The PIC invested in AYO in 2017 for a 29percent stake.
In a SENS announcement yesterday, AYO notified its shareholders that it sought to interdict the PIC from acting on the notice and taking any further action in connection with it. AYO also sought to have the notice set aside, which had given until Thursday for the recovery of the funds.
“AYO maintains that the uptake by the PIC of its listed shares through a private placement in December 2017 was fully transparent and complied with all the necessary legal requirements and will defend any action which seeks to undermine AYO’s contractual rights,” the group said.
At the end of last month, the CIPC issued a compliance notice to the directors at the PIC demanding they recoup R4.3bn the PIC had invested in AYO, together with interest for six months on the amount. There was a threat of criminal prosecution if the PIC did not comply within 15 days, which falls due this Thursday.