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Kplc restructure plan out
Rank: Elder Joined: 9/23/2010 Posts: 2,221 Location: Sundowner,Amboseli
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2012 wrote:Sufficiently Philanga....thropic wrote:I hear CMA has to approve the restructuring 1st for them to be able to disclose the rights price! So did they give a time when they'll have all the relevant approvals by? In other words when will we know the rights issue price or should we just ask Scan ad since I'm sure they've already started doing the ads for the issue...  The problem with CMa, like all other parastatals is that it doesnt give timelines on job completion so everyone including Dyer have been left to second guess! @SufficientlyP
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Rank: Elder Joined: 9/23/2010 Posts: 2,221 Location: Sundowner,Amboseli
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guru267 wrote:VituVingiSana wrote:My 2 cents wrote:Out of the 488M rights; 341M belong to the govt. The govt will not exercise their rights but will instead place these rights with some institution. I want to know which? And why the govt did not just sell them to the public. Ideally, these would be sold on the NSE. They probably will be offered on the NSE... I wonder what the premium will be... [Of course, we need to know the Exercise Price] @VVS all I can say is I told you so.. But since you seem not to be agreeing let me reiterate... G.O.K rights will ALL be offered to a institution through private placement... The only rights that will be on the NSE are the pnes that belong to other shareholders like you and me... And this is where Transcentury that previously owned 4% of KPLC and has interests in the Energy sector will be looking to shore up its stake from the current 0.75% to God knows where! @SufficientlyP
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Rank: Member Joined: 5/27/2010 Posts: 324 Location: nrb
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this subtle angle had probably escaped many, me included. But how will it choose whom to offer? Im seeing a massive uproar unless the price is very premium. But why will they do that instead of using a straight foward method of putting it into the market for anybody to grab.
So the current price can still be sustantially adjusted either way depending on pricing of those govt rights.
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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@alikuja, I've said it before and I will say it again. This thing will be undersubscribed and your worry is moot. If the deal was so good, why is the Govt not taking up its rights and sell them later on the open market? Why (if what I heard on the news is correct) is Transcentury dumping its 4% that it literally robbed of NSSF?
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Rank: Chief Joined: 1/3/2007 Posts: 18,259 Location: Nairobi
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GoK is not taking up its Rights as a matter of Public Policy i.e. keep the 'involvement' in State-owned enterprises at a minimum but the need for 50.1% is required for access to 'cheap' multi-lateral financing... Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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alikujia wrote:this subtle angle had probably escaped many, me included. But how will it choose whom to offer? Im seeing a massive uproar unless the price is very premium. But why will they do that instead of using a straight foward method of putting it into the market for anybody to grab.
So the current price can still be sustantially adjusted either way depending on pricing of those govt rights. @alikuja if you and I as shareholders choose to sell their rights we can either choose to do it through the open market or we can sell to one of our friends or family through private placement... So since G.O.K is a shareholder they can do the exact same thing and sell to whoever they feel like even a foreigner if they chose and no amount of uproar will change that... If G.O.K plans to raise 8.79 billion as i saw in their projected balance sheet then the price will be 18.5 (post split)or 148 If they plan to raise 10 billion as many predict then the price will be 21 (post split) or 168 Mark 12:29
Deuteronomy 4:16
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Rank: Elder Joined: 11/27/2007 Posts: 3,604
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kyt wrote:My 2 cents wrote:Out of the 488M rights; 341M belong to the govt. The govt will not exercise their rights but will instead place these rights with some institution. I want to know which? And why the govt did not just sell them to the public. carefully crafted scheme to get some people super duper rich. i shot this question as it is, and guess what; the MD went ahead blabbering on the rights and how the government is shedding it's holding so that it holds 50.1% after the holding. he never answered it. African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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Rank: Elder Joined: 11/27/2007 Posts: 3,604
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Sufficiently Philanga....thropic wrote:guru267 wrote:VituVingiSana wrote:My 2 cents wrote:Out of the 488M rights; 341M belong to the govt. The govt will not exercise their rights but will instead place these rights with some institution. I want to know which? And why the govt did not just sell them to the public. Ideally, these would be sold on the NSE. They probably will be offered on the NSE... I wonder what the premium will be... [Of course, we need to know the Exercise Price] @VVS all I can say is I told you so.. But since you seem not to be agreeing let me reiterate... G.O.K rights will ALL be offered to a institution through private placement... The only rights that will be on the NSE are the pnes that belong to other shareholders like you and me... And this is where Transcentury that previously owned 4% of KPLC and has interests in the Energy sector will be looking to shore up its stake from the current 0.75% to God knows where! i hear TCL pullled out. African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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Rank: Elder Joined: 11/27/2007 Posts: 3,604
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VituVingiSana wrote:GoK is not taking up its Rights as a matter of Public Policy i.e. keep the 'involvement' in State-owned enterprises at a minimum but the need for 50.1% is required for access to 'cheap' multi-lateral financing... you are right. the preference shares will be converted to ordinary shares raising the GOK's shareholding to close to 70%, hence by not taking up the rights, thsy want to shed this shareholding to 50.1% just to give an i,pression that the GOK is in control. it's a parastatal, remember. African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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Rank: Veteran Joined: 6/2/2010 Posts: 1,075
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Government rights are public property and the public should have a say on how these should be disposed off. If there is confidence that these rights can be taken up by the public, why offer them to some shadowy institution. I am really curious how these govt rights will be disposed off. Maybe TCL sold their 4% shares in order to come back in cheaper via rights placement. Who knows?
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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Sufficiently Philanga....thropic wrote:The problem with CMa, like all other parastatals is that it doesnt give timelines on job completion so everyone including Dyer have been left to second guess! I really doubt that Dyer are in the dark too, I'm sure if there's someone who knows what's cutting then it's Jimnah. He probably crafted the entire deal.
BBI will solve it :)
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Rank: Member Joined: 3/11/2009 Posts: 27
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What is the minimum number of rights one can apply for? I am not a share holder but I would like to get some KPLC rights.
I have always liked this share but cannot afford it at this prices so thank god for the split so that small investors like I can get to own a piece.
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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reiner wrote:I have always liked this share but cannot afford it at this prices so thank god for the split so that small investors like I can get to own a piece. Thanks God for you, you are the reason why I continue to buy at the current price because I know after the split you'll all scramble for it.
BBI will solve it :)
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Rank: Elder Joined: 9/23/2010 Posts: 2,221 Location: Sundowner,Amboseli
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2012 wrote:Sufficiently Philanga....thropic wrote:The problem with CMa, like all other parastatals is that it doesnt give timelines on job completion so everyone including Dyer have been left to second guess! I really doubt that Dyer are in the dark too, I'm sure if there's someone who knows what's cutting then it's Jimnah. He probably crafted the entire deal. To the extent that Dyer are the Financial advisors, i agree with you. Jimnah is no push over and can easily make CMA dance to his tunes!  @SufficientlyP
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Rank: Member Joined: 5/27/2010 Posts: 324 Location: nrb
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My 2 cents wrote:Government rights are public property and the public should have a say on how these should be disposed off. If there is confidence that these rights can be taken up by the public, why offer them to some shadowy institution. I am really curious how these govt rights will be disposed off. Maybe TCL sold their 4% shares in order to come back in cheaper via rights placement. Who knows? thats the point - guru67 please note. If you govt offers rights exclusively to someone special, when it has platform to offer to all its citizen(owners), then there will be uproar, because it might amount to corruption, unless it can show that it got higher value(premium price) than the prevailing market price. This is actually quite trcky because the limited kplc float can actually be manipulated within this short period by some big guns inorder to justify a particular sale price to someone.
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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alikujia wrote:My 2 cents wrote:Government rights are public property and the public should have a say on how these should be disposed off. If there is confidence that these rights can be taken up by the public, why offer them to some shadowy institution. I am really curious how these govt rights will be disposed off. Maybe TCL sold their 4% shares in order to come back in cheaper via rights placement. Who knows? thats the point - guru67 please note. If you govt offers rights exclusively to someone special, when it has platform to offer to all its citizen(owners), then there will be uproar, because it might amount to corruption, unless it can show that it got higher value(premium price) than the prevailing market price. This is actually quite trcky because the limited kplc float can actually be manipulated within this short period by some big guns inorder to justify a particular sale price to someone. @alikuja and @my 2 cents do you have any law references or C.M.A regulations that compel G.O.K to sell its rights to the public... Otherwise if not a mere uproar will come and go but the the institution it sells to will still laugh all the way to the bank... Mark 12:29
Deuteronomy 4:16
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Rank: Elder Joined: 11/27/2007 Posts: 3,604
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reiner wrote:What is the minimum number of rights one can apply for? I am not a share holder but I would like to get some KPLC rights.
I have always liked this share but cannot afford it at this prices so thank god for the split so that small investors like I can get to own a piece. it is 20 shares for every 51 held. only available to existing shareholders. African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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Rank: Elder Joined: 11/27/2007 Posts: 3,604
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reiner wrote:What is the minimum number of rights one can apply for? I am not a share holder but I would like to get some KPLC rights.
I have always liked this share but cannot afford it at this prices so thank god for the split so that small investors like I can get to own a piece. it is 20 shares for every 51 held. only available to existing shareholders. African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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Rank: Chief Joined: 1/3/2007 Posts: 18,259 Location: Nairobi
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It would not surprise me if the Rights are 'sold' on the market but in a special lot or deal not available to the rest of us... This is D&B we are talking of... Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 6/21/2010 Posts: 514 Location: Nairobi
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Does the sale of shares or rights thereof by the government fall under the public procurement act? If so then they should sell to the highest bidder of which according to me is the open market but with Jimnah you never know what's cooking! 'They say money cannot buy me happiness but when i compare when i had none and now, i'm happier' Kevin O'leary
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