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Tale of Transcentury CEO exit, Sh8b Debt
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Fyatu
#141 Posted : Monday, March 21, 2016 4:03:19 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
Habari ndiyo hiyo LINK
Dumb money becomes dumb only when it listens to smart money
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mlennyma
#142 Posted : Monday, March 21, 2016 4:08:38 PM
Rank: Elder


Joined: 7/21/2010
Posts: 6,183
Location: nairobi
Fyatu wrote:
Habari ndiyo hiyo LINK

the normal shareholder must prepare for drought and starvation
"Don't let the fear of losing be greater than the excitement of winning."
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kiash
#143 Posted : Monday, March 21, 2016 6:30:45 PM
Rank: Veteran


Joined: 4/27/2010
Posts: 951
Location: Nyumbani
Fyatu wrote:
Habari ndiyo hiyo LINK



Reading the tales of this Co , would you give a job to the former CEO Kiuna? I used to read how the guy's got a degree from a prestigious Uni abroad. Or is it a board issue?

The same used to be sung about Chiano in Uchumi before the down fall
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sparkly
#144 Posted : Monday, March 21, 2016 8:27:20 PM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
mlennyma wrote:
Fyatu wrote:
Habari ndiyo hiyo LINK

the normal shareholder must prepare for drought and starvation


Jezuz giving more and more debt to this company is like pouring water into a gunny bag (gunia). Bure kabisa
Life is short. Live passionately.
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hisah
#145 Posted : Monday, March 21, 2016 8:44:12 PM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
sparkly wrote:
mlennyma wrote:
Fyatu wrote:
Habari ndiyo hiyo LINK

the normal shareholder must prepare for drought and starvation


Jezuz giving more and more debt to this company is like pouring water into a gunny bag (gunia). Bure kabisa

Minority shareholders are so screwed Sad
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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VituVingiSana
#146 Posted : Monday, March 21, 2016 8:50:26 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
kiash wrote:
Fyatu wrote:
Habari ndiyo hiyo LINK



Reading the tales of this Co , would you give a job to the former CEO Kiuna? I used to read how the guy's got a degree from a prestigious Uni abroad. Or is it a board issue?

The same used to be sung about Chiano in Uchumi before the down fall

Biochemistry or something like that. Should have stuck to research.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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newfarer
#147 Posted : Monday, March 21, 2016 8:54:58 PM
Rank: Elder


Joined: 3/19/2010
Posts: 3,504
Location: Uganda
Clear lesson on when to stop digging if found yourself in a hole
punda amecheka
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sparkly
#148 Posted : Monday, March 21, 2016 11:17:32 PM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
kiash wrote:
Fyatu wrote:
Habari ndiyo hiyo LINK



Reading the tales of this Co , would you give a job to the former CEO Kiuna? I used to read how the guy's got a degree from a prestigious Uni abroad. Or is it a board issue?

The same used to be sung about Chiano in Uchumi before the down fall

Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly
Life is short. Live passionately.
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hisah
#149 Posted : Tuesday, March 22, 2016 4:10:38 PM
Rank: Chief


Joined: 8/4/2010
Posts: 8,977
Closed @5.35, 9.32% down for the day. Without PPT this thing will continue breaking down for a long time.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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VituVingiSana
#150 Posted : Tuesday, March 22, 2016 5:59:13 PM
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Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
hisah wrote:
Closed @5.35, 9.32% down for the day. Without PPT this thing will continue breaking down for a long time.

IMHO, it trades at 5.35 more than its true value.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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sparkly
#151 Posted : Tuesday, March 22, 2016 8:08:33 PM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
VituVingiSana wrote:
hisah wrote:
Closed @5.35, 9.32% down for the day. Without PPT this thing will continue breaking down for a long time.

IMHO, it trades at 5.35 more than its true value.


Waah low blow ...
Life is short. Live passionately.
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alotoftalk
#152 Posted : Thursday, March 24, 2016 5:11:51 AM
Rank: Member


Joined: 8/27/2015
Posts: 138
Location: Harare
Why is TCL operating as if it is not a publicly listed company and moreso why is CMA letting them do it?

They have have reached an agreement which is material information. The 'company announcement' that they have reached the agreement without divulging key details is bull.

This is akin to a company telling the shareholders they have audited results and the profit is KES XX without publishing the actual financials.

Key words:

Partnership between Kuramo and TCL. Details?

Kuramo and other investors. Are they now shareholders or do they have preference shares or was there a partial conversion to equity??

http://www.transcentury....nSettlementoftheBond.pdf
Investment philosophy development in progress...
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mthaka
#153 Posted : Thursday, March 24, 2016 7:40:12 AM
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Joined: 9/30/2013
Posts: 254
“We are delighted to partner with one of Africa’s most prominent investment companies.”
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snipermnoma
#154 Posted : Thursday, March 24, 2016 9:06:02 AM
Rank: Member


Joined: 1/3/2014
Posts: 257
alotoftalk wrote:
Why is TCL operating as if it is not a publicly listed company and moreso why is CMA letting them do it?

They have have reached an agreement which is material information. The 'company announcement' that they have reached the agreement without divulging key details is bull.

This is akin to a company telling the shareholders they have audited results and the profit is KES XX without publishing the actual financials.

Key words:

Partnership between Kuramo and TCL. Details?

Kuramo and other investors. Are they now shareholders or do they have preference shares or was there a partial conversion to equity??

http://www.transcentury....SettlementoftheBond.pdf


I could not agree more. I have been scouring for details and I thought I was the one missing something but clearly there is no official communication of what agreement was reached and what this partnership is. A publicly listed company should fully disclose such information.
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Pesa Nane
#155 Posted : Thursday, March 24, 2016 3:50:59 PM
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Joined: 5/25/2012
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Location: 08c
Pesa Nane plans to be shilingi when he grows up.
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Kusadikika
#156 Posted : Thursday, March 24, 2016 4:23:45 PM
Rank: Elder


Joined: 7/22/2008
Posts: 2,703
The debt was reduced to $40 Million from 80 Million!!!!

Was the 40 million just written off or was it converted into equity?
What fraction of the company does Kuramo get for their $20 million?
What is the timeline for payment of the remaining $20 million?
Are they going to raise it by debt or another equity injection?

Like @alotoftalk said this company is operating like a private company. CMA should demand they disclose more or delist and go back private.
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Pesa Nane
#157 Posted : Thursday, March 24, 2016 4:58:22 PM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
Kusadikika wrote:
The debt was reduced to $40 Million from 80 Million!!!!

Was the 40 million just written off or was it converted into equity?
What fraction of the company does Kuramo get for their $20 million?
What is the timeline for payment of the remaining $20 million?
Are they going to raise it by debt or another equity injection?

Like @alotoftalk said this company is operating like a private company. CMA should demand they disclose more or delist and go back private.

Original Bond = USD 80m
Africa Infrastructure Co. agreement (buy out) with Majority Bondholders = USD 40m

Reduced Debt = USD 40m
Kuramo equity injection = USD 20m

Current outstanding bond debt = USD 20m
Pesa Nane plans to be shilingi when he grows up.
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alotoftalk
#158 Posted : Friday, March 25, 2016 3:39:59 AM
Rank: Member


Joined: 8/27/2015
Posts: 138
Location: Harare
Pesa Nane wrote:
Kusadikika wrote:
The debt was reduced to $40 Million from 80 Million!!!!

Was the 40 million just written off or was it converted into equity?
What fraction of the company does Kuramo get for their $20 million?
What is the timeline for payment of the remaining $20 million?
Are they going to raise it by debt or another equity injection?

Like @alotoftalk said this company is operating like a private company. CMA should demand they disclose more or delist and go back private.

Original Bond = USD 80m
Africa Infrastructure Co. agreement (buy out) with Majority Bondholders = USD 40m

Reduced Debt = USD 40m
Kuramo equity injection = USD 20m

Current outstanding bond debt = USD 20m


I don't believe the bondholders took a $40M haircut. Not when they had the whole company in their hands. There has to be a partial conversion of the $40M to equity.

And this guessing is why CMA is failing. The lack of clear information on a definitive agreement already reached creates room for insiders to either stock up on the shares or clean out.
Investment philosophy development in progress...
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sparkly
#159 Posted : Friday, March 25, 2016 8:28:04 AM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
alotoftalk wrote:
Pesa Nane wrote:
Kusadikika wrote:
The debt was reduced to $40 Million from 80 Million!!!!

Was the 40 million just written off or was it converted into equity?
What fraction of the company does Kuramo get for their $20 million?
What is the timeline for payment of the remaining $20 million?
Are they going to raise it by debt or another equity injection?

Like @alotoftalk said this company is operating like a private company. CMA should demand they disclose more or delist and go back private.

Original Bond = USD 80m
Africa Infrastructure Co. agreement (buy out) with Majority Bondholders = USD 40m

Reduced Debt = USD 40m
Kuramo equity injection = USD 20m

Current outstanding bond debt = USD 20m


I don't believe the bondholders took a $40M haircut. Not when they had the whole company in their hands. There has to be a partial conversion of the $40M to equity.

And this guessing is why CMA is failing. The lack of clear information on a definitive agreement already reached creates room for insiders to either stock up on the shares or clean out.


The Company is playing us for fools. At the very least TC still owes USD 60m and equity holders diluted by 100%.
Life is short. Live passionately.
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alotoftalk
#160 Posted : Friday, April 08, 2016 5:18:40 AM
Rank: Member


Joined: 8/27/2015
Posts: 138
Location: Harare
Weeks later, no details of the agreement to settle the bond. Private company mentality with CMA sleeping and snoring on the job.

On a side note the late great James Gachui was an investor in both TCL and Chase Bank. Would have been a bad year for him.
Investment philosophy development in progress...
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