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Access buy out or reap off
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stocksguru
#1 Posted : Friday, August 02, 2013 9:53:57 AM
Rank: Member


Joined: 4/19/2007
Posts: 68
Hi Investors,

As you might have noticed from the portfolio I shared I have quote a bit of Access Kenya shares which had safely been averaged down to below 14/-.

I have been going through the offer documents from Dimension data and was stopped in my tracks on page one where I am required to send them a "certified" copy of my ID.

My concern with this is that for someone who has 100 shares the payout will be 1,400/- yet the certification of the ID will cost 1,000/- meaning that the investor will only get back 400/-.

If I was to sell any shares on the ATS there will be no need for me to send a "certified" copy of my ID so why this requirement. I believe the ATS can be set up to handle an exceptional trade and just have us settle the buy out through that process.

Further more I am made to believe that if the recommendation to de-list is accepted by a majority of the voting shares then even those who vote against it will be forced to sell their shares at the offer price?

I believe this requires that a disclaimer similar to that on cigarettes needs to be included at the bottom of all information relating to listed securities.

Regards
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Jamani
#2 Posted : Friday, August 02, 2013 10:08:15 AM
Rank: Elder


Joined: 9/12/2006
Posts: 1,554
Even without including the ID issues which is a serious concern the KES14 is a reap off. Though sad for me am told they might have already achieved the 75% by jana
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stocksguru
#3 Posted : Friday, August 02, 2013 10:55:25 AM
Rank: Member


Joined: 4/19/2007
Posts: 68
They only needed 13% of the floating shares to meet the target as the non-trading shares make up 62%.

Is it not time we change the definition of a public listed company? 50%+1


Jamani wrote:
Even without including the ID issues which is a serious concern the KES14 is a reap off. Though sad for me am told they might have already achieved the 75% by jana
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stocksguru
#4 Posted : Friday, August 02, 2013 11:16:37 AM
Rank: Member


Joined: 4/19/2007
Posts: 68
With 3 members of the Somen family holding 30.28% in their respective names and likely another 30% in nominee accounts the offer is just window dressing.

This entire exercise is a waste of investor funds as DD factored this in when arriving at the price of 14/-.

I did not need to receive a 100 page document (cost 200/- each total 5.65 m) to explain to me how I will be loosing my money by making the mistake of investing in a "local" company.

"AccessKenya shareholders are encouraged to consult their tax, legal and/or financial advisers regarding the consequences of accepting the offer"

With 1,000 shares what is the possibility or logic behind this statement, if you actually acted on it you will get back zero from the transaction.

We must be laughing stock of the region with our claims that we are a technology savvy nation.

If this was Safaricom the money would be in my phone by now, no wonder they beat early entrants like accesskenya in the data field.
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stocksguru
#5 Posted : Friday, August 02, 2013 11:28:24 AM
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Joined: 4/19/2007
Posts: 68
Tyranny of Numbers
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mlennyma
#6 Posted : Friday, August 02, 2013 12:34:28 PM
Rank: Elder


Joined: 7/21/2010
Posts: 6,183
Location: nairobi
I said you cant win the war against,a willing gvt,willing directors,willing board,willing staff and willing cma
"Don't let the fear of losing be greater than the excitement of winning."
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guru267
#7 Posted : Friday, August 02, 2013 5:05:25 PM
Rank: Elder


Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
just remain a shareholder of the delisted entity!
Mark 12:29
Deuteronomy 4:16
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jacmuchiri
#8 Posted : Saturday, August 03, 2013 3:53:11 AM
Rank: New-farer


Joined: 9/11/2012
Posts: 12
Location: Bermuda
hmmmm....and what happens to those of us in the diaspora who have not even seen a single communication in regard to this?
...When they count the men who built Kenya, will you be in the list? I choose to go long term....
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guru267
#9 Posted : Saturday, August 03, 2013 8:37:07 AM
Rank: Elder


Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
jacmuchiri wrote:
hmmmm....and what happens to those of us in the diaspora who have not even seen a single communication in regard to this?


Follow the Spirit adopted in your motherland Kenya...

ACCEPT AND MOVE ON! smile
Mark 12:29
Deuteronomy 4:16
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jacmuchiri
#10 Posted : Saturday, August 03, 2013 1:29:37 PM
Rank: New-farer


Joined: 9/11/2012
Posts: 12
Location: Bermuda
@Guru267 i hear you...and what about the impact of Section 210 of the Companies Act on compulsory acquisition in case over 90% of the shareholders agree to the buyout? Am tempted to remain a shareholder in the delisted entity ::)
...When they count the men who built Kenya, will you be in the list? I choose to go long term....
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tom_boy
#11 Posted : Sunday, August 03, 2014 6:15:25 PM
Rank: Member


Joined: 2/20/2007
Posts: 767
How many remained in this boat? What happens next? Is it now delisted and what happens to the minorities who hung in there6?
They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
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