[quote=BGL]why buy @ 38 if you can get it at 20bob not unless you are not a SACCO member.

@pkoli

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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

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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.pdf[/quote]

I am an active member of CiC I have got there annual accounts for the last three years, both hard and soft.

download the annual report 2009. You will get all the info you need from there.

[quote=BGL]why buy @ 38 if you can get it at 20bob not unless you are not a SACCO member.

@pkoli

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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

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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.pdf[/quote]

I expect them to issue a rights to the existing shareholders. Therefore buying more at 38 will guarantee you opportunity to get more shares at a discounted price.

Hey Pkoli, thanks for the update, i have been going through it and i noticed that since 2002, they have only had one year when they had a negative underwriting margin which is nice and their investment income has been increasing. I estimate the value to the private owner to be more than 20/-. Is it possible for a person not in a Sacco to invest, coz i am in kampala.

I Monsieur BGL, being a SACCO member plus holding a stake in CIC do post some of the agenda for the EGM..... to participate YOU MUST BE A SACCO MEMBER. But resolution 10 may restrict the participation only to current members IF THE BOARD THINKS IT IS OK. By the way the board has so many wazees who should have retired last decade. Though i am member, i will not be attending so those who attend please provide a clearer info.

Increase of Share Capital
Resolution 8. THAT the authorized share capital of the Company be increased from Kenya Shillings Six Hundred Million (Kshs 600,000,000) to Kenya Shillings One Billion (Kshs 1,000,000,000) divided into 50,000,000 (Fifty Million) shares of Kenya Shillings Twenty(Kshs. 20) each by the creation of 20,000,000 (Twenty Million) ordinary shares of Kenya Shillings twenty (Kshs 20)

Allotment of Shares
Resolution 9. THAT the Board be and is hereby authorized to issue and allot the unissued share capital of the Company to the existing Class B shareholders and to new shareholders at such price and on such terms as they deem most beneficial to the Company.

Closure of Register of Members
Resolution 10. THAT the register of members be closed for a period of thirty days from such date as the Board may determine to allow for the issue and allotment of the new shares as authorized in the foregoing resolution.