Read the EGM advert for more info.....


NOTICE OF THE EXTRAORDINARY GENERAL MEETING
NOTICE IS HEREBY GIVEN THAT THE EXTRAORDINARY
GENERAL MEETING OF THE SHAREHOLDERS OF FAMILY
BANK LIMITED WILL BE HELD ON FRIDAY 5TH AUGUST
2011, AT HILTON HOTEL AT 10.00 A.M. TO TRANSACT THE
FOLLOWING BUSINESS

1. Confirmation of quorum.

2. To read the notice convening the meeting.

3. To approve the listing of the Bank’s shares at the Nairobi Stock Exchange by introduction.

4. To approve an amendment of the memorandum and articles of association of the Bank to incorporate an Employee Share Option Plan (ESOP) to eligible employees as per the trust deed and the limit of which is to be negotiated and approved by the Board.

5. That the shareholders approve the allotment of new shares to the Managing Director amounting to 1% of the Bank’s shareholding as per the terms of engagement.

6. Any other Business

11th July 2011
By Order of the Board
Company Secretary
P.O. Box 74145-00200
NAIROBI

WHAT! 1% for the c.e.o! If it were me i'd work my butt off to make that 1% look like 10% before I leave!

Too many rats jumping ship... But peeps still ask wapi hiyo iceberg while the titanic tanks...

I was to do a research report on family bank but I stopped cos of the emotions expressed here....now i'm going to finish that 15 page thing....damn the CEO is a lucky guy...the other day he was just a deputy at KCB...lmao.

I will be waiting for your report on Family Bank. If building society converts into a fully fledged bank,take the eg of equity bank its share value shoots up a lot,but didn't happen with Family Bank.

In my view Family Bank's performance over the last 5 years has been lousy.

Look at this statistics:

For 2006 PAT for these 3 banks were as follows:

Family Bank - Kshs 184 million
Cooperative - Kshs 887 million
Equity Bank - Kshs 753 million

Fast forward to 2011

Family Bank - Kshs 391 million
Cooperative - Kshs 4,581 million
Equity Bank - Kshs 7,131 million

Until I see a serious change change in their strategy, I would be wary of this bank which which has just doubled profits over the last 5 years when others have quintupled (CoopBank) or increased by a factor of 10+ (in the case of Equity).

=> Initial share price was 60/= I think? What was the split ratio and what's the current price(OTC) ex-split?

OTC price is now @ 26-27

I just dont understand the so-called investors in Wazua. What is the "unquestionable" time for listing on the exchange???? And particularly in the case of a listing by way of introduction - there is a presumption that whoever will buy has an idea of what the exchange is all about!

I love the way guys are suckered into buying high priced shares on the OTC expecting an Equity like performance upon listing without first comparing with shares that are already listed.

Family Bank's 2010 EPS and DPS were Kshs 1.62 and 0.40 respectively with NBV at Kshs 12.92.

At the price of 27 you can therefore see the share is expensive with a PE of 16.7 and a Dividend yield of 1.5%. The PBV is about average at 2.09.

Now tell me where is the upside UNLESS you can show me the GROWTH.