CAN'T SELL, WON'T SELL
mine are worth Ksh.100 EACH

Retained earnings as at 31st March was at 1.57 billion shillings,which is about 25 shillings per share.
Land at Vipingo...10 500 acres,@ 10 million shillings per acre translates to kSh 1750 per share.
Land at Kibwezi...4,280 acres....what is the value of land around Kibwezi.?.....the land in Kenya converted to 99 year leases from Aug 2010.
Land in Tanzania....36,600 acres.
The company has very little debt,about 80 million shillings is the borrowing by half year 2013.
I do not believe the 5,641 local individual shareholders who own 31.29% of the company shares (Sep 2012) should accept a 40 bob deal.
The number of shares not held by Rea holdings,Rea Trading Ltd and H.R Cuthbert is 23 426 154 for which they want to pay 937 million shillings after which they will be left with all the above land,retained earnings and all other potential the land may hold.

CENTUM makes a COMPETING counter offer of 50bob for all the shares it does not hold including the shares held by Robinow brothers.

As at today Centum hold 296,500 shares of RVP aka Robin Van Persie pardon me Rea Vipingo.

Hii itakuwa kama BOC/Carbacid only that the shareholder will be the ultimate beneficiary.

Its the land.........I don't think Centum are interested in farming sisal. The over 10000 acres at Rea Vipingo even at a conservative Ksh 1M per acre values the share at about Ksh 200. Factor in Kibwezi and TZ acreage plus the retained earnings minus debts and you realise even Ksh 400 (10 times the initial offer price) would be a steal. The valuation of this company as far as a takeover is concerned should not be based on the 6 months share price average plus some token but on the value of the balance sheet and in particular the land at play.

Am happy Centum is putting in a fight for the locals whose assets are almost going for a song.

Happy hunting.

LOL If the bizarre bid from Centum is all about land then Kenyans are obsessed with land...btwn who is going to back Centum's bid? Centum is just a spoiler and just prolongs the process...

Whatever the motive, it's clear Centum will likely succeed in either keeping status quo with a price of 50/= for everyone, or simply raising the offer price to 55/= then a bidding war https://www.nse.co.ke/li...r-nse-press-notice-2013

Spoiler alert
3.1 Issued share capital of RVP comprises 60 million ordinary shares. Centum owns 296,000 ordinary shares

4.1 Subject to whether Centum receives acceptances (waiver at their discretion) aggregated to 25% of issued shares RVP.

5.1 Centum wants RVP to continue to remain listed on the NSE.

Indeed, they've succeeded to raise their share price 10% thus far, and perhaps up to 25% by the time this blows over.

Considering they could have easily bought over 2m shares of REA before the takeover offer by simply bidding at 30/= in the open market, will wait to see how smart buying 15m at 50/= pans out in terms of strategy.

Sasini would have been a better takeover candidate for centum than REA. It has prime properties in some good areas plus it has a market value close to the 3 billion on offer.

I always wonder about centum what is their area of core competence or do they just like acquisitions

Now see the share price. Some pple will forget to alight at their destination!

I am going to add more of Centum, cross my fingers and hope they succeed in their bid.

Vipingo Ridge bought some sisal estate at KShs 30k per acre 7 years ago but are selling at KShs 14m per acre after building the golf course.