Quote:Top shareholders of the NSE-listed investment company Olympia Capital have transferred significant blocks of stocks, signalling ownership changes at the top bracket of the firm.
The latest regulatory filings show that Michael Matu, a former CEO of the company and current deputy chairman, has transferred 449,600 shares, cutting his stake to 1.71 per cent as at end of June from 2.86 per cent that he held in the same month last year.
The company did not declare a dividend despite of the profit growth, making it the second consecutive dividend drought after its last payout in the year ended February 2012. Its ‘other income’ rose nearly eight-fold to Sh88 million, but it is unclear whether it was boosted by asset sales.
Sales from its core business dropped 39.3 per cent to Sh500.5 million on what the company attributed to market share losses, reduced demand for building materials and delay of several construction projects. Olympia’s share has gained 33 per cent in the past one year to the current Sh4.9 per unit.
Quoted from BD article 31-08-2014.
Now the facts.
1. The boardroom has been volatile this year. As @vvs puts it, someone has done a Putin... I don't need to mention that someone.
2. A small profit was declared on the back of a deferred tax liability.
This is a monkey whether shaved or dressed up or wearing lipstick.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!