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Unga limited takeover
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VituVingiSana
#161 Posted : Thursday, February 22, 2018 10:09:03 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,344
Location: Nairobi
obiero wrote:
obiero wrote:
littledove wrote:
obiero wrote:
tandich wrote:
Comparatively big volumes moving in the past few days. I wonder what is afoot.

It is Seaboard executing the Greater Fool Theory in perfection. Watch this share very closely over the next seven trading days

may be willing sellers selling to seaboard

Hopefully it will end well but it's looking more and more unlikely

Day 2 of the 7 day exchange bar window and I can tell you that more blood shall ooze on this corner of the NSE streets http://live.mystocks.co.ke/m/stock=UNGA

I think @Obiero worries more about Unga than I do! Laughing out loudly Laughing out loudly Laughing out loudly
Folks (Minorities) will be fine if the status quo is maintained.
Seaboard has made it official re: takeover and it makes sense to look at similar businesses in Kenya and the region as comparables. I believe Unga will be valued at more than 40/- by an independent valuer/advisor.

1H 2017-18 results are due. Last year they were dated 23 Feb 2017 and published the next day.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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kawi254
#162 Posted : Tuesday, March 06, 2018 11:57:16 PM
Rank: Member

Joined: 2/20/2015
Posts: 468
Location: Nairobi
Turns out GoK hasn't yet paid millers for the subsidised 'Unga' -> State yet to pay millers billions for subsidised flour

Does this mean Unga's recently recently released super profits are understated or overstated?
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VituVingiSana
#163 Posted : Wednesday, March 07, 2018 1:24:43 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,344
Location: Nairobi
kawi254 wrote:
Turns out GoK hasn't yet paid millers for the subsidised 'Unga' -> State yet to pay millers billions for subsidised flour

Does this mean Unga's recently recently released super profits are understated or overstated?

It's a tough one.

KRA insists that "profits" are booked even if a payment has not been made i.e. Unga cannot write-off/provide, for tax purposes, unpaid amounts until significant efforts are made to recover the debt.
Ask KK or Total about the futility of suing GoK.
CMA went to Finance/Agriculture/NCPB to pay up BUT #ThisIsKenya mta-do?

From a (taxable) profit perspective - Super profits
From a cashflow perspective - overstated

Of course, if GoK pays up soon [Liar Liar Liar ] then it's all good.

Banks also face this dilemma with construction firms with GoK contracts.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ebenyo
#164 Posted : Wednesday, March 07, 2018 1:46:56 AM
Rank: Veteran

Joined: 4/4/2016
Posts: 2,016
Location: Kitale
VituVingiSana wrote:
kawi254 wrote:
Turns out GoK hasn't yet paid millers for the subsidised 'Unga' -> State yet to pay millers billions for subsidised flour

Does this mean Unga's recently recently released super profits are understated or overstated?

It's a tough one.

KRA insists that "profits" are booked even if a payment has not been made i.e. Unga cannot write-off/provide, for tax purposes, unpaid amounts until significant efforts are made to recover the debt.
Ask KK or Total about the futility of suing GoK.
CMA went to Finance/Agriculture/NCPB to pay up BUT #ThisIsKenya mta-do?

From a (taxable) profit perspective - Super profits
From a cashflow perspective - overstated

Of course, if GoK pays up soon [Liar Liar Liar ] then it's all good.

Banks also face this dilemma with construction firms with GoK contracts.


No problem.Gok is waiting for eurobond 2 cash to clear all outstanding payments.
Towards the goal of financial freedom
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VituVingiSana
#165 Posted : Wednesday, March 07, 2018 2:40:05 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,344
Location: Nairobi
Ebenyo wrote:
VituVingiSana wrote:
kawi254 wrote:
Turns out GoK hasn't yet paid millers for the subsidised 'Unga' -> State yet to pay millers billions for subsidised flour

Does this mean Unga's recently recently released super profits are understated or overstated?

It's a tough one.

KRA insists that "profits" are booked even if a payment has not been made i.e. Unga cannot write-off/provide, for tax purposes, unpaid amounts until significant efforts are made to recover the debt.
Ask KK or Total about the futility of suing GoK.
CMA went to Finance/Agriculture/NCPB to pay up BUT #ThisIsKenya mta-do?

From a (taxable) profit perspective - Super profits
From a cashflow perspective - overstated

Of course, if GoK pays up soon [Liar Liar Liar ] then it's all good.

Banks also face this dilemma with construction firms with GoK contracts.


No problem.Gok is waiting for eurobond 2 cash to clear all outstanding payments.
Eurobond 2 cash was targeted to repay earlier loans and KPLC. Plus some tenderpreneurs.

Unga is expanding its wheat milling business so maize milling is a sideline. Maize milling in Kenya is untenable coz of the politics. The major benefit of maize milling is the by-product used to make animal feeds.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#166 Posted : Tuesday, March 13, 2018 12:38:11 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,344
Location: Nairobi
Good news for Unga
https://www.businessdail...38864-tmka0j/index.html
The availability of quality maize at reasonable prices benefits both the human and animal nutrition divisions of Unga.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#167 Posted : Tuesday, March 20, 2018 4:59:32 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,344
Location: Nairobi
Unga prices set to fall below Sh100 on cheap Uganda grain
https://www.businessdail...8598-lm8o6kz/index.html

Good news for Unga as the cost of inputs drop on cheaper grain.
The retail price of flour will also drop but margins may be better. Plus Unga benefits from the "waste" for its animal feeds business.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Pesa Nane
#168 Posted : Monday, May 14, 2018 11:02:53 AM
Rank: Elder

Joined: 5/25/2012
Posts: 4,105
Location: 08c
Quote:
CBA Capital Limited is the appointed Transaction Advisor and Sponsoring Brokers for Seaboard Corporation (acting in concert with Victus Limited) for the acquisition of 34,939,396 ordinary shares (46.15%) of Unga Group Plc being all the shares not already held by Seaboard and Victus at the Offer Price of KES 40 per share.


The Offer is made by Seaboard Corporation a global food, energy and transportation Fortune 500 company.

As a shareholder of Unga Group Plc (“Unga”), CBA Capital Limited wishes to inform you that Seaboard has received regulatory approval from the Capital Market’s Authority to proceed with the proposed takeover of Unga (the “Offer”). The Offer period opened on 30 May 2018 and is scheduled to close on 13 June 2018.

In the next couple of days, you will receive an information pack comprising (i) the Offer Document prepared by Seaboard and (ii) the Shareholder’s Circular prepared by Unga for review as you make your decision to take up the Seaboard Offer.
Pesa Nane plans to be shilingi when he grows up.
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mlennyma
#169 Posted : Monday, May 14, 2018 12:05:59 PM
Rank: Elder

Joined: 7/21/2010
Posts: 6,194
Location: nairobi
Pesa Nane wrote:
Quote:
CBA Capital Limited is the appointed Transaction Advisor and Sponsoring Brokers for Seaboard Corporation (acting in concert with Victus Limited) for the acquisition of 34,939,396 ordinary shares (46.15%) of Unga Group Plc being all the shares not already held by Seaboard and Victus at the Offer Price of KES 40 per share.


The Offer is made by Seaboard Corporation a global food, energy and transportation Fortune 500 company.

As a shareholder of Unga Group Plc (“Unga”), CBA Capital Limited wishes to inform you that Seaboard has received regulatory approval from the Capital Market’s Authority to proceed with the proposed takeover of Unga (the “Offer”). The Offer period opened on 30 May 2018 and is scheduled to close on 13 June 2018.

In the next couple of days, you will receive an information pack comprising (i) the Offer Document prepared by Seaboard and (ii) the Shareholder’s Circular prepared by Unga for review as you make your decision to take up the Seaboard Offer.

So why would any Tom buy at 40 or even 39 from the market?
"Don't let the fear of losing be greater than the excitement of winning."
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Ericsson
#170 Posted : Monday, May 14, 2018 12:10:40 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
mlennyma wrote:
Pesa Nane wrote:
Quote:
CBA Capital Limited is the appointed Transaction Advisor and Sponsoring Brokers for Seaboard Corporation (acting in concert with Victus Limited) for the acquisition of 34,939,396 ordinary shares (46.15%) of Unga Group Plc being all the shares not already held by Seaboard and Victus at the Offer Price of KES 40 per share.


The Offer is made by Seaboard Corporation a global food, energy and transportation Fortune 500 company.

As a shareholder of Unga Group Plc (“Unga”), CBA Capital Limited wishes to inform you that Seaboard has received regulatory approval from the Capital Market’s Authority to proceed with the proposed takeover of Unga (the “Offer”). The Offer period opened on 30 May 2018 and is scheduled to close on 13 June 2018.

In the next couple of days, you will receive an information pack comprising (i) the Offer Document prepared by Seaboard and (ii) the Shareholder’s Circular prepared by Unga for review as you make your decision to take up the Seaboard Offer.

So why would any Tom buy at 40 or even 39 from the market?


Closing price on Friday was 39.75.
Basically the retail shareholders have been conned.

Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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