Okay okay good job with 100% growth. I was always a skeptic but happy to be corrected.

Although they need to remember to release results even when they do badly. I do not remember seeing 2009 results broadcast - very quiet affair.

Does this mean future is bright for Centum?

http://www.nation.co.ke/busines...1006/1134564/-/tl0je0/-/

profits jumped to 468 million for the period ended December 2010 from Sh234 million.
this company is to list at teh bourse within the year, read source for funds from the public.

Looking at the Financial statements, i am sure that these guys are cashing out. Reasons:
1. At a price of around 35 at the OTC with an EPS of 1.29, the share is at a p/e of around 27 & with a div of 0.20 a yield of 1%. They do know it is overpriced in this kind of a market. I presume the div will be paid out of div received from EACBL(Note EACBL's good payout though profits declined)
2.Profits from operating activities only increased by 22% while PBT by 20%. Can't buy when the operational profit & PBT only increase by that much at the above p/e.
3. This is the part where it starts getting funny coz Income tax reduces from 292M to 162M making the PAT go up by a significant 99.7%.
4.What makes the EPS grow from 0.34 to 1.29 is on other comprehensive incomes:
- Revaluation of PPE up 62%
- Net change in fair value of available for sale financial assets up 627% (Unrealised)
- Available for sale released on disposal of quoted shares up 3,824%
- Exchange diff on translation of subsidiaries up 976% (Unrealised.RVR, kewberg,Tanelec, Cableries du Congo & Avery are also not a quoted companies(i stand corrected) & i'd love to see their financials)
- other comprehensive income up 410%
- Total comprehensive income up 266%
Keenly look at where the leap in EPS has come from!
5. Part of their special resolution reads:' That the following be considered and, if thought fit, passed as a SPECIAL RESOLUTION:
“That the Board be authorised to establish an equity participation programme for the management, with a view to
aligning management with the long term interests of shareholders, and that 10% of the authorised but unissued
share capital of the Company be reserved for this purpose, subject to the requisite regulatory approvals”.'
Is this part of ESOP or is it for CMA regulations of ensuring existing shareholders don't leave the company hanging.

With all of the above i'm awaiting to see how the interested public are going to make money off the share and how i can be convinced that these guys are not cashing out in any way

TCL results are just "Smoke and mirrors" or should I call it "vapourware". With an EPS of 1.29 and dividend of 20 cts, this share will crash from the OTC price of 35 to the 10 - 15 range when it is listed, and that is if they bring it real quick before the market heads further down!

This is a bait to lure guys in buying when they list RVR and other of their investments are doing badly, this is another eveready.

Is the company raising capital by issuing new capital or are existing shareholders selling some of their shares?

I think its the latter, I may be wrong.

If indeed shareholders are "selling" and thus diluting their shareholding, do I want to get in when they are getting out?

Which shareholders are cashing in?

What amounts respectively?

Why?
Maybe the business may loose some GoK goodwill whe Kibaki retires... how much, I don't know.

If it is mostly the family of the late Chairman James Gachui then fine... still that is not a good reason to list... the other wazees can more easily raise the capital (to pay out Gachui's beneficiaries) themselves or let in private investors into the "cash cow". I'm sure if they wanted they could get one or two billionaires from their social circles to get in... Jimnah Mbaru is an Investment Banker!!!!!

On the flip side taxes for public companies are lower so i guess that is incentive.

I cannot discount @erifloss's dire opinion... infact I agree with him... this one smells fishy... these guys need to do a press release after that post !