JOHANNESBURG – The board of JSE-listed AYO Technology Solutions has said although it was not pleased with the outcome of the JSE investigation resulting in public censure and a fine, it remained fully committed to adhering to the JSE’s listings requirements to promote investor confidence in the marketplace.
AYO is one of several listed companies that have been slapped with a fine and public censure by the JSE. However, and importantly in the tech firm’s case, no fraud was perpetrated. The fine and censure were to do with the firm’s results not complying with the International Financial Reporting Standards (IFRS).
“AYO accepts the JSE’s findings that the financial results did not comply with IFRS and that AYO failed to observe the highest standards of care in the dissemination of the financial information into the marketplace.
“These aforementioned items have in fact been remedied and AYO has fully co-operated with both the auditors and the JSE throughout this process.
“AYO’s board of directors understands that there is much room for improvement, and remains committed to putting additional procedures and processes in place going forward in order to disseminate financial information that is accurate and complete.