My initial thought was Munga flipping his "Rawat" shares to IFC. But if these are newly created shares being subscribed for (j.mp/2i4HTa0) then my guess is that they ran into capital adequacy issues after resetting their FY reserves based on gross premium valuation methodology (which they adopted in the current year) plus mark-to-market of their portfolio and impairment of some of KES 3.2 Bn in deposits held with financial institutions a proportion of which must be at either Chase or Imperial.

The dilution by IFC therefore became a necessary evil.

The subscription date of 30/12/2016, a day just before the FY books close (31/12/2016) is also an interesting tidbit.

The firm is doing quite badly.. And getting out now will be difficult since float is concentrated around a few.. Massive supply expected today

This just shows that half year results were cooked and sugar coated.

I will make my money and exit before munga exits,yesterday I was over 15% to the good

This is dilute on number of shares basis but they are paying a signficant premium to the market suggesting the company is substantially undervalued at current market prices.

Brit remains an attractive target for global multinational insurance firms looking at market share in this region.

Ignore at your own peril but it will be one of the better performing stocks by half year. Take that to the bank.