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NIC 1:4 rights issue - sh21 per share
Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo
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Corporate elite are also thieves. I wonder how now they want people to trust thier allocation policy! Thieves
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Rank: Elder Joined: 7/21/2010 Posts: 6,184 Location: nairobi
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This is how millionaires are created. "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Member Joined: 11/6/2010 Posts: 289
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this is going to work against guys who applied for extra rights,meaning if you had a hundred shares and applied for an extra 100 k you will not get more than 25 though you "tied" your money ,for sure hope is not an investment strategy
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Rank: New-farer Joined: 1/15/2010 Posts: 81
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This happened to me. I had 50 rights and applied for more and have only been given an extra 17! I think allocation policy should be clearly indicated in the IM's and not decided when applications are already in. At least CFCStanbic say that the first 1,000 extra shares applied for will be given and the balance shared on a straight pro rata basis.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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so NIC want money, we give them money and they throw it back on our face! Life is short. Live passionately.
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Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo
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sparkly wrote:so NIC want money, we give them money and they throw it back on our face! So sad, they should have adjusted the ipo amount and given out the extra shares to some limit. wakenya wako na cash kweli! nawanaliya left right and centre - kila siku, shindwe! Thieves
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Rank: Elder Joined: 7/21/2010 Posts: 6,184 Location: nairobi
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This tied money which could go to hfck bond "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Chief Joined: 1/3/2007 Posts: 18,129 Location: Nairobi
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Who knew about the allocation policy beforehand? The Board. I wonder how many shares the Board Members & their families got based on the Allocation Policy. I have tried in vain to find the formula used but with no luck. Does anyone have it? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 11/6/2010 Posts: 289
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@ vitu vingi.....yes u will get 29.58% of the rights entitled to you ,so if u were entitled to 1000 shares u will get 290...irrespective of how many extra shares u applied ,
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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gesowan wrote:@ vitu vingi.....yes u will get 29.58% of the rights entitled to you ,so if u were entitled to 1000 shares u will get 290...irrespective of how many extra shares u applied , Say what?! Is this how it's going down? How can one not get what he/she is entitled to? Isn't that illegal? Let me get this straight - Let's say one had 4k shares. This means you got 1000 rights. You mean to say even if you opted to take up all the 1k rights you would end up with only 295 shares? Or I got what you were saying horribly wrong? GOD BLESS YOUR LIFE
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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youcan'tstopusnow wrote:Or I got what you were saying horribly wrong?
More like this mate.. Guys are talking about allocation of ADDITIONAL rights applied for! Mark 12:29
Deuteronomy 4:16
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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guru267 wrote:youcan'tstopusnow wrote:Or I got what you were saying horribly wrong?
More like this mate.. Guys are talking about allocation of ADDITIONAL rights applied for! Oh. Okay then if that's the case. Though it was always going to be an oversubscription and chances of one getting the full ADDITIONAL shares applied for was not guaranteed. Once you applied for additional shares, you were 'flying blind.' That being said, the failure to state the criteria of allocating the additional shares applied in the IM, plus the Ndegwas application (subsequently withdrawn) for increasing stake beyond the legal limit, must have left a sour taste in investors mouths... GOD BLESS YOUR LIFE
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Rank: Chief Joined: 1/3/2007 Posts: 18,129 Location: Nairobi
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gesowan wrote:@ vitu vingi.....yes u will get 29.58% of the rights entitled to you ,so if u were entitled to 1000 shares u will get 290...irrespective of how many extra shares u applied , Why did they not say that in the IM? That one would get a % based on RIGHTS ENTITLEMENT rather than the language used which does not specify "Rights Entitlement". I think those in the know [ndegwa & cronies] knew this all along. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 11/6/2010 Posts: 289
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@youcantstopusnow,
what my bird told me is that you will definately get ur entitled shares meaning if u had 4000 you got 1000 which you fullypaid for,but if u decided to get an extra 100,000,to BAD,they will culculate the 29.58% on RIGHTS ENTITLEMENT that is 1000 and not 100k,hope we are clear now, so u get 295....not 29,500(which i guess is what Wazuans r hoping for)
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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VituVingiSana wrote:I think those in the know [ndegwa & cronies] knew this all along.
How is this allocation bad? Do wazuans complain as a hobby?? This pro rata allocation is based on rights entitled to rather than additional rights applied for... DTB actually used the latter method and not much protest on wazua! This is fair & that stuff about wanjiku should be getting a minimum allocation is total BS! Why should my % of ownership in NIC be compromised just because im a large shareholder!? Mark 12:29
Deuteronomy 4:16
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Rank: Chief Joined: 1/3/2007 Posts: 18,129 Location: Nairobi
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guru267 wrote:VituVingiSana wrote:I think those in the know [ndegwa & cronies] knew this all along. How is this allocation bad? Do wazuans complain as a hobby?? This pro rata allocation is based on rights entitled to rather than additional rights applied for... DTB actually used the latter method and not much protest on wazua! This is fair & that stuff about wanjiku should be getting a minimum allocation is total BS! Why should my % of ownership in NIC be compromised just because im a large shareholder!? Please read the post in entirety. It is about lack of LACK OF DISCLOSURE about the method to be used. If you do not understand that, then I am not sure what to explain to you. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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VituVingiSana wrote:It is about lack of LACK OF DISCLOSURE about the method to be used. If you do not understand that, then I am not sure what to explain to you.
its not illegal not to disclose the allocation method that will be used and every investor who applied for additional shares and read the IM knew that NIC had not disclosed the method and it was totally up to the directors & yet they still tied up their capital & applied for additional shares! Who's fault is it when the board applies its discretion?? Mark 12:29
Deuteronomy 4:16
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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guru267 wrote:VituVingiSana wrote:It is about lack of LACK OF DISCLOSURE about the method to be used. If you do not understand that, then I am not sure what to explain to you.
its not illegal not to disclose the allocation method that will be used and every investor who applied for additional shares and read the IM knew that NIC had not disclosed the method and it was totally up to the directors & yet they still tied up their capital & applied for additional shares! Who's fault is it when the board applies its discretion?? @guru, the lack of disclosure in IM is nothing to be hailed. Producing contradicting results of the offer and later releasing amendments makes them even more bad! .... Alot of money that could be moving the market is now locked here 
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Rank: Chief Joined: 1/3/2007 Posts: 18,129 Location: Nairobi
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mwekez@ji wrote:guru267 wrote:VituVingiSana wrote:It is about lack of LACK OF DISCLOSURE about the method to be used. If you do not understand that, then I am not sure what to explain to you.
its not illegal not to disclose the allocation method that will be used and every investor who applied for additional shares and read the IM knew that NIC had not disclosed the method and it was totally up to the directors & yet they still tied up their capital & applied for additional shares! Who's fault is it when the board applies its discretion?? @guru, the lack of disclosure in IM is nothing to be hailed. Producing contradicting results of the offer and later releasing amendments makes them even more bad! .... Alot of money that could be moving the market is now locked here Don't bother. It's too much effort to explain 1) Transparency (rules concerning scoring in the game changed after the game has ended) 2) Publishing numbers in the newspapers that were different from what was sent to the NSE/CMA Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 8/17/2010 Posts: 116
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I have applied for 5000 addition share & got 1363 addition share.
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NIC 1:4 rights issue - sh21 per share
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