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Tale of Transcentury CEO exit, Sh8b Debt
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VituVingiSana
#201 Posted : Monday, July 11, 2016 1:31:48 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
sparkly wrote:
MaichBlack wrote:
VituVingiSana wrote:
Wow!

On one hand, you tell bondholders that they need to take a huge (50%) haircut.
Then there is the bondholder who converted at 5%.

Yet you have KES 712mn to buy more shares in Civicon.
http://www.businessdaily...-/12064eyz/-/index.html

Ngai! I would not do business with TCL guys. They are brutal folks!
Has any Wazuan done any biashara, as a supplier, with Tranny?

And they bought the shares in cash no less!!! As I was saying, I would never have signed on the dotted line if I was a bond holder.

And some fellow who depends on theory is saying that creditors have the responsibility to save a company from collapsing. That is with a view to recovering 100% of what they are owed and hopefully future business. Recovering only 5% and that's it??? Totally unheard of!!!


@Maich read The Companies Act 2015: PART XXXIV —compromises, Arrangements, Reconstructions and amalgamations

All said and done, the bondholders got creamed and rimmed without the benefit of lube. The next time TCL issues a Corporate Bond, there will be very few takers.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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alotoftalk
#202 Posted : Wednesday, September 21, 2016 3:15:44 AM
Rank: Member


Joined: 8/27/2015
Posts: 138
Location: Harare
Pesa Nane wrote:
Focus. Minority holders. Focus.

Well Done TCL Negotiators. Applause Applause Applause
And thanks Kuramo for taking one for the team smile


They took the dollar priced preference shares while at it. Kuramo dealt this deck of cards like a master poker player. Show the weak hand and let people think they are winning when the pot is small but once you are all in they pull out the royal flush.

A perfect credit-driven play by the Kuramo guys. I initially thought they were jokers but this was a brilliant move.

TCL on the other hand is full of jokers. No information for the minority interests.No transparency until the D-day.

Investment philosophy development in progress...
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lochaz-index
#203 Posted : Wednesday, September 21, 2016 10:13:31 AM
Rank: Veteran


Joined: 9/18/2014
Posts: 1,127
alotoftalk wrote:
Pesa Nane wrote:
Focus. Minority holders. Focus.

Well Done TCL Negotiators. Applause Applause Applause
And thanks Kuramo for taking one for the team smile


They took the dollar priced preference shares while at it. Kuramo dealt this deck of cards like a master poker player. Show the weak hand and let people think they are winning when the pot is small but once you are all in they pull out the royal flush.

A perfect credit-driven play by the Kuramo guys. I initially thought they were jokers but this was a brilliant move.

TCL on the other hand is full of jokers. No information for the minority interests.No transparency until the D-day.


Do you have the full details of this arrangement? If so would you be kind enough to share. I would really like to have a look at it.
The main purpose of the stock market is to make fools of as many people as possible.
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Pure millioneare(PM)
#204 Posted : Wednesday, September 21, 2016 10:15:30 AM
Rank: Member


Joined: 11/1/2008
Posts: 38
A fake rally before the deep shafting!!
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Angelica _ann
#205 Posted : Tuesday, September 27, 2016 11:51:42 AM
Rank: Elder


Joined: 12/7/2012
Posts: 11,908
Pure millioneare(PM) wrote:
A fake rally before the deep shafting!!

Very true. I hope nobody chased the mbus d'oh! d'oh! d'oh!
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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mlennyma
#206 Posted : Tuesday, September 27, 2016 12:03:25 PM
Rank: Elder


Joined: 7/21/2010
Posts: 6,183
Location: nairobi
Pure millioneare(PM) wrote:
A fake rally before the deep shafting!!

Never approach equities with emotions
"Don't let the fear of losing be greater than the excitement of winning."
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