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NIC 1:4 rights issue - sh21 per share
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VituVingiSana
#61 Posted : Wednesday, October 10, 2012 2:37:25 PM
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mkonomtupu wrote:
NIC Bank’s rights issue has been oversubscribed by 238 per cent, managing to attract Sh7 billion in offers against the Sh2 billion it had sought.
http://www.businessdaily.../-/qpl8c4z/-/index.html

Good news I wish they had supplied more shares
I wonder how large the Ndegwas' application was beyond the 25%? I am sure it was over-subscribed even without the Ndegwas applying for additional shares.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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gesowan
#62 Posted : Wednesday, October 10, 2012 3:22:24 PM
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Does anyone know the formula to allocate the said shares????????????
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mlennyma
#63 Posted : Wednesday, October 10, 2012 3:51:40 PM
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I knew and didnt bother applying additional shares,refunds ghost after tying money
"Don't let the fear of losing be greater than the excitement of winning."
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VituVingiSana
#64 Posted : Wednesday, October 10, 2012 6:28:09 PM
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Location: Nairobi
The allocation has not been announced. I figure it will be in the newspapers tomorrow. I wonder if the Ndegwas used their clout to get 35%. I think the Ndegwas called Ndungu who called Githae who told Muthuara that let the brothers increase it to 35%. It's all in-house. Tuko Pamoja.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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cnn
#65 Posted : Wednesday, October 10, 2012 6:35:51 PM
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Joined: 6/17/2009
Posts: 1,627
12.7 million shares out the 98.7 million allocated were not taken,this will form the pool for those who applied for more shares.To be fair to all shareholders the allocation criteria for such, should always be in the IM.
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VituVingiSana
#66 Posted : Wednesday, October 10, 2012 6:37:40 PM
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Posts: 18,361
Location: Nairobi
cnn wrote:
12.7 million shares out the 98.7 million allocated were not taken,this will form the pool for those who applied for more shares.To be fair to all shareholders the allocation criteria for such, should always be in the IM.
It was not specified clearly in the IM. I read it multiple times & it was vague but the ultimate authority was given to the Board of Directors... most of whom are appointees, related or connected to the Ndegwas...
*BTW, where did you get the allocation info/criteria & that 12.7mn were untaken? I just checked the NSE website but nothing is on there*
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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mlennyma
#67 Posted : Wednesday, October 10, 2012 8:40:30 PM
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http://af.reuters.com/ar...ws/idAFL6E8LA5JY20121010
"Don't let the fear of losing be greater than the excitement of winning."
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Gordon Gekko
#68 Posted : Wednesday, October 10, 2012 9:15:05 PM
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Joined: 5/27/2008
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cnn wrote:
12.7 million shares out the 98.7 million allocated were not taken,this will form the pool for those who applied for more shares.To be fair to all shareholders the allocation criteria for such, should always be in the IM.


I think SCB set the precedent in their previous rights issue where they assigned everyone who applied for extra shares a minimum number then prorated after that. The minimum allocation for extra shares then was 200 shares.

If they use this formula, there are 25,000 shareholders who we can conservatively assume all applied for extra shares.. There are 12.7M untaken shares. If these are split equally among the 25k shareholders, then those who applied for extra shares can expect a minimum of 500 shares. This formula also takes care of the Ndegwa's potential illegality of exceeding the 25% rule.
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gesowan
#69 Posted : Wednesday, October 10, 2012 10:00:59 PM
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Shareholders did not apply for 12.7 million shares they were entitled to under the one-for-four rights issue, meaning those who had sought more shares than they were entitled to, would be allocated additional shares
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mwekez@ji
#70 Posted : Thursday, October 11, 2012 11:25:03 AM
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Joined: 5/31/2011
Posts: 5,121
238% oversubscription rate! Thats massive! Whats Ndegwas contribution to this? Then we can tell the pro rata rate to be applied in allotment of the few untaken rights
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