#Noted. The disposal of the 34% stake in Rift Valley Railways RVR) realizing KES 3.8bn in cash. TCL has issued a profit warning for 2014 when the full write-down of the fair value loss will be done (2012 fair value for RVR was KES 3.85bn, which will likely have been raised further in 2013). From our estimates, we see a strong likelihood that TCL will post a loss in 2014. We see the funds raised as likely to focus on short payback projects ahead of a 2016 repayment of a KES 5.1bn convertible bond (with the current share price, bondholders are unlikely to convert). (sib)

Seems like Transcentury is gaining grounds again!!

anybody with demand vs supply data on tranny today?

Don't just quote IAS/IFRS willy nilly without applying them to the situation. The sale of the RVR stake is a non-adjusting post balance sheet event. IAS 10 requires that such events SHOULD BE DISCLOSED but should not adjust the accounts for that year.

"Non-adjusting events should be disclosed if they are of such importance that non-disclosure would affect the ability of users to make proper evaluations and decisions. The required disclosure is (a) the nature of the event and (b) an estimate of its financial effect or a statement that a reasonable estimate of the effect cannot be made. [IAS 10.21]"