That must be the technical term for this. Looks possible in these markets now that regional inter-depository transfer mechanism (RITM) has been activated. We however need live feed for counters at USE, DSE and RSE. My thoughts.

I miss this man.. The current share price of Umeme Limited (UMME) is KES 14.55. UMME closed its last trading day (Thursday, June 29, 2023) at 14.55 KES per share on the Nairobi Securities Exchange (NSE), recording a 9.9% drop from its previous closing price of 16.15 KES. Umeme began the year with a share price of 7.42 KES and has since gained 96.1% on that price valuation, ranking it first on the NSE in terms of year-to-date performance.

New entry point window has just opened. Price is at 10 with 2 and a quarter financial years to go. They estimate currently buyout amount to have a floor of around Ksh20 per share. In the AGM the chairman stated they received $50 million dollars and are thinking go doing interim dividends.

Umeme receives $118.4M from GoU as part of the buyout process, down from the earlier $234M estimate. Disputes remain on final amount. Handover to UEDCL set for March 31. Arbitration possible. #Umeme #Uganda #EnergyTransition #InvestorsUpdate

Top Shareholder is Uganda NSSF which owns almost a quarter of Umeme. The concession agreements provide for a 30 day good faith negotiations between GoU and Umeme and if that does not resolve the issue, arbitration tribunal in London. GoU would be wise to sort the issue without it heading to London as this could cause private capital to perceive GoU energy investments as high risk with real threat of forceful assets appropriation by GoU especially in the energy sector (oil) that's starting to take off increasing the cost of capital due to a higher risk factor.

The Uganda AG after scrutinising the concession contracts had given his opinion that investments by Umeme were not subject to Uganda Energy Regulator approvals. The energy regulator was the one that influenced the auditor general to lower the buy out from USD 234M to about USD 127M (theirs a roughly 10M USD works in progress yet to be factored in the buyout) by the action of refusing to approve some umeme investments worth about USD 110M. This points to a very likely win by Umeme in London should matters escalate to arbitration.

The Chairman Umeme Board has indicated that the company will not be delisting until the last coin is paid for the buyout and then shareholders decide if to delist or venture into other businesses (highly likely outcome is delisting).

The AGM is scheduled for May 22nd when the Umeme Board will give guidance on matters good faith negotiations and arbitration.

Happy Hunting