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Unga limited takeover
Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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obiero wrote:obiero wrote:littledove wrote:obiero wrote:tandich wrote:Comparatively big volumes moving in the past few days. I wonder what is afoot. It is Seaboard executing the Greater Fool Theory in perfection. Watch this share very closely over the next seven trading days may be willing sellers selling to seaboard Hopefully it will end well but it's looking more and more unlikely Day 2 of the 7 day exchange bar window and I can tell you that more blood shall ooze on this corner of the NSE streets http://live.mystocks.co.ke/m/stock=UNGA I think @Obiero worries more about Unga than I do!  Folks (Minorities) will be fine if the status quo is maintained. Seaboard has made it official re: takeover and it makes sense to look at similar businesses in Kenya and the region as comparables. I believe Unga will be valued at more than 40/- by an independent valuer/advisor. 1H 2017-18 results are due. Last year they were dated 23 Feb 2017 and published the next day. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 2/20/2015 Posts: 467 Location: Nairobi
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Turns out GoK hasn't yet paid millers for the subsidised 'Unga' -> S tate yet to pay millers billions for subsidised flourDoes this mean Unga's recently recently released super profits are understated or overstated?
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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It's a tough one. KRA insists that "profits" are booked even if a payment has not been made i.e. Unga cannot write-off/provide, for tax purposes, unpaid amounts until significant efforts are made to recover the debt. Ask KK or Total about the futility of suing GoK. CMA went to Finance/Agriculture/NCPB to pay up BUT #ThisIsKenya mta-do? From a (taxable) profit perspective - Super profits From a cashflow perspective - overstated Of course, if GoK pays up soon [  ] then it's all good. Banks also face this dilemma with construction firms with GoK contracts. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 4/4/2016 Posts: 1,997 Location: Kitale
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VituVingiSana wrote:It's a tough one. KRA insists that "profits" are booked even if a payment has not been made i.e. Unga cannot write-off/provide, for tax purposes, unpaid amounts until significant efforts are made to recover the debt. Ask KK or Total about the futility of suing GoK. CMA went to Finance/Agriculture/NCPB to pay up BUT #ThisIsKenya mta-do? From a (taxable) profit perspective - Super profits From a cashflow perspective - overstated Of course, if GoK pays up soon [ ] then it's all good. Banks also face this dilemma with construction firms with GoK contracts. No problem.Gok is waiting for eurobond 2 cash to clear all outstanding payments. Towards the goal of financial freedom
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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Ebenyo wrote:VituVingiSana wrote:It's a tough one. KRA insists that "profits" are booked even if a payment has not been made i.e. Unga cannot write-off/provide, for tax purposes, unpaid amounts until significant efforts are made to recover the debt. Ask KK or Total about the futility of suing GoK. CMA went to Finance/Agriculture/NCPB to pay up BUT #ThisIsKenya mta-do? From a (taxable) profit perspective - Super profits From a cashflow perspective - overstated Of course, if GoK pays up soon [ ] then it's all good. Banks also face this dilemma with construction firms with GoK contracts. No problem.Gok is waiting for eurobond 2 cash to clear all outstanding payments. Eurobond 2 cash was targeted to repay earlier loans and KPLC. Plus some tenderpreneurs. Unga is expanding its wheat milling business so maize milling is a sideline. Maize milling in Kenya is untenable coz of the politics. The major benefit of maize milling is the by-product used to make animal feeds. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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Good news for Unga https://www.businessdail...38864-tmka0j/index.html
The availability of quality maize at reasonable prices benefits both the human and animal nutrition divisions of Unga. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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Unga prices set to fall below Sh100 on cheap Uganda grain https://www.businessdail...8598-lm8o6kz/index.html
Good news for Unga as the cost of inputs drop on cheaper grain. The retail price of flour will also drop but margins may be better. Plus Unga benefits from the "waste" for its animal feeds business. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Quote:CBA Capital Limited is the appointed Transaction Advisor and Sponsoring Brokers for Seaboard Corporation (acting in concert with Victus Limited) for the acquisition of 34,939,396 ordinary shares (46.15%) of Unga Group Plc being all the shares not already held by Seaboard and Victus at the Offer Price of KES 40 per share.
The Offer is made by Seaboard Corporation a global food, energy and transportation Fortune 500 company.
As a shareholder of Unga Group Plc (“Unga”), CBA Capital Limited wishes to inform you that Seaboard has received regulatory approval from the Capital Market’s Authority to proceed with the proposed takeover of Unga (the “Offer”). The Offer period opened on 30 May 2018 and is scheduled to close on 13 June 2018.
In the next couple of days, you will receive an information pack comprising (i) the Offer Document prepared by Seaboard and (ii) the Shareholder’s Circular prepared by Unga for review as you make your decision to take up the Seaboard Offer. Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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Pesa Nane wrote:Quote:CBA Capital Limited is the appointed Transaction Advisor and Sponsoring Brokers for Seaboard Corporation (acting in concert with Victus Limited) for the acquisition of 34,939,396 ordinary shares (46.15%) of Unga Group Plc being all the shares not already held by Seaboard and Victus at the Offer Price of KES 40 per share.
The Offer is made by Seaboard Corporation a global food, energy and transportation Fortune 500 company.
As a shareholder of Unga Group Plc (“Unga”), CBA Capital Limited wishes to inform you that Seaboard has received regulatory approval from the Capital Market’s Authority to proceed with the proposed takeover of Unga (the “Offer”). The Offer period opened on 30 May 2018 and is scheduled to close on 13 June 2018.
In the next couple of days, you will receive an information pack comprising (i) the Offer Document prepared by Seaboard and (ii) the Shareholder’s Circular prepared by Unga for review as you make your decision to take up the Seaboard Offer. So why would any Tom buy at 40 or even 39 from the market? "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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mlennyma wrote:Pesa Nane wrote:Quote:CBA Capital Limited is the appointed Transaction Advisor and Sponsoring Brokers for Seaboard Corporation (acting in concert with Victus Limited) for the acquisition of 34,939,396 ordinary shares (46.15%) of Unga Group Plc being all the shares not already held by Seaboard and Victus at the Offer Price of KES 40 per share.
The Offer is made by Seaboard Corporation a global food, energy and transportation Fortune 500 company.
As a shareholder of Unga Group Plc (“Unga”), CBA Capital Limited wishes to inform you that Seaboard has received regulatory approval from the Capital Market’s Authority to proceed with the proposed takeover of Unga (the “Offer”). The Offer period opened on 30 May 2018 and is scheduled to close on 13 June 2018.
In the next couple of days, you will receive an information pack comprising (i) the Offer Document prepared by Seaboard and (ii) the Shareholder’s Circular prepared by Unga for review as you make your decision to take up the Seaboard Offer. So why would any Tom buy at 40 or even 39 from the market? Closing price on Friday was 39.75. Basically the retail shareholders have been conned. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 8/28/2015 Posts: 1,247
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Ericsson wrote:mlennyma wrote:Pesa Nane wrote:Quote:CBA Capital Limited is the appointed Transaction Advisor and Sponsoring Brokers for Seaboard Corporation (acting in concert with Victus Limited) for the acquisition of 34,939,396 ordinary shares (46.15%) of Unga Group Plc being all the shares not already held by Seaboard and Victus at the Offer Price of KES 40 per share.
The Offer is made by Seaboard Corporation a global food, energy and transportation Fortune 500 company.
As a shareholder of Unga Group Plc (“Unga”), CBA Capital Limited wishes to inform you that Seaboard has received regulatory approval from the Capital Market’s Authority to proceed with the proposed takeover of Unga (the “Offer”). The Offer period opened on 30 May 2018 and is scheduled to close on 13 June 2018.
In the next couple of days, you will receive an information pack comprising (i) the Offer Document prepared by Seaboard and (ii) the Shareholder’s Circular prepared by Unga for review as you make your decision to take up the Seaboard Offer. So why would any Tom buy at 40 or even 39 from the market? Closing price on Friday was 39.75. Basically the retail shareholders have been conned. So that they can be bought out at 40/= by seabunny. Equite being bought here with being married and you have some sense why being bought is a clever idea.a  ,Behold, a sower went forth to sow;....
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Rank: Member Joined: 8/19/2015 Posts: 125
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CMAs must have been bribed to allow this takeover!!!!
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Rank: New-farer Joined: 2/8/2018 Posts: 73
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https://www.cma.or.ke/in...mp;id=14&Itemid=188
See who is chairman of the CMA. I think the small share holders should contest to ensure that the minimum payoff is book valuation based on the last financials ( after revaluation of the assets). I think with alot of NOISE the price can be improved, otherwise, a RESISTS from Unga products can make Sea Board get serious on the matter.
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Rank: Veteran Joined: 4/4/2016 Posts: 1,997 Location: Kitale
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RIEK01 wrote:https://www.cma.or.ke/index.php?option=com_content&view=article&id=14&Itemid=188
See who is chairman of the CMA. I think the small share holders should contest to ensure that the minimum payoff is book valuation based on the last financials ( after revaluation of the assets). I think with alot of NOISE the price can be improved, otherwise, a RESISTS from Unga products can make Sea Board get serious on the matter. The report on Unga valuation which was ordered by CMA should be made public too. Towards the goal of financial freedom
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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Ebenyo wrote:RIEK01 wrote:https://www.cma.or.ke/index.php?option=com_content&view=article&id=14&Itemid=188
See who is chairman of the CMA. I think the small share holders should contest to ensure that the minimum payoff is book valuation based on the last financials ( after revaluation of the assets). I think with alot of NOISE the price can be improved, otherwise, a RESISTS from Unga products can make Sea Board get serious on the matter. The report on Unga valuation which was ordered by CMA should be made public too. Fighting a losing battle, chukueni pesa & move on  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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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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Ebenyo wrote:RIEK01 wrote:https://www.cma.or.ke/index.php?option=com_content&view=article&id=14&Itemid=188
See who is chairman of the CMA. I think the small share holders should contest to ensure that the minimum payoff is book valuation based on the last financials ( after revaluation of the assets). I think with alot of NOISE the price can be improved, otherwise, a RESISTS from Unga products can make Sea Board get serious on the matter. The report on Unga valuation which was ordered by CMA should be made public too. Unga Group (not CMA) ordered the valuation report. Now we wait to see what it said! I wonder if an abridged or full version will be provided in the circular. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: New-farer Joined: 2/27/2018 Posts: 56 Location: Cambrian Dc
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I just received an email from CBA on the takeover offer but I had sold my unga shares after the trading suspension had been lifted. Am I entitled to the offer? @VVS please advise kunaenda aje. If the radiance of a thousand suns were to burst at once into the sky that would be like the splendour of the mighty one.
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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VyaBureSiachi wrote:I just received an email from CBA on the takeover offer but I had sold my unga shares after the trading suspension had been lifted.
Am I entitled to the offer? @VVS please advise kunaenda aje. If you sold your shares then why would you expect to be paid again for the same shares? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 6/23/2009 Posts: 13,516 Location: nairobi
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VituVingiSana wrote:VyaBureSiachi wrote:I just received an email from CBA on the takeover offer but I had sold my unga shares after the trading suspension had been lifted.
Am I entitled to the offer? @VVS please advise kunaenda aje. If you sold your shares then why would you expect to be paid again for the same shares? @vbs urgently submit the same to your broker for reconciliation of that communication to its new owner, being the one who bought your shares
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Veteran Joined: 8/28/2015 Posts: 1,247
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VituVingiSana wrote:VyaBureSiachi wrote:I just received an email from CBA on the takeover offer but I had sold my unga shares after the trading suspension had been lifted.
Am I entitled to the offer? @VVS please advise kunaenda aje. If you sold your shares then why would you expect to be paid again for the same shares? unauliza VyaBureSiachi nini @vvs ,Behold, a sower went forth to sow;....
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