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SMEP SHARE SALE
Rank: Member Joined: 9/22/2006 Posts: 24
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Whats the thinking on the sale of SMEP shares?
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Rank: Veteran Joined: 3/27/2009 Posts: 1,437
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There was a Share sale advert on the same in yesterdays papers. Is this not the sort of thing that put Muramati (Unaitas) into trouble with the CMA?
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Rank: Elder Joined: 7/21/2010 Posts: 6,184 Location: nairobi
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How do u start selling such a new thing ?i saw it the other day. "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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If you could have continued reading, you could have noted that shares are to be sold to specific churches pastors and tithers only. Quote: ……..SMEP Deposit
Taking Microfinance Limited (SMEP DTM) has today
launched a share offer seeking to raise Sh1.6 billion to
fund expansion.
In the sale, which was approved by the Capital Markets
Authority on 11 October 2012, the
company will offer 145,454,546 new ordinary shares of
par value Sh5.00 each at a price of Sh11.00
per new share for a total of Sh1.6 billion. The shares
shall not be listed immediately.
The eligible investors in the offer which closes on
November 30th, 2012 will include SMEP DTM
customers, employees of SMEP DTM and NCCK and the
member churches of NCCK and the
members of those churches.
“The shares if fully subscribed shall comprise 68.143%
shareholding of SMEP DTM,” said SMEP
DTM Chairman Gabriel Kivuti. www.smep.co.ke/news/95-s...billion-share-sale-.html Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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mlennyma wrote:How do u start selling such a new thing ?i saw it the other day. poa sana! The opposite of courage is not cowardice, it's conformity.
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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Mbithi wrote:Whats the thinking on the sale of SMEP shares? Thinking or opinion? The opposite of courage is not cowardice, it's conformity.
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Rank: Elder Joined: 7/21/2010 Posts: 6,184 Location: nairobi
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Apart from the tumaini hse nairobi ka hall where else are they?..begginers can only be judged through wishful thinking. "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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dunkang wrote:If you could have continued reading, you could have noted that shares are to be sold to specific churches pastors and tithers only. Quote: ……..SMEP Deposit
Taking Microfinance Limited (SMEP DTM) has today
launched a share offer seeking to raise Sh1.6 billion to
fund expansion.
In the sale, which was approved by the Capital Markets
Authority on 11 October 2012, the
company will offer 145,454,546 new ordinary shares of
par value Sh5.00 each at a price of Sh11.00
per new share for a total of Sh1.6 billion. The shares
shall not be listed immediately.
The eligible investors in the offer which closes on
November 30th, 2012 will include SMEP DTM
customers, employees of SMEP DTM and NCCK and the
member churches of NCCK and the
members of those churches.
“The shares if fully subscribed shall comprise 68.143%
shareholding of SMEP DTM,” said SMEP
DTM Chairman Gabriel Kivuti. www.smep.co.ke/news/95-s...billion-share-sale-.html ...we venye nakujua huwezi pata(tither) possunt quia posse videntur
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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P/E = 90 P/B = 1.1 BITTER-SWEET deal!! Mark 12:29
Deuteronomy 4:16
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Rank: Elder Joined: 7/21/2010 Posts: 6,184 Location: nairobi
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This thing is open to the public according to media advertisements but their 11bob per share price is a shock. "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Member Joined: 8/5/2009 Posts: 597
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What always informs the offer prise from a given par value? Moreso what informs the par value of private members only holdings like SMEP and UNITAS? The problem with the world is that the intelligent people are full of doubts while the stupid ones are full of confidence
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Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo
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Good long term investment. Not realy open to the public, if you read the IM. More so like the family bank thing, you have to be this or that. Open this and that account. I hate those conditions. Thieves
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Reading through the Information Memorandum, I get the picture that NCCK is fleecing people by offering SMEP shares at KES 11. Am neither seen the sweet spot @guru is talking about nor features to stamp a long term buy rating like @King G
Trailing Numbers
EPS; KES 0.38
P/E; 28.95x
NBV; KES 5.71
P/B; 1.92x
Dividend; KES 0.0735
Dividend Yield; 0.67%
Insignificant earnings growth in the past years
I would stamp AVOID rating on such an offer. @guru @King G, over to you
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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mwekez@ji wrote:
NBV; KES 5.71
P/B; 1.92x
 After the share sale shareholder funds will be 1.98Billion or 9.33 per share! 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:mwekez@ji wrote:
Trailing Numbers
NBV; KES 5.71
P/B; 1.92x
After the share sale shareholder funds will be 1.98Billion or 9.33 per share! I have clearly stated those are trailing numbers. Investors are buying a company with a NBV of KES 5.71. It’s in black and white in Page 18 of the Information memorandum! At the purchase price of KES 11, one is paying a huge ‘goodwill’ on a company that doesn’t deserve it! That is also the reason post-offer the NBV is going up to KES 8.79 (1,876,862,000/ 213,454,546) (check proforma impact on page 64)
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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This offer! SMEP currently has capital resource of KES 398 M and it’s looking to raise KES 1.6 B from this offer! That’s four fold!
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