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Unga limited takeover
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uchumi
#1 Posted : Thursday, February 08, 2018 7:39:13 AM
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Joined: 9/16/2006
Posts: 228
seaboard corporation has given an offer of kshs 40.00.i think its quite low compared to the assets they have.what is your take on the takeover.its in today nation page 17
“I don’t regret the things I’ve done, I regret the things I didn’t do when I had the chance.”
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Ericsson
#2 Posted : Thursday, February 08, 2018 8:20:16 AM
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Joined: 12/4/2009
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Location: NAIROBI
They already own 50% of the company and have management control.
@vvs what's your take on this since you are a fun and shareholder of the company
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Angelica _ann
#3 Posted : Thursday, February 08, 2018 8:22:16 AM
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Joined: 12/7/2012
Posts: 11,908
uchumi wrote:
seaboard corporation has given an offer of kshs 40.00.i think its quite low compared to the assets they have.what is your take on the takeover.its in today nation page 17


Offer should be in the region of 50bob
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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biddii
#4 Posted : Thursday, February 08, 2018 8:36:41 AM
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Joined: 9/25/2014
Posts: 27
Daylight robbery is you ask me. NAV is around 49.50. Prime property assets not revalued. Sitting on 1.7 bn cash at last set of results. 19.5bn turnover, and you Seaboard are offering just under 3bn.
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wukan
#5 Posted : Thursday, February 08, 2018 9:28:08 AM
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Joined: 11/13/2015
Posts: 1,590
Where are the papers I sign now now? Riding this one from 10-40 plus the njaanuary dividends has been one hell of a profitable ride.
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VituVingiSana
#6 Posted : Thursday, February 08, 2018 10:15:06 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,103
Location: Nairobi
Ericsson wrote:
They already own 50% of the company and have management control.
@vvs what's your take on this since you are a fun and shareholder of the company

Too low.

1) The NAV as of 30 June 2017 was 49.26 [20% higher than the Offer Price]
2) The management indicated that 1H 2017-18 was going to be good based on increased maize supply via subsidized maize.
3) Ennsvalley and Nakumatt losses were written off in 2016-17 so the book is clean(er).
4) A new wheat plant has been installed in Nairobi and is working at full capacity.
5) A new wheat mill will be installed in Eldoret to meet demand.
6) New silos erected in Eldoret which allows for longer, better and increased storage to take advantage of low prices for grain.

Seaboard owns 35% of Unga Holdings Ltd (not Unga Group PLC).
UGL owns 65% of UHL + other assets e.g. land on Ngong Road.

IMHO, the Fair Value is 60+ but the minimum offer should be 50+
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#7 Posted : Thursday, February 08, 2018 11:35:14 AM
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Posts: 10,684
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VituVingiSana wrote:
Ericsson wrote:
They already own 50% of the company and have management control.
@vvs what's your take on this since you are a fun and shareholder of the company

Too low.

1) The NAV as of 30 June 2017 was 49.26 [20% higher than the Offer Price]
2) The management indicated that 1H 2017-18 was going to be good based on increased maize supply via subsidized maize.
3) Ennsvalley and Nakumatt losses were written off in 2016-17 so the book is clean(er).
4) A new wheat plant has been installed in Nairobi and is working at full capacity.
5) A new wheat mill will be installed in Eldoret to meet demand.
6) New silos erected in Eldoret which allows for longer, better and increased storage to take advantage of low prices for grain.

Seaboard owns 35% of Unga Holdings Ltd (not Unga Group PLC).
UGL owns 65% of UHL + other assets e.g. land on Ngong Road.

IMHO, the Fair Value is 60+ but the minimum offer should be 50+



Seaboard of Delaware owns a 2.92% in Unga Group and Victus (a company related to Seaboard) owns 50.93% of the Kenyan listed company.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#8 Posted : Thursday, February 08, 2018 11:43:11 AM
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Joined: 1/3/2007
Posts: 18,103
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
They already own 50% of the company and have management control.
@vvs what's your take on this since you are a fun and shareholder of the company

Too low.

1) The NAV as of 30 June 2017 was 49.26 [20% higher than the Offer Price]
2) The management indicated that 1H 2017-18 was going to be good based on increased maize supply via subsidized maize.
3) Ennsvalley and Nakumatt losses were written off in 2016-17 so the book is clean(er).
4) A new wheat plant has been installed in Nairobi and is working at full capacity.
5) A new wheat mill will be installed in Eldoret to meet demand.
6) New silos erected in Eldoret which allows for longer, better and increased storage to take advantage of low prices for grain.

Seaboard owns 35% of Unga Holdings Ltd (not Unga Group PLC).
UGL owns 65% of UHL + other assets e.g. land on Ngong Road.

IMHO, the Fair Value is 60+ but the minimum offer should be 50+



Seaboard of Delaware owns a 2.92% in Unga Group and Victus (a company related to Seaboard) owns 50.93% of the Kenyan listed company.

Yes. Victus owns 50.93% of UGL (now known as UGPlc)...
I wonder if the Ndegwas are getting a different deal from the rest of us.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Sir invest
#9 Posted : Thursday, February 08, 2018 12:55:50 PM
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Joined: 8/19/2015
Posts: 125
what is the impact to the current individual shareholders if Seaboard and Victus delist Unga????
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Angelica _ann
#10 Posted : Thursday, February 08, 2018 12:58:24 PM
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Joined: 12/7/2012
Posts: 11,908
Sir invest wrote:
what is the impact to the current individual shareholders if Seaboard and Victus delist Unga????


You get paid your shares @40 bob, accept and move on. Those who have tried to resist selling (except for Centum vs Rea Vipingo) has NEVER succeeded. They have always been paid off at the declared price!!!
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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VituVingiSana
#11 Posted : Thursday, February 08, 2018 5:58:40 PM
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Joined: 1/3/2007
Posts: 18,103
Location: Nairobi
Who is behind Victus?
Who is the chairman of the CMA?

Sigh, this will be a tough fight for Minority Shareholders to be treated fairly.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Elephant Man
#12 Posted : Thursday, February 08, 2018 6:03:31 PM
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CMA should lift suspension of trading in this counter after say two working days (i.e. from Monday 12th February 2018) and allow for price discovery in the market...my two cents
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Ebenyo
#13 Posted : Thursday, February 08, 2018 6:59:25 PM
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https://www.businessdail...96386-cs6w4mz/index.html
Towards the goal of financial freedom
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Swenani
#14 Posted : Thursday, February 08, 2018 7:14:24 PM
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Joined: 8/15/2013
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Elephant Man wrote:
CMA should lift suspension of trading in this counter after say two working days (i.e. from Monday 12th February 2018) and allow for price discovery in the market...my two cents


Your two cents can be taken seriously were it not quoted in Iranian Rial
If Obiero did it, Who Am I?
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obiero
#15 Posted : Thursday, February 08, 2018 8:05:17 PM
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Joined: 6/23/2009
Posts: 13,515
Location: nairobi
Swenani wrote:
Elephant Man wrote:
CMA should lift suspension of trading in this counter after say two working days (i.e. from Monday 12th February 2018) and allow for price discovery in the market...my two cents


Your two cents can be taken seriously were it not quoted in Iranian Rial

Hahaha

HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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kawi254
#16 Posted : Thursday, February 08, 2018 9:46:02 PM
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Location: Nairobi
Monkeys are all that will be left in NSE after all the investable companies delist
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Spikes
#17 Posted : Thursday, February 08, 2018 9:55:58 PM
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Joined: 9/20/2015
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Location: Mombasa
kawi254 wrote:
Monkeys are all that will be left in NSE after all the investable companies delist

You'll have no better choice than pump and dump the monkeys.
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Spikes
#18 Posted : Thursday, February 08, 2018 9:57:19 PM
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kawi254 wrote:
Monkeys are all that will be left in NSE after all the investable companies delist

You'll have no better choice than pump and dump the monkeys.
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Ebenyo
#19 Posted : Thursday, February 08, 2018 10:10:53 PM
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Joined: 4/4/2016
Posts: 1,997
Location: Kitale
kawi254 wrote:
Monkeys are all that will be left in NSE after all the investable companies delist




There will always be good companies to invest in NSE.
Towards the goal of financial freedom
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VituVingiSana
#20 Posted : Thursday, February 08, 2018 11:02:08 PM
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Joined: 1/3/2007
Posts: 18,103
Location: Nairobi
Elephant Man wrote:
CMA should lift suspension of trading in this counter after say two working days (i.e. from Monday 12th February 2018) and allow for price discovery in the market...my two cents

That makes sense. After all we know the offer by Seaboard is 40/- and if someone wants to offer more then let them do so...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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