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NBK First Rights Issue
Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Top two shareholders
1. NSSF - 48.05%
2. GOK - 22.50%
Save for the two, no one has more than 0.5% shareholding in NBK, meaning NSSF + GOK will determine the success of this rights issue
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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AGM meeting on Friday, 7th June 2013 will have the rights issue agenda to discuss and approve
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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mwekez@ji wrote:Top two shareholders
1. NSSF - 48.05%
2. GOK - 22.50%
Save for the two, no one has more than 0.5% shareholding in NBK, meaning NSSF + GOK will determine the success of this rights issue In such cases management has already discussed with major shareholders and the rights issue is already approved! Mark 12:29
Deuteronomy 4:16
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Rank: New-farer Joined: 10/10/2010 Posts: 51 Location: Nairobi
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guru267 wrote:mwekez@ji wrote:Top two shareholders
1. NSSF - 48.05%
2. GOK - 22.50%
Save for the two, no one has more than 0.5% shareholding in NBK, meaning NSSF + GOK will determine the success of this rights issue In such cases management has already discussed with major shareholders and the rights issue is already approved! In agreement with Guru267. its a done deal. The bank is undergoing a transformation and will be one stock to watch in the next few months, Rebranding,Technology change,Strategic branch expansion and New management style...if you can trail it for the next few years it has a potential to multiply your fortunes!
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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vastcapital wrote:guru267 wrote:mwekez@ji wrote:Top two shareholders
1. NSSF - 48.05%
2. GOK - 22.50%
Save for the two, no one has more than 0.5% shareholding in NBK, meaning NSSF + GOK will determine the success of this rights issue In such cases management has already discussed with major shareholders and the rights issue is already approved! In agreement with Guru267. its a done deal. The bank is undergoing a transformation and will be one stock to watch in the next few months, Rebranding,Technology change,Strategic branch expansion and New management style...if you can trail it for the next few years it has a potential to multiply your fortunes! Government has in recent years sat out rights issues in other firms such as CFC, Mumias, KCB, Kenya Power and Housing Finance, allowing the private sector to increase its stake in what is seen as non-strategic firms. What then informs you that government will participate in this NBK issue
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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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with gova controlling 70% in total and no one with past 0.5% I doubt it will be hard to get lapsed rights, plus this isn't exactly a hot stock. I just hope its not a lot of money there are asking for, massive dilution can be off putting The investor's chief problem - and even his worst enemy - is likely to be himself
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Rank: Elder Joined: 10/13/2009 Posts: 1,950 Location: in kenya
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Aguytrying wrote:with gova controlling 70% in total and no one with past 0.5% I doubt it will be hard to get lapsed rights, plus this isn't exactly a hot stock.
I just hope its not a lot of money there are asking for, massive dilution can be off putting When I was in one of their AGMS Marambii was asked about the Govt Preference shares and if the Govt would convert them to ordinary shares....THe Then MD said if the govt was to do that The dilution would make the current Shareholders Cry....in that it would be a massive dilution. Now I dont know how this Right issue will be structured coz the preference shares always complicate this stock.If you factor in the dilution that will come with this right issue together with preference shares,if the govt continue holding them,Then you have got one complicated and risky stock. '......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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@cde - are you still hiding in NBK? $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 1/3/2007 Posts: 18,129 Location: Nairobi
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KPLC - Conversion of pref shares to ordinary shares diluted 'minority' shareholders... And gave GoK 51% with devastating consequences. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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VituVingiSana wrote:KPLC - Conversion of pref shares to ordinary shares diluted 'minority' shareholders... And gave GoK 51% with devastating consequences. Once beaten twice shy...those NBK pref shares are like a poisonous pill.
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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mwekez@ji wrote:vastcapital wrote:guru267 wrote:mwekez@ji wrote:Top two shareholders
1. NSSF - 48.05%
2. GOK - 22.50%
Save for the two, no one has more than 0.5% shareholding in NBK, meaning NSSF + GOK will determine the success of this rights issue In such cases management has already discussed with major shareholders and the rights issue is already approved! In agreement with Guru267. its a done deal. The bank is undergoing a transformation and will be one stock to watch in the next few months, Rebranding,Technology change,Strategic branch expansion and New management style...if you can trail it for the next few years it has a potential to multiply your fortunes! Government has in recent years sat out rights issues in other firms such as CFC, Mumias, KCB, Kenya Power and Housing Finance, allowing the private sector to increase its stake in what is seen as non-strategic firms. What then informs you that government will participate in this NBK issue Its a useless mission to hold a rights issue without the consent of the big shareholders! The rights issues gava sat out of were companies with other large shareholders who were willing to take up GOKs rights... But even then it was pre agreed! No listed company at least in Kenya has held a rights issue without guarantee of success! Either GOK participates or they shelve plans altogether... 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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NSSF not GoK is key. Will CBK exempt NBK from owning more than 25% of NBK? And more than 50% if the Preference Shares are converted to Ordinary Shares? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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VituVingiSana wrote:NSSF not GoK is key. Will CBK exempt NBK from owning more than 25% of NBK? And more than 50% if the Preference Shares are converted to Ordinary Shares? @VVS, reading cbk prudential guidelines that gok & state corporations are exempt from the 25% shareholding rule
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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@cde, any idea on when this counter is releasing Q1 2013 results
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Rights issue agenda + regional expansion agenda are bulleted for discussion on Friday, 7th June 2013 AGM >>> http://www.nationalbank.co.ke/uploads/AGM_NOTICE.pdf
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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NBK shares book
Current authorised ordinary shares - 600,000,000
Proposed authorised ordinary shares - 1,400,000,000
Current Issued and fully paid shares - 280,000,000
Shares free for rights issue - 1,120,000,000
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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mwekez@ji wrote:@cde, any idea on when this counter is releasing Q1 2013 results Not at all.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Cde Monomotapa wrote:mwekez@ji wrote:@cde, any idea on when this counter is releasing Q1 2013 results Not at all. K. ... Waiting
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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DAMN!!! Were it not for bad debt recovery of KES.1,172,834,000, the reported net profit of KES.729,752,000 could have been a net loss of KES.443,082,000 (729,752,000-1,172,834,000) >>> The bad debt recovery was included in other operating income. See the details in page 47 of the 2012 annual report >>> http://www.nationalbank.co.ke/u...ds/Annual_Report_nbk.pdf
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