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Stanlib Fahari I-Reit FY 2019
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VituVingiSana
#61 Posted : Monday, April 11, 2022 11:19:46 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,347
Location: Nairobi
ICEA sees value in Fahari at the cheap prices. Skin in the game. I applaud that.

Of course, they may have other plans eg Ndegwas selling their properties to Fahari at "full price" in exchange for discounted shares.

Who remembers their attempt to sell dying Ennsvalley to Unga for shares in Unga?
Then they "convinced" the compromised board to pay 700mn for lousy Ennsvalley.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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  | | Edit by user: Monday, April 11, 2022 11:21 AM | Reason: Not specified
littledove
#62 Posted : Tuesday, August 30, 2022 2:35:57 PM
Rank: Veteran

Joined: 7/1/2014
Posts: 927
Location: sky
did they pay dividend for full year 2021, they declared 0.50 cts but i missed book closure and payment
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
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deadpoet
#63 Posted : Tuesday, August 30, 2022 2:55:03 PM
Rank: Member

Joined: 9/27/2006
Posts: 506
littledove wrote:
did they pay dividend for full year 2021, they declared 0.50 cts but i missed book closure and payment


Yeah the paid it back in April I think. This is one stock I'm curious about - this 'cautionary announcement' I think involves the selling of the vacant building, but does it mean other properties will be added? Who knows. I don't know the risk/reward ratio for owning it.
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cyruskulei
#64 Posted : Tuesday, August 30, 2022 3:14:45 PM
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Joined: 3/9/2010
Posts: 320
Location: kenya
deadpoet wrote:
littledove wrote:
did they pay dividend for full year 2021, they declared 0.50 cts but i missed book closure and payment


Yeah the paid it back in April I think. This is one stock I'm curious about - this 'cautionary announcement' I think involves the selling of the vacant building, but does it mean other properties will be added? Who knows. I don't know the risk/reward ratio for owning it.



Saw this today on https://live.mystocks.co.ke/rmw.php. Whats happening?
Work hard at your job and you can make a living. Work hard on yourself and you can make a fortune.
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littledove
#65 Posted : Thursday, April 20, 2023 12:44:43 PM
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Joined: 7/1/2014
Posts: 927
Location: sky
6th and 7th agm to be held on monday 24th april 2023. what kind of restructuring are they doing?
that cma has delayed approving for that long. the share price has been dull for some time without
any indicators that something good or bad is coming. what do we expect on monday
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
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deadpoet
#66 Posted : Thursday, April 20, 2023 3:01:33 PM
Rank: Member

Joined: 9/27/2006
Posts: 506
Probably two possibilities:
1) They announce plans to delist - this may happen before or after they sell two buildings in the REIT portfolio. They may offer to buy out current shareholders at a given price, with or without providing the proceeds from the sale.
2) They sell the two buildings and add more properties from the ICEA portfolio, keeping the listing on the NSE.

I bought this stock at around 6 bob, so I got about a 10% yield, which isn't too bad. I may keep or sell at cost depending on the restructuring.
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Ericsson
#67 Posted : Friday, April 21, 2023 1:14:04 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
littledove wrote:
6th and 7th agm to be held on monday 24th april 2023. what kind of restructuring are they doing?
that cma has delayed approving for that long. the share price has been dull for some time without
any indicators that something good or bad is coming. what do we expect on monday


Delisting is what CMA has delayed approving.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ericsson
#68 Posted : Friday, April 21, 2023 1:16:03 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
deadpoet wrote:
Probably two possibilities:
1) They announce plans to delist - this may happen before or after they sell two buildings in the REIT portfolio. They may offer to buy out current shareholders at a given price, with or without providing the proceeds from the sale.
2) They sell the two buildings and add more properties from the ICEA portfolio, keeping the listing on the NSE.

I bought this stock at around 6 bob, so I got about a 10% yield, which isn't too bad. I may keep or sell at cost depending on the restructuring.


Possibility 1 is the most probable option.
More properties from the ICEA portfolio is easier said than done.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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deadpoet
#69 Posted : Friday, April 21, 2023 6:06:42 PM
Rank: Member

Joined: 9/27/2006
Posts: 506
Ericsson wrote:
deadpoet wrote:
Probably two possibilities:
1) They announce plans to delist - this may happen before or after they sell two buildings in the REIT portfolio. They may offer to buy out current shareholders at a given price, with or without providing the proceeds from the sale.
2) They sell the two buildings and add more properties from the ICEA portfolio, keeping the listing on the NSE.

I bought this stock at around 6 bob, so I got about a 10% yield, which isn't too bad. I may keep or sell at cost depending on the restructuring.


Possibility 1 is the most probable option.
More properties from the ICEA portfolio is easier said than done.


You are correct. However, there is the possibility of ICEA making some statement just to raise the price over the short/medium term (from 6 to 8, for example). A 'pump and dump' by another name - given that they bought a stake sometime last year. Also, I think the difficulty of moving properties to be the REIT would be the same whether the company is listed or not. Given the tax advantages of REITs, it is a safe bet that such addition has been discussed in the boardroom. The question is whether it is cheaper for the powers that be to bring small shareholders along for the ride - after all, there is a cost of buying existing shareholders out (though it definitely wouldn't be at NAV).
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  | | Edit by user: Friday, April 21, 2023 6:20 PM | Reason: Not specified
VituVingiSana
#70 Posted : Saturday, April 22, 2023 6:57:24 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,347
Location: Nairobi
deadpoet wrote:
Ericsson wrote:
deadpoet wrote:
Probably two possibilities:
1) They announce plans to delist - this may happen before or after they sell two buildings in the REIT portfolio. They may offer to buy out current shareholders at a given price, with or without providing the proceeds from the sale.
2) They sell the two buildings and add more properties from the ICEA portfolio, keeping the listing on the NSE.

I bought this stock at around 6 bob, so I got about a 10% yield, which isn't too bad. I may keep or sell at cost depending on the restructuring.


Possibility 1 is the most probable option.
More properties from the ICEA portfolio is easier said than done.


You are correct. However, there is the possibility of ICEA making some statement just to raise the price over the short/medium term (from 6 to 8, for example). A 'pump and dump' by another name - given that they bought a stake sometime last year. Also, I think the difficulty of moving properties to be the REIT would be the same whether the company is listed or not. Given the tax advantages of REITs, it is a safe bet that such addition has been discussed in the boardroom. The question is whether it is cheaper for the powers that be to bring small shareholders along for the ride - after all, there is a cost of buying existing shareholders out (though it definitely wouldn't be at NAV).

ICEA/Ndegwas are no fools to pay the fake NAV as a buyout price Laughing out loudly
A delisting makes sense to allow for a restructuring that including adding more properties and then re-listing Fahari.
The current portfolio is very small and very few would take shares, as currently priced, in exchange for a property.

Kamau thinks his building is worth 200mn even if the Net Income is just 8mn. That's the reality in Nairobi. The true value on an income basis may be 80mn (10x NI).

He will not accept 10mn shares of Fahari (NAV 20) since they trade at 6/-.

So how does Fahari get new properties unless it pays cash?
How does it raise cash?
Who will subscribe to a Rights Issue?
What will the price of the Rights be?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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