The offer will be to existing shareholders and new members, as long as you belong to a Sacco

CiC have made a formal announcement to Brokers. "The Company shall close the Shares Register for 30 days commencing 26th October 2010 up to 25th November 2010. The Rights Issue shall be opened up during this period for our members to participate."

So pals, get set

Sasha-Co-Op bank spent 130 Mio yesterday to increase its shareholding in CIC.Are the shares part of the additional issued by CIC recently or whats up?If its so, i will consider they have already taken away 4,814,841 shares ie (130,000000/27 per share to arrive at the figure ama?

i wonder whether us guys who are non members will be given a chance to buy the shares. coz if its a rights issue then how will non members get these shares?

@koli
since you seem conversant with this issue when do we expect the time table for the rights? and whats the likely price for the members and non members respectively?

Tupac=In tommorow's Daily Nation and Standard Newspapers they will announce on the timetable.anyway it runs from early 20's November till end of 1st week of December.Both The share price will be 27 bob for rights issue and other shares.From reliable souce

Yeah, I need to get cash for my rights and additional rights

There are forms you fill, signed and stamped by Sacco officials

@Bugatti: CIC has a share capital of Kshs 600 million. The total issued is about Kshs 430 million. They issued the outstanding shares to Coop Bank to top up their share capital to Kshs 600 million. As it stands, CIC still have shares worth Kshs 40 million which have not been issued. Like e-kijana says, this deal was concluded more than 4 months ago and they just completed the documentation a few days ago.

@PKoli: I already had this info when I was buying and I'm still buying but only at a reasonable price. I know I will make money OTC but I don't want to hold it too long. I understand spanners are being thrown in the works, and the listing may take even longer. Lets hope the guys from Coop Bank joining the Board will help speed up the listing.

The books are closing tomorrow so unless you can engineer a buy before close of business tomorrow, too bad!

@Sasha & Bugatti,

I think it is a wise decision to continue buying the shares since they will unclock their values soon. I am sure to achieve this they will be forced to list and me thinks this may come soner than later. The same way Sacco societies forced Coop bank to list, they and now the big brother Coop bank will force CiC to list.

CIC has received a lot of coverage and visibility and this will make their OTC shares to trade much more than before.

I think as the Company gets serious shareholders, there will be better corporate governance in CIC. If there are any guys throwing spanners, I feel they will not succeed.