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Ndegwa family to raise NIC stake from 25% to 35% after under subscription
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gesowan
#1 Posted : Monday, September 17, 2012 9:08:24 PM
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Joined: 11/6/2010
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Finance Minister Njeru Githae has allowed the Ndegwa family to own upto a maximum of 35 per cent of NIC Bank—which is above the set limit of 25 per cent.

this is unfair , i mean is it that there is an under subscription???
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  | | Edit by user: Monday, September 17, 2012 11:52 PM | Reason: Not specified
gesowan
#2 Posted : Monday, September 17, 2012 9:11:48 PM
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Joined: 11/6/2010
Posts: 289
gesowan wrote:
Finance Minister Njeru Githae has allowed the Ndegwa family to own upto a maximum of 35 per cent of NIC Bank—which is above the set limit of 25 per cent.

this is unfair , i mean is it that there is an under subscription


http://www.businessdaily...060/-/vtrye/-/index.html
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MoneyMonger
#3 Posted : Monday, September 17, 2012 9:39:27 PM
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Joined: 4/25/2012
Posts: 110
gesowan wrote:
[quote=gesowan]Finance Minister Njeru Githae has allowed the Ndegwa family to own upto a maximum of 35 per cent of NIC Bank—which is above the set limit of 25 per cent.

this is unfair , i mean is it that there is an under subscription


http://www.businessdaily...60/-/vtrye/-/index.html[/quote]

This is fair. It is about taking precaution in case of under-subscription that could make the family hold more that 25% of the share capital. The report goes on to say "Mr Githae in a Kenya Gazette notice said the Ndegwa family has till June 2013 to sell any shares above the 25 per cent threshold through the Nairobi Securities Exchange (NSE)."

There is nothing as dangerous as an Idea, when there is only one Idea
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aemathenge
#4 Posted : Monday, September 17, 2012 9:41:30 PM
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Joined: 10/18/2008
Posts: 3,434
Location: Kerugoya
What are you mopping on about.

Haven't you had of the phrase Kenya ina wenyewe?

Stop whining and create your own corner of Kenya and thus join the ranks of wenye Kenia.
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MoneyMonger
#5 Posted : Monday, September 17, 2012 9:46:33 PM
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Joined: 4/25/2012
Posts: 110
“Indicative numbers point to an oversubscription,” said NIC Capital general manager Wilson Nyakera.

http://www.businessdaily...28/-/swvrb5/-/index.html
There is nothing as dangerous as an Idea, when there is only one Idea
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gesowan
#6 Posted : Monday, September 17, 2012 9:47:56 PM
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Joined: 11/6/2010
Posts: 289
i mean they should not take their rights ,unless there is an unders subscription, this thing will have an over subscription

and Wazua is the best and trust me even NIC shareholders and stake holders read it

Githae should defend the minority shareholders
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  | | Edit by user: Monday, September 17, 2012 9:54 PM | Reason: Not specified
King G
#7 Posted : Tuesday, September 18, 2012 8:05:10 AM
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Joined: 6/20/2012
Posts: 3,855
Location: Othumo
It might look unfair but i guess they are guarding themselves against undersubscription. They will only buy if investors dont take up thier rights.
Thieves
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VituVingiSana
#8 Posted : Tuesday, September 18, 2012 8:26:09 AM
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Joined: 1/3/2007
Posts: 18,361
Location: Nairobi
King G wrote:
It might look unfair but i guess they are guarding themselves against undersubscription. They will only buy if investors dont take up thier rights.
I would not put it past them to get allocated more by the Board [which they control] so as to sell later at a higher price. This is what they did in 2007.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mwekez@ji
#9 Posted : Tuesday, September 18, 2012 8:46:32 AM
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Joined: 5/31/2011
Posts: 5,121
I think take up percentage of rights under entitlement is unlikely to hit 75%. The board will proceed and adopt allotment policy for additional shares that is same for all shareholders. Nonetheless, this will benefit the ndegwas who i think have hugely applied for additional shares
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VituVingiSana
#10 Posted : Tuesday, September 18, 2012 8:59:58 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,361
Location: Nairobi
mwekez@ji wrote:
I think take up percentage of rights under entitlement is unlikely to hit 75%. The board will proceed and adopt allotment policy for additional shares that is same for all shareholders. Nonetheless, this will benefit the ndegwas who i think have hugely applied for additional shares
That would seem a position they have maneuvered themselves into by virtue of knowing the level of applications. It seems a deliberate ploy to increase their % beyond 25% claiming 'under-subscription' yet I am sure NIC will attract a total subscription (excluding Ndegwas) of 100%.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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