iOCO Plunges into Reckless Share Buyback Frenzy, Defying Investor Fears

In a SHOCKING financial maneuver, the company once known as the SCANDAL-PLAGUED EOH is now funneling MILLIONS into a SUSPICIOUS share buyback scheme, raising alarms about who REALLY benefits. iOCO has quietly spent ANOTHER R9.6 million to vacuum its own shares off the market, a DEEPLY QUESTIONABLE tactic that experts warn ARTIFICIALLY inflates value while STRIPPING the company of crucial cash.

This is NOT normal corporate strategy—this is a DELIBERATE scheme to manipulate the market and enrich insiders. While iOCO boasts of a “turnaround,” this aggressive repurchasing of over 6.4 million shares, sucking R26 million from its coffers, exposes a CHILLING priority: propping up the stock price instead of investing in growth or rewarding the workforce. Co-CEO Rhys Summerton’s “sustainable profitability” now looks like a CALCULATED SMOKESCREEN.

Even more OUTRAGEOUS, the board has audaciously approved this programme to continue DURING the closed period ahead of financial results, a move that reeks of potential insider advantage. They claim “sufficient financial flexibility,” but this CASH BURN during uncertain economic times is a BETRAYAL of shareholder trust and a dangerous gamble with the company’s future.

The terrifying truth is that this is legalized market manipulation, and if this house of cards collapses, it will be ordinary investors left holding the bag. The ghost of EOH’s corrupt past is NOT gone—it has simply learned new tricks.