VituVingiSana wrote:Thieves. I wrote it off years ago. Sold out most at 6/- during that mini-boom. Great decision. Reinvested the cash.
Same with KQ. Exit a losing position when the positive fundamentals are no longer there.
I didn't exit KK but at this point I see good news though I admit I ignored the bad news in 2012. Lesson learnt.
The lesson I learnt from Olympia I have tried to apply to my other investments.
If the Management is untrustworthy/shady, exit ASAP.
If the fundamentals change [& don't seem likely to reverse] then take the loss or lock in the gain. Don't average down. Exit.
Read. Read. Read. Read books. Read articles. Read magazines. Distill this information. It's your money.
@VVS did same as well when I realized that management will sell the company to themselves through numerous shareholder notices that eerily occur after financial year end but before results and released and agm's conducted. After the sale of Dunlop in Kenya, olympia is as good as gone, they only own land and a few old buildings.
Matu and co should do the honorable thing and make two proposals during this agm.
1. Wind down the company and sell the property Olympia sits on. This way shareholders stand to make a decent return on their investments rather than pretending to be running obsolete businesses that management has no clue on how to turn around.
2. The larger shareholder as opposed to playing accounting gimmicks by their kin who is at the helm of the business through insider and related party lending make a decent offer to the rest of the shareholders for the pieces of land the businesses are sitting on which is what the matu announcements are after.
Big lesson learnt management is everything, one DJ CK once told me that but now I coudln't agree more. KQ, Uchumi, OCH one common thread - weaknesses in management, all the rest about environment don't hold much water.