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Timing of profit warnings
Rank: Member Joined: 2/24/2015 Posts: 154 Location: Nairobi
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Am I alone in being annoyed that profit warnings are coming out at the same time, or virtually the same time, as results in many cases?
Here's the rule:
THE CAPITAL MARKETS (SECURITIES) (PUBLIC OFFERS, LISTING AND DISCLOSURES)
REGULATIONS, 2002
G.05
(1) An issuer shall disclose all material information and make a public announcement of:
(f) any profit warning, where there is a material discrepancy between the projected earnings for the current financial year and the level of earnings in
the previous financial year.
(2) For the purposes of subparagraph (1)(f), the expression “material discrepancy” in relation to projected earnings fora financial year means that such earnings are at least 25% lower than the level of earnings in the previous financial year.
(3) Unless otherwise stated, all public announcements which an issuer is required to make under these Regulations shall be made within twenty four hours of the happening of the event.
Does anyone know how this is actually enforced?
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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researchfirst wrote:Am I alone in being annoyed that profit warnings are coming out at the same time, or virtually the same time, as results in many cases?
Here's the rule:
THE CAPITAL MARKETS (SECURITIES) (PUBLIC OFFERS, LISTING AND DISCLOSURES)
REGULATIONS, 2002
G.05
(1) An issuer shall disclose all material information and make a public announcement of:
(f) any profit warning, where there is a material discrepancy between the projected earnings for the current financial year and the level of earnings in
the previous financial year.
(2) For the purposes of subparagraph (1)(f), the expression “material discrepancy” in relation to projected earnings fora financial year means that such earnings are at least 25% lower than the level of earnings in the previous financial year.
(3) Unless otherwise stated, all public announcements which an issuer is required to make under these Regulations shall be made within twenty four hours of the happening of the event.
Does anyone know how this is actually enforced?
The fine is usually so minimal, that there is no need to waste fuel taking the letter to CMA/NSE and paying for a newspaper advert for the same. At one time, Centum never bothered warning anyone, they got fined 50K. A director paid the fine using his/her allowance. Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Member Joined: 2/24/2015 Posts: 154 Location: Nairobi
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dunkang wrote:researchfirst wrote:Am I alone in being annoyed that profit warnings are coming out at the same time, or virtually the same time, as results in many cases?
Here's the rule:
THE CAPITAL MARKETS (SECURITIES) (PUBLIC OFFERS, LISTING AND DISCLOSURES)
REGULATIONS, 2002
G.05
(1) An issuer shall disclose all material information and make a public announcement of:
(f) any profit warning, where there is a material discrepancy between the projected earnings for the current financial year and the level of earnings in
the previous financial year.
(2) For the purposes of subparagraph (1)(f), the expression “material discrepancy” in relation to projected earnings fora financial year means that such earnings are at least 25% lower than the level of earnings in the previous financial year.
(3) Unless otherwise stated, all public announcements which an issuer is required to make under these Regulations shall be made within twenty four hours of the happening of the event.
Does anyone know how this is actually enforced?
The fine is usually so minimal, that there is no need to waste fuel taking the letter to CMA/NSE and paying for a newspaper advert for the same. At one time, Centum never bothered warning anyone, they got fined 50K. A director paid the fine using his/her allowance. Sad that it is so.
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Rank: User Joined: 1/20/2014 Posts: 3,528
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Remembers those who made the laws, enforcers and culprits are one and the same people  Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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CMA is just a joke when it comes to enforcing its own laws especially this issue of profit warnings. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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dunkang wrote:researchfirst wrote:Am I alone in being annoyed that profit warnings are coming out at the same time, or virtually the same time, as results in many cases?
Here's the rule:
THE CAPITAL MARKETS (SECURITIES) (PUBLIC OFFERS, LISTING AND DISCLOSURES)
REGULATIONS, 2002
G.05
(1) An issuer shall disclose all material information and make a public announcement of:
(f) any profit warning, where there is a material discrepancy between the projected earnings for the current financial year and the level of earnings in
the previous financial year.
(2) For the purposes of subparagraph (1)(f), the expression “material discrepancy” in relation to projected earnings fora financial year means that such earnings are at least 25% lower than the level of earnings in the previous financial year.
(3) Unless otherwise stated, all public announcements which an issuer is required to make under these Regulations shall be made within twenty four hours of the happening of the event.
Does anyone know how this is actually enforced?
The fine is usually so minimal, that there is no need to waste fuel taking the letter to CMA/NSE and paying for a newspaper advert for the same. At one time, Centum never bothered warning anyone, they got fined 50K. A director paid the fine using his/her allowance. And it went on to win an award of the most transparent company in financial reporting
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Standard Chartered Bank Kenya has issued a profit warning for the full year ending December after posting a disappointing performance in the nine months ended September.StanChart’s gross non-performing loans (NPLs) rose to Sh10.7 billion at the end of September compared to the low of Sh8.3 billion in June. The stock of bad debts had peaked at Sh13.3 billion in September 2014. StanChart’s non-interest income fell 17.5 per cent to Sh5.3 billion, a move it attributed to slow business at its custody business when foreign investors reduced their trading activity at the Nairobi bourse out of fear of the now-shelved capital gains tax. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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180/- is not far. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Member Joined: 3/20/2008 Posts: 503
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researchfirst wrote:Am I alone in being annoyed that profit warnings are coming out at the same time, or virtually the same time, as results in many cases?
Here's the rule:
THE CAPITAL MARKETS (SECURITIES) (PUBLIC OFFERS, LISTING AND DISCLOSURES)
REGULATIONS, 2002
G.05
(1) An issuer shall disclose all material information and make a public announcement of:
(f) any profit warning, where there is a material discrepancy between the projected earnings for the current financial year and the level of earnings in
the previous financial year.
(2) For the purposes of subparagraph (1)(f), the expression “material discrepancy” in relation to projected earnings fora financial year means that such earnings are at least 25% lower than the level of earnings in the previous financial year.
(3) Unless otherwise stated, all public announcements which an issuer is required to make under these Regulations shall be made within twenty four hours of the happening of the event.
Does anyone know how this is actually enforced?
Please read the rule carefully. Profit warnings are for financial years and not for interim periods. Stanchart's financial year is obviously December; So what they've done is actually excellent reporting and it exactly what the rules require/mean. Why r u annoyed?????
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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xxxxx wrote:researchfirst wrote:Am I alone in being annoyed that profit warnings are coming out at the same time, or virtually the same time, as results in many cases?
Here's the rule:
THE CAPITAL MARKETS (SECURITIES) (PUBLIC OFFERS, LISTING AND DISCLOSURES)
REGULATIONS, 2002
G.05
(1) An issuer shall disclose all material information and make a public announcement of:
(f) any profit warning, where there is a material discrepancy between the projected earnings for the current financial year and the level of earnings in
the previous financial year.
(2) For the purposes of subparagraph (1)(f), the expression “material discrepancy” in relation to projected earnings fora financial year means that such earnings are at least 25% lower than the level of earnings in the previous financial year.
(3) Unless otherwise stated, all public announcements which an issuer is required to make under these Regulations shall be made within twenty four hours of the happening of the event.
Does anyone know how this is actually enforced?
Please read the rule carefully. Profit warnings are for financial years and not for interim periods. Stanchart's financial year is obviously December; So what they've done is actually excellent reporting and it exactly what the rules require/mean. Why r u annoyed????? Your name betrays you @XXXX . Did you care to confirm the date the comment you replied to was posted? By then it was in order. No one has lamented on SCBK warning timely. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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Boris Boyka wrote:xxxxx wrote:researchfirst wrote:Am I alone in being annoyed that profit warnings are coming out at the same time, or virtually the same time, as results in many cases?
Here's the rule:
THE CAPITAL MARKETS (SECURITIES) (PUBLIC OFFERS, LISTING AND DISCLOSURES)
REGULATIONS, 2002
G.05
(1) An issuer shall disclose all material information and make a public announcement of:
(f) any profit warning, where there is a material discrepancy between the projected earnings for the current financial year and the level of earnings in
the previous financial year.
(2) For the purposes of subparagraph (1)(f), the expression “material discrepancy” in relation to projected earnings fora financial year means that such earnings are at least 25% lower than the level of earnings in the previous financial year.
(3) Unless otherwise stated, all public announcements which an issuer is required to make under these Regulations shall be made within twenty four hours of the happening of the event.
Does anyone know how this is actually enforced?
Please read the rule carefully. Profit warnings are for financial years and not for interim periods. Stanchart's financial year is obviously December; So what they've done is actually excellent reporting and it exactly what the rules require/mean. Why r u annoyed????? Your name betrays you @XXXX . Did you care to confirm the date the comment you replied to was posted? By then it was in order. No one has lamented on SCBK warning timely. This is the beauty of wazua. All organizations are well represented
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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Did I see CFC down 34% ?.
What is happening to the banks ?.
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Rank: Elder Joined: 3/2/2009 Posts: 26,328 Location: Masada
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streetwise wrote:Did I see CFC down 34% ?.
What is happening to the banks ?. Mid tier banks are feeling the liquidity crunch...thanks to Imperial Bank. Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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