Reminds me of the Barclays sale of NIC to CFC in the early 1990s.

In order to raise cash for computerisation, BBK offered to sell it's holding in NIC (9.5m shares = 51%) to CFC. The price agreed was 330m. The deal was canceled because BBK could not get the necessary approvals within the time limit agreed.

BBK made a lot noise saying that CMA and NSE were creating unnecessary delays for investors. Finally CMA ruled that BBK can only sell it's shares in NIC through a public offer. This was because NIC was already listed at the NSE.

All this was happening in the Month of November. Come mid March the following year, NIC declared a one-for-one bonus and the price went through the roof. Now BBK had 19m shares in NIC.

By mid that year, they got approvals for a public offer and sold the shares at sh52 raking in sh988m - three times the amount they were willing to sell to CFC!

Now you might say that BBK did not know about the impending bonus, but no. The knew. They had several seats in the board to secure their 51% stake, thus they knew (should have known) about NIC's strategic plans!

Interestingly, NIC also owned quite a chunk of shares in BBK!!!!

@VVS, price aside, do you see Openview at some point giving reasonable ROI to AK? I also thought it was overpriced at the time of buying it in 2007.

Henry Njoroge has made a good buck for himself. From starting in Fintech as an engineer, then sales manager, then general manager.... to Africa Online.. to UUNET CEO... to OpenView. Jamaa amevuna kweli kweli. He's been a smart guy.

Oh? they got rid of Henry? Seems I've been out of the loop on that one.

I just checked the press room in their site and got "Lorem ipsum" text! http://www.openview.co.k...&id=17&Itemid=55

I am quite certain that the bonus came BEFORE the public offer.

Whatever the reason for the bonus, that decision was taken by a BBK controlled board a short time after the CFC deal was canceled.

Anyway; just goes to prove that big corporates are not so big on simple ideas!

@VVS; Now we are on the same page.

I have looked at the Access website and they are not doing any better: the latest press brief is from April 2007 - 30 months ago!!!

And the latest financial report if from 2008

And, if AK are selling internet access, by them not having an up to date website, what are they really saying?

@Muganda. Good perspective. Do you mean Hnery is not even the vision holder? Ukiona vyalea, jua vimeundwa

@anasazi perhaps you should try Lucy Njoroge.
@gathinga just one man's view having looked at the company from afar for awhile, chatted to some old staff, and one of their largest clients.

Mmmh, i get my news, information, analysis and opinions from wazua

For the 200mn they paid the njoroges (incl his salary+perks for 2 years), AK could have developed those synergies in-house with much less drama!