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Ndegwa family to raise NIC stake from 25% to 35% after under subscription

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2012		#11 Posted : Tuesday, September 18, 2012 9:41:47 AM
Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi		There's no way these rights will be under-subscribed. BBI will solve it :)
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VituVingiSana		#12 Posted : Tuesday, September 18, 2012 9:58:42 AM
Rank: Chief Joined: 1/3/2007 Posts: 18,361 Location: Nairobi		It seems to me that this move is the beginning of a slow but deliberate move/campaign by the ndegwas to get additional shares DESPITE an over-subscription. Will the CMA stop it? In 2007, NIC gave a preferred allocation to the ndegwas who then profited by selling the 'New Shares' on the NSE. Read the IM. The Board (which is controlled by the ndegwas) will allocate the Untaken Rights as they see fit. There is no indication on how the shares will be allocated! 100% discretion of the Board. Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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mwekez@ji		#13 Posted : Tuesday, September 18, 2012 10:08:58 AM
Rank: Chief Joined: 5/31/2011 Posts: 5,121		VituVingiSana wrote: 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%. During the recent DTB rights issue, take up percentage under entitlement stood at 74.6%. I dont see NIC surpassing that. There are some chaps who'll not exercise their rights for whatever reasons. Those who have applied for additional rights benefit, on a pro-rata basis, i trust
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King G		#14 Posted : Tuesday, September 18, 2012 10:09:19 AM
Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo		@ all, i withdraw my earlier comments. I have seen the way they are going to manupulate the allocation process. Since they are in the monies, they have applied for a big chunk of extra allocation and they already know 2 things which we dont know; 1. Level of apllications (%age oversubscription). 2. Allocation creteria. All this favour them - this world is a man eat man society. There goes my dream allocation and comes my refund cheque - i would have made dtter investments. Who will stop this madness where the monied keep on crewing us in the name of rights, ipo, takeovers etc. Githae is in this full throttle!, CMA is toothless and NSE has no control over it. Thieves
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King G		#15 Posted : Tuesday, September 18, 2012 10:12:14 AM
Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo		@ mwekezaji, it is the pro rata that they are abusing, manupulating and gaining from. Thieves
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VituVingiSana		#16 Posted : Tuesday, September 18, 2012 10:49:14 AM
Rank: Chief Joined: 1/3/2007 Posts: 18,361 Location: Nairobi		mwekez@ji wrote: VituVingiSana wrote: 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%. During the recent DTB rights issue, take up percentage under entitlement stood at 74.6%. I dont see NIC surpassing that. There are some chaps who'll not exercise their rights for whatever reasons. Those who have applied for additional rights benefit, on a pro-rata basis, i trust Trust Read the IM. See what they did in 2007 despite an over-subscription the ndegwas increased their stake from 25% to 28%. Remember the Aga Khan folks are pretty decent folks re: Minority Shareholders. Not all. The "Allocation Criteria" is a mystery to be solved by the Board. Who controls the Board? Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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VituVingiSana		#17 Posted : Tuesday, September 18, 2012 10:53:53 AM
Rank: Chief Joined: 1/3/2007 Posts: 18,361 Location: Nairobi		King G wrote: @ all, i withdraw my earlier comments. I have seen the way they are going to manupulate the allocation process. Since they are in the monies, they have applied for a big chunk of extra allocation and they already know 2 things which we dont know; 1. Level of apllications (%age oversubscription). 2. Allocation criteria. All this favour them - this world is a man eat man society. There goes my dream allocation and comes my refund cheque - i would have made dtter investments. Who will stop this madness where the monied keep on crewing us in the name of rights, ipo, takeovers etc. Githae is in this full throttle!, CMA is toothless and NSE has no control over it. Who determines the Allocation Criteria? The Board Who is the chairman of the Board? A Ndegwa Who is the largest shareholder & controls the Board? Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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guru267		#18 Posted : Tuesday, September 18, 2012 11:46:09 AM
Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi		King G wrote: Who will stop this madness where the monied keep on crewing us in the name of rights, ipo, takeovers etc. and who screwed you?? These guys just want to ensure that they raise all the money needed for the company they founded... If they make money in the process.. its their gain! Mark 12:29 Deuteronomy 4:16
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luxel		#19 Posted : Tuesday, September 18, 2012 12:16:32 PM
Rank: Member Joined: 7/17/2008 Posts: 152		I don't see how this is unfair and to who. If all shareholders apply for their rights they shall get them because they are entitled. If some don't apply, it would be for the good of the company if someone else takes the shares. If that someone else happens to be the ndegwa family, it will be a sign of the confidence they have in the company. The board can only come up with a criteria of allocating the rights not taken to those who applied for more e.g 40%. There is no way the board can randomly say give so and so this number of shares and forget about this family, No. It must be a criteria that will be applied fairly.
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VituVingiSana		#20 Posted : Tuesday, September 18, 2012 12:24:20 PM
Rank: Chief Joined: 1/3/2007 Posts: 18,361 Location: Nairobi		luxel wrote: I don't see how this is unfair and to who. If all shareholders apply for their rights they shall get them because they are entitled. If some don't apply, it would be for the good of the company if someone else takes the shares. If that someone else happens to be the ndegwa family, it will be a sign of the confidence they have in the company. The board can only come up with a criteria of allocating the rights not taken to those who applied for more e.g 40%. There is no way the board can randomly say give so and so this number of shares and forget about this family, No. It must be a criteria that will be applied fairly. Well, then let the Board gives us the criteria BEFORE the allocation! WHAT IS THE ALLOCATION POLICY? Can you tell me that? Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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