Good for you ;-) I am quite comfy thanks to the panic got in at 13 so 15/13.2 (including transaction costs) = 13.6%

Don't stress too much. We will wait to see the outcome. I figure we shall know sooner than later I bought the 'firm' at a discount so I am happy.

As for worrying whether Kestrel will put in the bid... They are on the 'sellers' side & probably know a lot more than the rest of us. I have a feeling that the biwott family will sell out at a 'healthy' price which would benefit minority shareholders as well...

Worst case: The takeover is off the table. KK continues its business. No stress on my end. I own shares at a fair price in a well-run firm. What Buffett calls a 10-bagger. We wait, profits roll in, dividends get paid out and share prices rise. It's all good

If Puma offers less than KES 17.65, there is no harm we stay in and leverage on the advantages that puma will bring onboard as we look forward to the expected oil finds.
Remember Puma is seeing high value in KK and it knows very well its a diamond in the rough.

The takeover price will be much higher than most street estimates

1. Top notch Assets-Number 1 supplier of lubricants in Zambia, Number 1 in terms of maket share in Rwanda, Kenya and Uganda. KK runs East Africa.
2. Top notch management-I see Mr Segmen becoming the Chairman of Puma Energy Africa
3. Competitors-By buying KK, Puma is swallowing competition.
4. Supplier/new Customers-Puma has no precense in East Africa´s biggest economy. Puma can use KK´s expansive network of storage facility to supply the companies East and Central Africa network.
5. Final Piece of the Jigsaw Puzzle-KK is the missing piece then waala Puma has a strong sub saharan chain.

Takeovers involving several countries take alot of effort and time to complete, this deal can stretch into next year...which is not a bad thing considering KK would have recovered from those horrible H1 losses.

Doesn't rational thinking tell us that the bidders will always bid lower than the sellers asking price?? It happens everyday on the NSE!!
So if Kestrel says 20bob i don't see why Puma won't offer 17bob..



Biwott probably got his shares at less than 1bob when he got in.. He will gladly take 17bob from Puma as it will be the all time high share price for the stock and like 20times what he put in..

Why would Biwott care about minority shareholders??



A business with TERRIBLE margins will unlikely ever be a "10bagger" no matter how good the management!

I'm seating here & laughing at the challenge by Total Kenya...its WEAK! Read JIS comments in that story. I have cash...I would like to buy I missed adding more at 13 bob last time btwn KK screwed Total Kenya & now Puma will finish them off...its funny how KK never talked about stopping the Total Kenya (TK) buy out of Caltex cos they had a pre emptive right to buy caltex share in the oil facility...look where the acquisition of caltex has ended TK...Losses year in year out...up to the point they had to recapitalise...Hidiots!