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