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Safaricom - loose investors with less than 500 shares
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muganda
#1 Posted : Wednesday, February 10, 2010 7:24:30 AM
Rank: Elder


Joined: 9/15/2006
Posts: 3,905
Feb. 10 (Bloomberg) -- Vodacom Group Ltd. said it offered to buy shares held by investors with less than 500 securities each to reduce the administration and costs of dealing with small shareholders.

So-called odd-lot investors, which account for 0.58 percent of its total stock in issue, will be offered 56.61 rand each per share, Johannesburg-based Vodacom said in a statement published today in the Business Day newspaper.


Via Aly-Khan Satchu on twitter. Vodacom is like a brother to Safaricom in SA. Would this fly in Kenya?
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VituVingiSana
#2 Posted : Wednesday, February 10, 2010 7:29:06 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,118
Location: Nairobi
I am sure some politicians will be complaining but unless there is an agreement between GoK & Vodafone, I see no reason why Vodafone would not buy the shares.

Note that the difference in the UK is that Vodafone is buying back shares thus these would be 'Treasury Shares'...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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rd1
#3 Posted : Wednesday, February 10, 2010 7:36:26 AM
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Joined: 1/6/2010
Posts: 26
Location: Kisumu
Did I read correctly? 56.61 Rand per share. By yesterday's rate that would convert to Kes. 566.10 per share. Wow!
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VituVingiSana
#4 Posted : Wednesday, February 10, 2010 7:53:01 AM
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Joined: 1/3/2007
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Vodacom not Safaricom shares...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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murren
#5 Posted : Wednesday, February 10, 2010 11:04:28 AM
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Joined: 3/19/2008
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Nothing to do with safaricom, though vodafone should consider doing the same here.
The secret of success is the constancy of purpose - Benjamin Disreali
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VituVingiSana
#6 Posted : Friday, February 12, 2010 3:11:59 PM
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Joined: 1/3/2007
Posts: 18,118
Location: Nairobi
Kenya's CMA & laws are outdated. They do not allow share buybacks. Stupid? Yes.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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