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AccessKenya takeover offer at 14/=
Rank: Elder Joined: 9/12/2006 Posts: 1,554
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@Mwalimu, Having talked to a few people around discussed the advantage and disadvantages i decided to change my mind to accept the offer and move on......though I will attend the EGM and vote no to delisting, I doubt it will make any change but I have to register my discontent on the vote then accept the offer at the deadline date
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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Somens wont sell their stake i feel that,thats why they dont mind getting rid of us having made millions from the nse in the past. "Don't let the fear of losing be greater than the excitement of winning."
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Rank: User Joined: 11/10/2010 Posts: 550 Location: Junction
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Jamani wrote:@Mwalimu, Having talked to a few people around discussed the advantage and disadvantages i decided to change my mind to accept the offer and move on......though I will attend the EGM and vote no to delisting, I doubt it will make any change but I have to register my discontent on the vote then accept the offer at the deadline date I still see Unilever Tea quoted at the NSE. Does that mean the delisting was only for trading and financial reporting or are shareholders who refused to sell there shares still getting dividends and updates etc? By inference, the man is all that Mr Phantom is not: an untrustworthy radical, divisive, too many enemies, a dictator, and a persistent liar...Gaitho dialogues.
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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As to why its still quoted I wouldn't know, what I know is that shareholders get reports and dividends as and when declared and they are invited to attend to AGMs.
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Rank: Veteran Joined: 2/3/2012 Posts: 1,317
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Hakuna kuuza. Why are Somens remaining in? There is something they know. Me, my colleague and my investment group have decided not to selland will vote against delisting.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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kollabo wrote:Hakuna kuuza. Why are Somens remaining in? There is something they know. Me, my colleague and my investment group have decided not to selland will vote against delisting. Wanataka kukula pekeyao, do your shares have a voice? "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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Do we really have options?if de-listing fails,ak will continue to trade at very good prices,due to optimism.what are the chances of it failing to delist? "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Just read the details and offer closes on the 14th of Aug then meeting will held on the 20th of Aug to vote for delisting or otherwise.
Interesting to note that
1. Offer is closing before the meeting so if majority of shareholders sign up motion will have already been carried without voting.
2. In more details they mention that they can extend the offer date, I believe clause was put in just in case they don't meet the 75%
3. More reading informs that if shareholders are tight on holding on to their shares the offer can/ may be increased so long as they have not acquired their projected numbers.
My thinking, shareholders can only do themselves a favour by not accepting the offer in the interim...... But will it happen ?
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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Iam in a big dilemma here,who is our watchdog if the directors and board have accepted?they can even cheat the thresh hold has been met,you know how ignorant small shareholders are,they will use the names to vote in their favor. "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Jonathan
Somen
37,000,553
1-- 6.97%
David
Somen
15,924,405
---7.30%
Standard
Chartered
Nominees
Non
Res
A/C
9670
13,696,120
--6.28%
Michael
Lewis
Somen
13,125,087
--6.02%
Ismail
Gulamali
9,686,100--
4.44%
AccessKenya
Group
ESOP
6,685,951
--3.07%
SCB
A/C
Pan
African
Unit
Linked
Fd
5,595,169
--2.57%
Standard
Chartered
Nominees
Non
Res
A/C
9351
4,927,230--
2.26%
Rakesh
Prakash
Gadani
3,092,000--
1.42%
Best
Investment
Decisions
Ltd
2,759,910
--1.27%
Somens' hold 30% and they may be able to influence another 20%, to makt it 50%... My hope is that the remaining 50% can hold ...betting that they bought their shares above the offer price.... Hoping the ones in red might also hold back
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Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo
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There is a good number who bought above 21bob upto about 35bob. I hope shareholders will hold on to negotiate for a better price. What will be the impact on the balance sheet on costs already incured while processing this transcation and the $2.5M to be paid to DD if the transcation fails. Thieves
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Rank: Veteran Joined: 2/3/2012 Posts: 1,317
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King G wrote:There is a good number who bought above 21bob upto about 35bob. I hope shareholders will hold on to negotiate for a better price.
What will be the impact on the balance sheet on costs already incured while processing this transcation and the $2.5M to be paid to DD if the transcation fails. Ati what? You mean the Directors even agreed to such a clause? 
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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I understand it differently.... Read the standstill clause for yourself.
a) Dimension Data has entered into a standstill agreement with AccessKenya where it has committed to carry on the business in its ordinary course and not to undertake any actions which may have the impact of negatively affecting the value of the Company for the duration of the Takeover Offer. In addition in the event that a higher competing take-over offer is made to acquire AccessKenya and such offer becomes or is declared unconditional AccessKenya will be obliged to pay Dimension Data a break fee of USD 2,500,000; and
b) No payment or other benefit is proposed to be made or to be given to any director of AccessKenya or of any other company related to it as consideration, or in connection with, their retirement from office by Dimension Data or any company or any person associated or acting in concert with it
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Rank: Chief Joined: 1/3/2007 Posts: 18,121 Location: Nairobi
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The 'break-up' fee is OK. It means AK can entertain offers for 15 or better. The $2.5mn equates to 1/- per share. DD & all the hoops for a takeover are not free. If AK gets 15 (or better) then DD gets 1/- while AK gets a little more net of the break-up fee Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo
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Asanteni kwa interpretation .... Learning point.  Thieves
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Rank: New-farer Joined: 6/10/2013 Posts: 52
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The break up fee agreement is illegal as it is designed to prevent a competing offer to be made. The $2.5M is payable by the company to DD, thus eroding shareholder value. It is also contrary to S. 56 of the Companies Act which prevents a company from providing financial assistance in connection with the purchase of its shares, which is what the break up fee is all about i.e. payment by Access to compensate DD in its quest to purchase Access shares.
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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smitha wrote:The break up fee agreement is illegal as it is designed to prevent a competing offer to be made. The $2.5M is payable by the company to DD, thus eroding shareholder value. It is also contrary to S. 56 of the Companies Act which prevents a company from providing financial assistance in connection with the purchase of its shares, which is what the break up fee is all about i.e. payment by Access to compensate DD in its quest to purchase Access shares.
Hmmm... If true, maybe Jamani should contact his lawyers #Loophole GOD BLESS YOUR LIFE
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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My only question and dilemma is to accept or turn down? "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 6/20/2012 Posts: 3,855 Location: Othumo
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I see the threshold of 75% not being met in this one. We might be locked in for a long time .. tussles Thieves
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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youcan'tstopusnow wrote:smitha wrote:The break up fee agreement is illegal as it is designed to prevent a competing offer to be made. The $2.5M is payable by the company to DD, thus eroding shareholder value. It is also contrary to S. 56 of the Companies Act which prevents a company from providing financial assistance in connection with the purchase of its shares, which is what the break up fee is all about i.e. payment by Access to compensate DD in its quest to purchase Access shares.
Hmmm... If true, maybe Jamani should contact his lawyers #Loophole After all the govt clearance and support do you expect I will get justice in mutungas' court?
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AccessKenya takeover offer at 14/=
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