CAPE TOWN – JSE-listed AYO Technology Solutions (AYO) has asked the JSE’s market regulator division to investigate an extraordinary rise of up to 400 percent in its share price yesterday.
“AYO is not aware of any specific trades being made by significant shareholders that could influence the sudden upswing in the share price that has shown a 400 percent climb,” the company said in a statement.
AYO has previously complained to both the JSE and FSCA about certain asset managers manipulating and shortening the share price for their own purposes. This complaint was lodged in 2019.
AYO said it believed that the sharp upswing in the share price was potentially deliberately being used to bring the company into disrepute and to continue the unwarranted negative narrative in the mainstream media.
Having been the subject of several high-profile investigations in 2019 and 2020, all of which confirmed nothing untoward in its operations, AYO had taken the precaution to request the Regulator look at today’s trades.
“AYO wishes to affirm its commitment to transparent and open communications when dealing with all stakeholders,” chief executive Howard Plaatjes said.
The share price ended 100 percent higher at R21 yesterday, after 2 962 shares were traded in 13 deals, Sharenet data showed.