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kengen announcement :rights issue resolution
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mthaka
#1 Posted : Wednesday, November 11, 2015 9:03:22 AM
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Joined: 9/30/2013
Posts: 254
In today's Standard pg 18,we are on with this ,we discuss it during our AGM on 16th Dec 2015
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Sam_Kibs
#2 Posted : Wednesday, November 11, 2015 12:26:19 PM
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seems like it will be rights issue of 2 for every 1 held?
“It’s no good, it’s no good!” says the buyer—
then goes off and boasts about the purchase-Proverbs 20:14
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Ericsson
#3 Posted : Wednesday, November 11, 2015 12:33:42 PM
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Someone put the caption of the rights issue in the forum
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Pesa Nane
#4 Posted : Wednesday, November 11, 2015 2:17:00 PM
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Joined: 5/25/2012
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Ericsson wrote:
Someone put the caption of the rights issue in the forum


Pesa Nane plans to be shilingi when he grows up.
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instinct
#5 Posted : Wednesday, November 11, 2015 10:16:47 PM
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Meaning what? We should revalue this stock at 2bob? 7billion new shares!! Thats almost 4 times the number of existing shares. Jeez!!!
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enyands
#6 Posted : Wednesday, November 11, 2015 10:27:59 PM
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Joined: 12/25/2014
Posts: 2,300
Location: kenya
instinct wrote:
Meaning what? We should revalue this stock at 2bob? 7billion new shares!! Thats almost 4 times the number of existing shares. Jeez!!!



That's a good deal man. Your shares will go 4 times . If you had 20,000 then it becomes 80,000. Who doesn't want that. Well with 2 shillings i can mass alot
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Angelica _ann
#7 Posted : Wednesday, November 11, 2015 10:31:49 PM
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Joined: 12/7/2012
Posts: 11,908
enyands wrote:
instinct wrote:
Meaning what? We should revalue this stock at 2bob? 7billion new shares!! Thats almost 4 times the number of existing shares. Jeez!!!



That's a good deal man. Your shares will go 4 times . If you had 20,000 then it becomes 80,000. Who doesn't want that. Well with 2 shillings i can mass alot

Boss this is not a split or bonus. You will have to buy/purchase the extra shares!!!
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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enyands
#8 Posted : Wednesday, November 11, 2015 10:34:18 PM
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Location: kenya
Angelica _ann wrote:
enyands wrote:
instinct wrote:
Meaning what? We should revalue this stock at 2bob? 7billion new shares!! Thats almost 4 times the number of existing shares. Jeez!!!



That's a good deal man. Your shares will go 4 times . If you had 20,000 then it becomes 80,000. Who doesn't want that. Well with 2 shillings i can mass alot

Boss this is not a split or bonus. You will have to buy/purchase the extra shares!!!



I know. Was trying to put the brother's spirit up.
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instinct
#9 Posted : Wednesday, November 11, 2015 10:42:09 PM
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Posts: 294
enyands wrote:
Angelica _ann wrote:
enyands wrote:
instinct wrote:
Meaning what? We should revalue this stock at 2bob? 7billion new shares!! Thats almost 4 times the number of existing shares. Jeez!!!



That's a good deal man. Your shares will go 4 times . If you had 20,000 then it becomes 80,000. Who doesn't want that. Well with 2 shillings i can mass alot

Boss this is not a split or bonus. You will have to buy/purchase the extra shares!!!



I know. Was trying to put the brother's spirit up.


Its terrible.. If what happened to HF is anything to go by then we're looking at 3bob by December..
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Spikes
#10 Posted : Thursday, November 12, 2015 6:59:52 AM
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I pity those guys who swerved in impulsively after the announcement of record high profit. Some were screwed exorbitantly 11bob per share and watched as tears rolled down their eyes as the price went down every second till today. If since then they have not exited bruised with more massive losses than the mantra to jump in naively are just waiting for a disaster. Poleni wasee!!!
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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grahamsdisciple
#11 Posted : Thursday, November 12, 2015 11:33:13 AM
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Joined: 10/19/2015
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instinct wrote:
enyands wrote:
Angelica _ann wrote:
enyands wrote:
instinct wrote:
Meaning what? We should revalue this stock at 2bob? 7billion new shares!! Thats almost 4 times the number of existing shares. Jeez!!!



That's a good deal man. Your shares will go 4 times . If you had 20,000 then it becomes 80,000. Who doesn't want that. Well with 2 shillings i can mass alot

Boss this is not a split or bonus. You will have to buy/purchase the extra shares!!!



I know. Was trying to put the brother's spirit up.


Its terrible.. If what happened to HF is anything to go by then we're looking at 3bob by December..




I think KenGen is a good long-term stock. Their financing costs are very low and they have managed their debt prudently. Most of it is basically on concessional terms. Secondly, they are the only guys I know of in Kenya who have consistently executed their projects including geothermal. GDC have been singing about geothermal so has everyone else but KenGen have executed. Thirdly, the equity raising will be like a quarter of all the funds they raise and the economics of most of their projects show that they cover their interest payments significantly. The demand for power is there and they will raise their earnings in the long-term. In 2-3 years they should be able to triple their PBT and cover the pending dilution. I'll wait for it to continue falling and accumulate enough to take part in the rights issue.
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Aguytrying
#12 Posted : Thursday, November 12, 2015 2:41:03 PM
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Joined: 7/11/2010
Posts: 5,040
Why conduct a Rights Issue during a bear run? When there's little liquidity in the markets? Who advises these guys, or do they know something we don't?

Anyone wanting the rights shares be patient you will get them for at least half the rights price whatever it is.
The investor's chief problem - and even his worst enemy - is likely to be himself
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hisah
#13 Posted : Thursday, November 12, 2015 3:24:41 PM
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Joined: 8/4/2010
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@sparkly, that price upthrust during the 'very nice' FY announcement is going to leave a very bad taste I warned. Remember our discussion. Let's compare notes next October. This super dilutive rights issues will crater this counter badly. Sell while you can then buy post rights, which will be far cheaper anyway. This is KQ 2012 again.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Aguytrying
#14 Posted : Thursday, November 12, 2015 3:25:42 PM
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instinct wrote:
Meaning what? We should revalue this stock at 2bob? 7billion new shares!! Thats almost 4 times the number of existing shares. Jeez!!!


This is more like an IPO than a Rights Issue. Even in the IPO they did not raise that much.
What guarantee do investors have that the share price will be higher in the next 7 yrs now that the current price is 40% below what it was during the IPO
The investor's chief problem - and even his worst enemy - is likely to be himself
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mlennyma
#15 Posted : Thursday, November 12, 2015 3:36:24 PM
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Aguytrying wrote:
instinct wrote:
Meaning what? We should revalue this stock at 2bob? 7billion new shares!! Thats almost 4 times the number of existing shares. Jeez!!!


This is more like an IPO than a Rights Issue. Even in the IPO they did not raise that much.
What guarantee do investors have that the share price will be higher in the next 7 yrs now that the current price is 40% below what it was during the IPO

and the government still holds huge percentage of shareholding which can further dilute it incase price appreciates
"Don't let the fear of losing be greater than the excitement of winning."
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kawi254
#16 Posted : Thursday, November 12, 2015 5:03:47 PM
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The 30% private shareholders will not all be able to take up all their rights, Goverment will end up with ~80% or KenGen can take advantage of new Companies Act and buy back the shares that will not be taken up. The real reason KenGen is doing a rights is to get more borrowing headroom to maintain Debt:Equity ration of 70:30
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Ericsson
#17 Posted : Thursday, November 12, 2015 5:45:31 PM
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@kawi-254;
wewe ndio huna pesa you will be shocked by the subscription rate.
Government stake will still remain at 70%
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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kawi254
#18 Posted : Thursday, November 12, 2015 5:49:02 PM
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Ericsson wrote:
@kawi-254;
wewe ndio huna pesa you will be shocked by the subscription rate.
Government stake will still remain at 70%



Hehehe...just saying. Would be nice though if KenGen could buy back it's own shares.
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Othelo
#19 Posted : Thursday, November 12, 2015 5:55:08 PM
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Joined: 1/20/2014
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@Ericsson you have been very positive about this rights ~ 3 years down the line. What do you know?
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Ericsson
#20 Posted : Thursday, November 12, 2015 5:55:43 PM
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No need money to defend rights has already been put aside and if there are surplus shares they will be scooped.
GOK remains with 70% and private investors 30%.
You are also forgetting NSSF is the second largest investor in KENGEN after GOK
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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