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Kplc restructure plan out
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Sufficiently Philanga....thropic
#101 Posted : Wednesday, November 10, 2010 7:20:51 PM
Rank: Elder

Joined: 9/23/2010
Posts: 2,225
Location: Sundowner,Amboseli
2012 wrote:
Sufficiently Philanga....thropic wrote:
I hear CMA has to approve the restructuring 1st for them to be able to disclose the rights price!


So did they give a time when they'll have all the relevant approvals by? In other words when will we know the rights issue price or should we just ask Scan ad since I'm sure they've already started doing the ads for the issue...
smile

The problem with CMa, like all other parastatals is that it doesnt give timelines on job completion so everyone including Dyer have been left to second guess!
@SufficientlyP
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Sufficiently Philanga....thropic
#102 Posted : Wednesday, November 10, 2010 7:25:19 PM
Rank: Elder

Joined: 9/23/2010
Posts: 2,225
Location: Sundowner,Amboseli
guru267 wrote:
VituVingiSana wrote:
My 2 cents wrote:
Out of the 488M rights; 341M belong to the govt. The govt will not exercise their rights but will instead place these rights with some institution. I want to know which? And why the govt did not just sell them to the public.
Ideally, these would be sold on the NSE. They probably will be offered on the NSE... I wonder what the premium will be... [Of course, we need to know the Exercise Price]


@VVS all I can say is I told you so.. But since you seem not to be agreeing let me reiterate... G.O.K rights will ALL be offered to a institution through private placement...

The only rights that will be on the NSE are the pnes that belong to other shareholders like you and me... smile

And this is where Transcentury that previously owned 4% of KPLC and has interests in the Energy sector will be looking to shore up its stake from the current 0.75% to God knows where!
@SufficientlyP
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alikujia
#103 Posted : Wednesday, November 10, 2010 10:55:10 PM
Rank: Member

Joined: 5/27/2010
Posts: 324
Location: nrb
this subtle angle had probably escaped many, me included. But how will it choose whom to offer? Im seeing a massive uproar unless the price is very premium. But why will they do that instead of using a straight foward method of putting it into the market for anybody to grab.

So the current price can still be sustantially adjusted either way depending on pricing of those govt rights.
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Gordon Gekko
#104 Posted : Wednesday, November 10, 2010 11:11:09 PM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
@alikuja, I've said it before and I will say it again. This thing will be undersubscribed and your worry is moot. If the deal was so good, why is the Govt not taking up its rights and sell them later on the open market? Why (if what I heard on the news is correct) is Transcentury dumping its 4% that it literally robbed of NSSF?
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VituVingiSana
#105 Posted : Wednesday, November 10, 2010 11:16:53 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,354
Location: Nairobi
GoK is not taking up its Rights as a matter of Public Policy i.e. keep the 'involvement' in State-owned enterprises at a minimum but the need for 50.1% is required for access to 'cheap' multi-lateral financing...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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guru267
#106 Posted : Thursday, November 11, 2010 4:50:40 AM
Rank: Elder

Joined: 1/21/2010
Posts: 6,675
Location: Nairobi
alikujia wrote:
this subtle angle had probably escaped many, me included. But how will it choose whom to offer? Im seeing a massive uproar unless the price is very premium. But why will they do that instead of using a straight foward method of putting it into the market for anybody to grab.

So the current price can still be sustantially adjusted either way depending on pricing of those govt rights.


@alikuja if you and I as shareholders choose to sell their rights we can either choose to do it through the open market or we can sell to one of our friends or family through private placement...

So since G.O.K is a shareholder they can do the exact same thing and sell to whoever they feel like even a foreigner if they chose and no amount of uproar will change that...

If G.O.K plans to raise 8.79 billion as i saw in their projected balance sheet then the price will be 18.5 (post split)or 148

If they plan to raise 10 billion as many predict then the price will be 21 (post split) or 168
Mark 12:29
Deuteronomy 4:16
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Sober
#107 Posted : Thursday, November 11, 2010 7:50:05 AM
Rank: Elder

Joined: 11/27/2007
Posts: 3,604
kyt wrote:
My 2 cents wrote:
Out of the 488M rights; 341M belong to the govt. The govt will not exercise their rights but will instead place these rights with some institution. I want to know which? And why the govt did not just sell them to the public.


carefully crafted scheme to get some people super duper rich.



i shot this question as it is, and guess what; the MD went ahead blabbering on the rights and how the government is shedding it's holding so that it holds 50.1% after the holding. he never answered it.
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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Sober
#108 Posted : Thursday, November 11, 2010 8:00:30 AM
Rank: Elder

Joined: 11/27/2007
Posts: 3,604
Sufficiently Philanga....thropic wrote:
guru267 wrote:
VituVingiSana wrote:
My 2 cents wrote:
Out of the 488M rights; 341M belong to the govt. The govt will not exercise their rights but will instead place these rights with some institution. I want to know which? And why the govt did not just sell them to the public.
Ideally, these would be sold on the NSE. They probably will be offered on the NSE... I wonder what the premium will be... [Of course, we need to know the Exercise Price]


@VVS all I can say is I told you so.. But since you seem not to be agreeing let me reiterate... G.O.K rights will ALL be offered to a institution through private placement...

The only rights that will be on the NSE are the pnes that belong to other shareholders like you and me... smile

And this is where Transcentury that previously owned 4% of KPLC and has interests in the Energy sector will be looking to shore up its stake from the current 0.75% to God knows where!



i hear TCL pullled out.
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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Sober
#109 Posted : Thursday, November 11, 2010 8:08:38 AM
Rank: Elder

Joined: 11/27/2007
Posts: 3,604
VituVingiSana wrote:
GoK is not taking up its Rights as a matter of Public Policy i.e. keep the 'involvement' in State-owned enterprises at a minimum but the need for 50.1% is required for access to 'cheap' multi-lateral financing...



you are right. the preference shares will be converted to ordinary shares raising the GOK's shareholding to close to 70%, hence by not taking up the rights, thsy want to shed this shareholding to 50.1% just to give an i,pression that the GOK is in control. it's a parastatal, remember.
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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My 2 cents
#110 Posted : Thursday, November 11, 2010 9:12:26 AM
Rank: Veteran

Joined: 6/2/2010
Posts: 1,091
Government rights are public property and the public should have a say on how these should be disposed off. If there is confidence that these rights can be taken up by the public, why offer them to some shadowy institution. I am really curious how these govt rights will be disposed off. Maybe TCL sold their 4% shares in order to come back in cheaper via rights placement. Who knows?
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