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buying CIC at kes 38
Rank: Elder Joined: 2/10/2007 Posts: 1,587
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hisah wrote:This will be very few shares (20M) for the class B shareholders and most will likely to be gobbled up by the class A members (Saccos). Rumour has it that the listing might be in 2012 - 2013. But the move to capitalize the share-holding to Ksh 1B and break up life and general insurance biz is smart just like CFC  Why would they wait to list in 2012-2013? They should also increase the number of shares vide split or bonus before listing
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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PKoli wrote:hisah wrote:This will be very few shares (20M) for the class B shareholders and most will likely to be gobbled up by the class A members (Saccos). Rumour has it that the listing might be in 2012 - 2013. But the move to capitalize the share-holding to Ksh 1B and break up life and general insurance biz is smart just like CFC Why would they wait to list in 2012-2013? They should also increase the number of shares vide split or bonus before listing That is the word on the ground when they expect to be ready for listing. The special AGM is meant to address the share increment issue before the public listing can be considered. I like the fact that they hold a large chunk of Coop shares (@ ksh1.10) long before it was listed.$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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hisah wrote:PKoli wrote:hisah wrote:This will be very few shares (20M) for the class B shareholders and most will likely to be gobbled up by the class A members (Saccos). Rumour has it that the listing might be in 2012 - 2013. But the move to capitalize the share-holding to Ksh 1B and break up life and general insurance biz is smart just like CFC Why would they wait to list in 2012-2013? They should also increase the number of shares vide split or bonus before listing That is the word on the ground when they expect to be ready for listing. The special AGM is meant to address the share increment issue before the public listing can be considered. I like the fact that they hold a large chunk of Coop shares (@ ksh1.10) long before it was listed. Thanks mwana hisa for the info. They hold a sizeable chunk of Coop shares and insure the Coop bank loans and ofcourse the saccos. This is really a stable company and bright future. They should be sending out information memorandum to shareholders. I see a ten bagger stock in CiC!
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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Any one gearing to attemd CiC EGM?
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Rank: New-farer Joined: 8/5/2010 Posts: 20 Location: Nairobi
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any idea when class A shareholders could bail out in case of public listing....2016 or beyond?...what was the case with Coop bank shareholders?
natafuta hii gitu sana!!!
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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blaqlegend wrote:any idea when class A shareholders could bail out in case of public listing....2016 or beyond?...what was the case with Coop bank shareholders?
natafuta hii gitu sana!!! No idea, may be we wait for the EGM and see if there will be mentions of that. I doubt if they will want to bail out soon, since value unlocking will come many years after listing. In any case, unlike retailers they are hungry for cash. So I see very few free flot. No wonder, only current class B shareholders and new ones will be offered new shares. @Blaq - When do you expect public listing? I am in but want more shares
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Rank: New-farer Joined: 8/5/2010 Posts: 20 Location: Nairobi
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PKoli wrote:This might have eluded us today. I never read the paper in the morning and so missed out. I have been wondering why CiC has been alot of marketing lately. From posters to newspapers, they have been having fantastic marketing. I now know why;
In today's papers, they have announced an EGM on September 17th to discuss among other issues:
1. Demerger of life and general business
2. Change of name and conversion
3. Increase of share capital..That the authorised share capital of the company be increased from KES 600M to KES 1000M divided into 50M shares of KES 20 each by creation of 20M ordinary shares of KES 20.
4. That the Board be hereby authorised to issue and allot the unissued share capital of the Company to the existing Class B shareholders and to new shareholders at such a price and such terms as they deem most beneficial to the Company.
@Pkoli my thoughts are that they want to authorize the board to issue to class B and others(public) at a small premium incase class A don't finish them up. my source tells me that staff(hence coop sacco members/class A) have been offered at Ksh 22.5 each. I do intend to get some thro one member and since they'll be class A,i suspect it may take me long to recoup but for all its worth....I'M SO IN!! i'm looking at a 7-10 year window-hope i'll be alive! 
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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@blaqlegend,
If you look at resolution number 4, it only talks about class B shareholders. Class A shareholders are Coop sacco socities, Class B are individual sacco members.
My question is whether you are already a member of any sacco and if you have any CiC shares? If so you will be offered a chance to buy more shares. My thinking is that existing shareholders will be offered at a premium as opposed to new shareholders. Sacco socities will not participate since they already hod a significant chunk of the shares. Let us wait for 15th Sept resolutions
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Rank: New-farer Joined: 8/5/2010 Posts: 20 Location: Nairobi
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only have 400 but my biz partner is a sacco member so i guess the extra ones will be class B shares....15th sept seems like a zillion years away!
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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blaqlegend wrote:only have 400 but my biz partner is a sacco member so i guess the extra ones will be class B shares....15th sept seems like a zillion years away! How did you get the 400 if you are not a sacco member? In any case, they were being issued at lots of 500
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Rank: New-farer Joined: 8/5/2010 Posts: 20 Location: Nairobi
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sorry i meant 500.I own thro proxy...only paid my pal(who is a member to buy for me)
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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blaqlegend wrote:sorry i meant 500.I own thro proxy...only paid my pal(who is a member to buy for me) I propose that you join a sacco now, have your friend sell to you the 500 shares and after 15th you should be able to participate in the EGM
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Rank: Member Joined: 12/8/2009 Posts: 274 Location: Ltktk
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when did cic sell these shares to individual sacco members? coz am a sacco member na sikusikia wala kuona!! ...things fall apart...the centre cannot hold..mere anarchy is loosed upon the world...w b yeats
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Rank: Veteran Joined: 10/11/2009 Posts: 1,223
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CIC did a private placement aimed at raising Ksh.450 million selling 20 million shares priced at Sh22.50. The target was co-operative societies and their individual members. I remember the application forms had to be countersigned by Sacco Managers. The placement closed on December 31, 2007 and was grossly undersubscribed raising Ksh.234 million. History will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
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Rank: Member Joined: 12/8/2009 Posts: 274 Location: Ltktk
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@BGL do you think they will do the same this time? or how else will they raise the 400M they will be seeking? do they have other means?coz they r not listed. ...things fall apart...the centre cannot hold..mere anarchy is loosed upon the world...w b yeats
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Rank: Veteran Joined: 10/11/2009 Posts: 1,223
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Good question TUPAC wrote:@BGL do you think they will do the same this time? or how else will they raise the 400M they will be seeking?
do they have other means?coz they r not listed. They are creating 20,000,000 (Twenty Million) ordinary shares of Kenya Shillings Twenty (Kshs 20)to be sold before the end of the year to members of cooperative societies. In 2007, i was sceptical and i put in only Ksh 22,500 for 1000 shares, this time around,i will put in 500k worth of shares. I see it going the cooperative bank way in the next 2-3yrs. I won't be attending the EGM (i am very busy..... and my boss once said he does not pay staff to attend AGMs) scheduled for Sept 17 but i got the agenda. History will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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BGL wrote:CIC did a private placement aimed at raising Ksh.450 million selling 20 million shares priced at Sh22.50. The target was co-operative societies and their individual members. I remember the application forms had to be countersigned by Sacco Managers.
The placement closed on December 31, 2007 and was grossly undersubscribed raising Ksh.234 million. The signing was not by Sacco Managers, but any official. The whole subscription was not grossly underscribed, but just by a few shares.
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Rank: Member Joined: 12/8/2009 Posts: 274 Location: Ltktk
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and what could be the worth of the shares now if at all someone would be transacting in them? ...things fall apart...the centre cannot hold..mere anarchy is loosed upon the world...w b yeats
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Rank: Veteran Joined: 10/11/2009 Posts: 1,223
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why buy @ 38 if you can get it at 20bob not unless you are not a SACCO member. @pkoli
They were raising 450mn, they got 234mn which was 48% less that their target. Regarding the signatories they needed a stamp with an authorized signatory sometimes even a seal. @ TUPAC
You can download the 2009 annual report from their website and do the numbers... I ain't an accountant so i cannot make your answer from them. However Wazua's most decorated accountant VituVingiSana (senior Elder)or any other accountant can help you out. here is the annual report http://www.cic.co.ke/pub..._ANNUAL_REPORT_20091.pdfHistory will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
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Rank: Elder Joined: 2/10/2007 Posts: 1,587
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BGL wrote:Good question TUPAC wrote:@BGL do you think they will do the same this time? or how else will they raise the 400M they will be seeking?
do they have other means?coz they r not listed. They are creating 20,000,000 (Twenty Million) ordinary shares of Kenya Shillings Twenty (Kshs 20)to be sold before the end of the year to members of cooperative societies. In 2007, i was sceptical and i put in only Ksh 22,500 for 1000 shares, this time around,i will put in 500k worth of shares. I see it going the cooperative bank way in the next 2-3yrs. I won't be attending the EGM (i am very busy..... and my boss once said he does not pay staff to attend AGMs) scheduled for Sept 17 but i got the agenda. I was lucky I took about 10K CiC and have since added more. I am geared to take all my rights and more. It will surely go the cooperative way. They also own a chunk of shares of coop which they got pre-listing. This could be a super stock
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buying CIC at kes 38
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