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transCentury selling its shares OTC
Rank: Chief Joined: 1/3/2007 Posts: 18,110 Location: Nairobi
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Where can I get a prospectus? Online? Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 5/16/2009 Posts: 145
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@vitu
There is no prospectus. I have been following this offer and still have'nt got all information.
For example,the accounts for the company for the year ended Dec 2008 are not yet out. So,you'll have to base your decisions on the results of 2007.
Further,it is now clear to me that,last year,TCL wanted to raise Ksh 3.2 B by inviting a select investor group to its membership. The minimum investment was put at sh 1 M @ sh 50 per share (new ordinary shares).
I do not know how successiful that was. That issue was supposed to be a pre-listing opportunity. The company anticipated to list by end of this year.
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Rank: Member Joined: 3/10/2008 Posts: 301 Location: Abu Dhabi
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@ Sasha
You made my otherwise dull afte! LOL
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Rank: Chief Joined: 1/3/2007 Posts: 18,110 Location: Nairobi
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@stonemimi - 2007 was a blockbuster year for many investment firms... Using 2007's results means buying at the top of the market. Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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OTC - I have very bad memories of it. From that time they planted a bomb meant for JM.
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Rank: Member Joined: 11/13/2008 Posts: 87
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After all Pretty is not so young as she has made us believe.She knows the bus company OTC hehehehe
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Rank: Member Joined: 5/16/2009 Posts: 145
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@vitu
I agree with you,but am still wondering what could be cooking. any company that aspires to go public has to win trust and confidence of that public. Now,results of year 2008 are not released by Oct of 2009. That puts me off.
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Rank: Elder Joined: 6/19/2008 Posts: 4,268
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Here's their portfolio - it could help you make an informed judgement depending on what they are into. http://www.transcentury.co.ke/portfolio.asp
I think generally,the confidence in equity market is low and going public now wouldnt make sense. the other alternative for them to raise money cheaply is by going OTC. Looking into it in a positive way,they could just be rationalising their investments by trying to acquire cheaper funds instead of taking up the loans at currently high interest rates. their portfolio doesnt look that bad to me except for the RVR. I wouldnt really say they will be irrelevant come 2013 coz i know those in Kenyatta era are still relevant today..... all these goons in power are cut from the same cloth and even if we change guard at the house on the hill,if the occupant or his cronies are given a 5% shareholding in Tanelec,you think they will touch these companies? Never! In any case,they all have interests so dont rule them out any time soon... they arent stupid either and the promoters know how to play in rough waters. Experience is what you get when you don't get what you want.
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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I understand they are having major cashflow issues...too much investment in rubbish (RVR) on borrowed funds,no flows to pay for interest leave alone principal. As for 2013,they may be around,but do you really think they will be getting all the juicy contracts anymore? They're already struggling,look at Flashcom (which I understand is a very related company),who cant even pay their tiny share of TEAMS and are delaying the rollout. Business opportunities are like buses,there's always another one coming Business opportunities are like buses,there's always another one coming
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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Though an importnat consideration,I think we are overdramatising the 2012 effect given these dudes came together in 1997 and many are still unknown even today. Instead,if any of you has received the prospectus (including 2008 AR),please either give us some excerpts here or fwd to us and we can have an investment discussion. www.mjengakenya.blogspot.comSehemu ndio nyumba
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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MainaT,from 1997 to 2003 they did nothing...... from 2003 to 2007 they borrowed like fiends,pumped and dumped EA Cable shares and bought everything in sight. From 2008 to date,they have defaulted on loans and spent all their time fund raising. Its like buying shares in Hosea Kiplagat's company that supplied KPLC poles...where is he now? Business opportunities are like buses,there's always another one coming Business opportunities are like buses,there's always another one coming
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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Kularaha- a little OTT with some grains of truth. Its good to be dispassionate when investing though...consider the following EA Cables only has like 20% KPLC supply contract Tanelec/Chai Bora- TZ therefore no real impact from Gen Kig heading 2 othaya Kewberg-SA ditto Development Bank of Kenya - its a small bank If recall information memorandum from the first placement,EA Cables is still the largest piece in the portfolio,,but its now an regional not Kenyan busi. So where is the political risk? Btw,Carol musyoka is a director of TC? www.mjengakenya.blogspot.comSehemu ndio nyumba
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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EA Cables: recently lost their supply contract to KLPC to Metsec. Understand that helped the exit of the Canadian Manager... TZ: largely irrelevant,a small market with no real impact on anything. SA:this I wait to see. After Olympia,I would really love to see these guys in a market where calls to State House dont count (at least not for them). DBK: desperately looking for a buyer. Any buyers?? Anyone?? Please?? RVR: The Achilles Heel Flashcom: hmmmm,cant pay for TEAMS,holding back progress,but still important because of political connections Seven Seas Tech: another one implimenting high tech solutions in low tech enviroments (like ministries,parastatals). Being avoided by the corporate world. Business opportunities are like buses,there's always another one coming Business opportunities are like buses,there's always another one coming
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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Correction: EA Cables lost KPLC last yr. DBK is too small. RVR is an issue (hence why we need 2008 to see if TC has written down the cost similar to Centum). www.mjengakenya.blogspot.comSehemu ndio nyumba
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Rank: Veteran Joined: 11/30/2006 Posts: 635
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how about Wananchi Online Ltd
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Wananchi....issues with cable being run on KPLC poles...anyone with an unpdate on that story? Business opportunities are like buses,there's always another one coming Business opportunities are like buses,there's always another one coming
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Rank: Member Joined: 5/16/2009 Posts: 145
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TCL Top 10 shareholders
NameNN
DiDirectorship
Shareholding (%)
James Mungai Gachui
Yes
8.4%
Peter Tirus Kanyago
Yes
7.6%
Michael Gitau Waweru
No
6.5%
Zephaniah Mbugua
Yes
6.4%
Edward Njoroge
No
6.2%
Jimnah Mbaru
No
6.1%
Ndungu Gathinji
No
6.0%
Ephraim Kareithi Njogu
No
5.1%
Stephen Waruhiu
No
4.8%
Peter Mbogua
No
4.7%
Total
61.8%
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Rank: Member Joined: 5/16/2009 Posts: 145
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Kshs ‘000Ppp
Group
Year ended 31 December
2004
2005
2006
2007
Revenue
1,319,088
2,156,919
4,202,271
Cost of sales
(808,714)
(1,379,738)
(2,816,096)
Gross profit
510,374
777,181
1,386,175
Profit from operations
176,582
287,709
935,931
1,190,311
Acquisition premium
41,782
386,792
Net finance costs
(11,022)
(68,175)
(159,685)
Profit before tax
176,582
318,469
867,752
1,417,418
Taxation
(58,600)
(83,942)
(138,592)
(248,477)
Profit after tax
117,982
234,527
729,160
1,168,741
Attributable to:
Equity holders
87,912
180,486
620,944
981,978
Minority interest
30,070
54,041
108,216
186,763
Profit for the year
117,982
234,527
729,160
1,168,741
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Rank: Chief Joined: 1/3/2007 Posts: 18,110 Location: Nairobi
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Cash vs TC Shares today? Stay in cash Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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Stonemimi- i take it the yes are those selling some of their holdings. Correct? The real clincher imho,will be the 2008 numbers bcos that is where all investment firms worldwide either had write-downs or so a seriuos downturn in profits. Wananchi was James Gachui's venture,but he hasn't held a controlling stake for a while and is now effectively been sold to Emerging Capital Partners www.mjengakenya.blogspot.comSehemu ndio nyumba
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