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NIC Bank - Another profitable Rights coming up!
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KIRTI
#21 Posted : Friday, August 08, 2014 9:13:18 AM
Rank: Member

Joined: 8/17/2010
Posts: 116
NIC GROUP SHARE CAPITAL
Share capital as on 31.03.2014 was 2,714,921,000
Share Capital as on 30.06.2014 are 3,257,905,000
Share Capital went up by 20%.
It should go up by 10% as Bonus Share issued only 10%.
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KIRTI
#22 Posted : Friday, August 08, 2014 9:20:26 AM
Rank: Member

Joined: 8/17/2010
Posts: 116
RECD RESPONSE FROM NIC
I trust you are keeping well.
Sir, kindly accept our sincere apologies for the delayed response.

The 20% increase in share capital appears to be an error in the reallocation of share premium to paid up share capital for the bonus issue. There was a double counting of the KES 271,492,000 ( 54,298,414 bonus shares * KES 5 par) in the process. Share premium therefore reduced by twice that amount to KES 665,084,000 instead of KES 936,576,000. On a net basis therefore, shareholders equity is as it should be. We hope the slight error will be corrected in future financial statements.
Thank you.
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VituVingiSana
#23 Posted : Friday, August 08, 2014 12:35:33 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,354
Location: Nairobi
KIRTI wrote:
RECD RESPONSE FROM NIC
I trust you are keeping well.
Sir, kindly accept our sincere apologies for the delayed response.

The 20% increase in share capital appears to be an error in the reallocation of share premium to paid up share capital for the bonus issue. There was a double counting of the KES 271,492,000 ( 54,298,414 bonus shares * KES 5 par) in the process. Share premium therefore reduced by twice that amount to KES 665,084,000 instead of KES 936,576,000. On a net basis therefore, shareholders equity is as it should be. We hope the slight error will be corrected in future financial statements.
Thank you.
These 'errors' by NIC are interesting. They had issued 2 releases after the last Rights Issue. Different numbers. The second 'corrected' release had issued Ndegwas more shares!
When is 'hope' a criteria? One should not "hope" to correct an error. Make the correction!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Othelo
#24 Posted : Thursday, August 14, 2014 1:04:24 PM
Rank: User

Joined: 1/20/2014
Posts: 3,528
smile smile Drool Drool Drool Hoping for correct exit timing
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Aguytrying
#25 Posted : Thursday, August 14, 2014 6:14:09 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
Othelo wrote:
smile smile Drool Drool Drool Hoping for correct exit timing


me too. 75?
The investor's chief problem - and even his worst enemy - is likely to be himself
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Aguytrying
#26 Posted : Thursday, August 14, 2014 6:18:24 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
Aguytrying wrote:
@sparkly. the price is unlikely to even go down! see how DTK rallied to 280. I'm for seeing a similar pattern here. may rally to 75 cum rights. then rights will be in short supply. and Will go for a premium.

Time to buy is now at 60.00. cum rights sell half at a profit. take up rights sell the other half towards dec at a higher price than 60.00

this is assuming not very dilutive rights like DTK


one month later 10% up, you're welcome followers
The investor's chief problem - and even his worst enemy - is likely to be himself
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Othelo
#27 Posted : Thursday, August 14, 2014 7:10:22 PM
Rank: User

Joined: 1/20/2014
Posts: 3,528
Aguytrying wrote:
Othelo wrote:
smile smile Drool Drool Drool Hoping for correct exit timing


me too. 75?

I have had this counter for some time now. However when you posted where you computed a likely of RP being 45 bob and knowing Kenyans i bought some speculative chunk at 60.25 bob (inclusive of comm). I am targeting to exit at 75 next week at a net of 20%! Either way i am not losing in this one!

My non speculative portfolio still intact build over time from the days of 160+ bob!smile
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Aguytrying
#28 Posted : Thursday, August 14, 2014 9:49:44 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
Aguytrying wrote:
After an afternoon brainstorming session I came up with the following predictions.

rights issue of 1 share for every 6 held.

rights price of 45.00 a 25% discount from average price of last 6 months of 60.00. (indeed even 1year!)

88-91 million shares to be issued. to raise 4.02bn kshs.

let's wait for 30th july to see where my elderly(ness) has reached.


the bond changed this prediction, now they want to raise 2.01. they could go for 1:10 and a Rights price of about 45 -+.
there's a time it dipped to 55 about 2 -4 weeks ago. what a steal that was
The investor's chief problem - and even his worst enemy - is likely to be himself
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theking
#29 Posted : Tuesday, August 19, 2014 10:22:19 AM
Rank: Member

Joined: 1/25/2010
Posts: 344
so much renewed interest in this counter. rights? bond? who can give us the FI buys n sell ratios for the past 2 weeks or so?
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Aguytrying
#30 Posted : Friday, August 22, 2014 10:16:14 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
Aguytrying wrote:
@sparkly. the price is unlikely to even go down! see how DTK rallied to 280. I'm for seeing a similar pattern here. may rally to 75 cum rights. then rights will be in short supply. and Will go for a premium.

Time to buy is now at 60.00. cum rights sell half at a profit. take up rights sell the other half towards dec at a higher price than 60.00

this is assuming not very dilutive rights like DTK


this was on 7th July 2014. I exited today at 75.00. a cool 20%. and I see this one going to the 80's. will await for another profitable rights issue/or listing. this one felt good
The investor's chief problem - and even his worst enemy - is likely to be himself
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