Rank: Elder Joined: 2/16/2007 Posts: 2,114
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What is not clear to me is:
If you do not hold CIC shares are you still eligible.If so,how do you apply?
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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Chaka wrote:What is not clear to me is:
If you do not hold CIC shares are you still eligible.If so,how do you apply? That is why I said there was problems with info flow from CIC. During the extra ordinary general meeting it was clear that shares will be available to existing and new shareholders. In the info provided so far, it looks only existing shareholders will apply for the rights. It looks, new shareholders might be considered if the shares are underscribed.
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Rank: Veteran Joined: 9/5/2007 Posts: 627
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What I know (for the benefit of everyone):
1. This is not only a rights issue but also a private placement. Most CIC branches have received the application forms so you can obtain them there. The opening date for both the rights issue and private placement is 15 November 2010. The closing date for rights issue is 29 November 2010 (only 2 weeks) while for the private placement is 6 December 2010.
2. Rights issue is only open to existing class A and B shareholders as at date of closure of register i.e. 28 November 2010
3. The offer is 1:1 and shareholder can exercise their rights partially or fully. Not sure whether you can get more. PS: Confirmed that you can apply for additional shares!
4. Societies can buy a minumum of 2000 shares for the first time while an individual can buy a minimum of 500 shares for the first time.
5. Rights issue application forms will be sent by post to the shareholders by their Registrars.
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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@Sasha,
Many thanks, I will wait for my allotment letter for details.
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Rank: Elder Joined: 3/2/2007 Posts: 8,776 Location: Cameroon
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@sasha, tafadhali barikiwa mbele na nyuma! TULIA.........UFUNZWE!
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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@Sasha
The idea of applying for extra rights is is really exciting. I will have to exit some stocks in the market and quickly jump in CiC in a big way.
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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Any one who has received an allotment letter for CIC rights? Does it have a slot for application of extra rights beyond one's entitlement?
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Rank: New-farer Joined: 10/14/2010 Posts: 50 Location: Nairobi Kenya
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@PKoli=The form allows you to apply for additional shares other than rights.Just check in their website under News headlines.They have posted downloadeble forms for the Rights issue for Class A and B.If this for class B doesnt open go to their website. http://www.cic.co.ke/pub...otment_Letter_BFINAL.pdf
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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[quote=Bugatti]@PKoli=The form allows you to apply for additional shares other than rights.Just check in their website under News headlines.They have posted downloadeble forms for the Rights issue for Class A and B.If this for class B doesnt open go to their website. http://www.cic.co.ke/pub...tment_Letter_BFINAL.pdf[/quote] many thanks, i will be there shortly
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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[quote=Bugatti]@PKoli=The form allows you to apply for additional shares other than rights.Just check in their website under News headlines.They have posted downloadeble forms for the Rights issue for Class A and B.If this for class B doesnt open go to their website. http://www.cic.co.ke/pub...tment_Letter_BFINAL.pdf[/quote] @Buagati, I have gotten all the info that I wanted. From the look of things only existing shareholders are lucky. Others might be considered if the rights are not fully taken up. I will have to pick up all my rights and apply for addditional shares.
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Rank: New-farer Joined: 10/14/2010 Posts: 50 Location: Nairobi Kenya
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@PKoli=Since Class A will participate, i think the shares will be taken up all of them.What i know is that Class A have alot of money/Capital than Class B shareholders and in an event of undersubscription by Class B(individuals)then i think Class B will sweep everything.You know Co-operative movement controlls alot of money in terms of Billions.Thank God i bought the shares 3 months away after i smelt a rat.Lets get moving.This is the very right bus wacha Mumias inaenda juu na chini bure kabisa
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Rank: New-farer Joined: 10/14/2010 Posts: 50 Location: Nairobi Kenya
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Sorry i meant Class A will sweep everything
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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Bugatti wrote:@PKoli=Since Class A will participate, i think the shares will be taken up all of them.What i know is that Class A have alot of money/Capital than Class B shareholders and in an event of undersubscription by Class B(individuals)then i think Class B will sweep everything.You know Co-operative movement controlls alot of money in terms of Billions.Thank God i bought the shares 3 months away after i smelt a rat.Lets get moving.This is the very right bus wacha Mumias inaenda juu na chini bure kabisa CIC is not worried since the single largest shareholder Coop Bank will take up their rights and if required to up they will compfortably do so. You are right class A will be taken by most Cooperatives. I think even class B should be fully subscribed. The ones not taken will be snabbed by other guys. I will take up my rights and apply for 100% additional. I was lucky I bought during the 1st offer and I have adding slowly.
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Rank: New-farer Joined: 9/20/2010 Posts: 79
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Private placement has it been confirmed for new shareholders to acquire some nd do you think it will be necessary,@ sir pkoli is private placement for class A or B Or both,info seems to be scanty.even staff of cic are in the dark.
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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Kalameni wrote:Private placement has it been confirmed for new shareholders to acquire some nd do you think it will be necessary,@ sir pkoli is private placement for class A or B Or both,info seems to be scanty.even staff of cic are in the dark. Based on available information, this is a rights issue to existing class A and B shareholders. Check CIC website
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Rank: Member Joined: 10/26/2008 Posts: 380
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Visited my SACCO office, they have forms for private placement.. They sign the forms, and you take them to Kingdom securities along with money. Dont know the allocation criteria.
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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Any body who watching CIC, what is the likely subscription rate for class B shares? I would like to make a decision whether to apply for extra shares or just pick up my rights.
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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Mkimwa wrote:I have been looking for these shares for sometime now, na sijapata.
How do i acquire using this window? I am not a shareholder yet, lakini am a member of a sacco.. You should talk with CIC. They have openned the shares for both existing shareholders and non-shareholders provided they are members of the sacco. This is closing on 6th Dec, so get set
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Rank: Elder Joined: 6/2/2008 Posts: 1,438
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I thought closure is on Nov 29th or has it been extended? BTW, did anyone ever lay their hands on an Information Memorandum/Prospectus or Fact Sheet? I really hate investing in the dark, and so far I haven't seen too much light on this one.
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Rank: Member Joined: 9/21/2006 Posts: 422 Location: Nairobi
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...@mwanahisa and others, the memorandum, fact sheet, etc are freely available at any branch of Co-operative insurance nearest to you......
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