Thanks Sober, but from my understanding...

1. TC Mauritius is the Issuer.

2. The bond issue has to be arranged and then sold (commonly via syndicate), to prospective investors.

3. From prospectus, the issue has been arranged by Krimlane Ltd.... Who are they / Anyone heard of them? The website domain was registered in Kenya... Oct 2010.
http://whois.domaintools.com/krimlane.com

4. The bond issue is not underwritten; who are the selling agents/book runners? i.e. It's a Eurobond...who is placing it?

5. Subscription rate or when does the bond open?



From prospectus
FX Conversion Rate
The Convertible Bonds will be translated into Kenyan Shillings at the fixed rate of KSh 80.49135 to USD 1.00.

Real time USD/KES
http://www.forexpros.com/currencies/usd-kes

(89.70*-80.49)+40 = 49.21 vs 50 (listing price)....
I think what's key would be to determine the "No-Arbitrage" price and then find out what's going on with the bonds.... the rest is easy :D

*@ 13:01 EAT

True, but apparently the Eurobond is "phased" (press) so when does phase II/ tranche II start? The Equity will need "juice" to attract bondholders no?

Subscription rate ... when applications exceed the amount initially sought . e.g. they've raised 35MM (as of 05/07/2011) was that the target for "this phase" or fell short?

The bond prospectus did not mention that the Eurodollar bond was to be issued in tranches. I think TransCentury are unable to raise all the USD.75M, at a go, through the bond and have been forced to change their plan.

The USD.35M will only be sufficient to pay their required additional investment in RVR of USD.27M (80M*34%). It looks like the additional projects, including the 100MW geothermal project in Menengai that would require USD.100M, will have to wait.

BTW, their gearing ratio is really high and the bonds are worsening the situation. Probably the Njungus wameogopa

.

The battering (EA Cables) is of the magnitude that they cannot even pay dividends 42-days after their due date. Hii listing ya TCL iko na Ukora ndani yake.

I think the purpose for the introduction is not necessarily to attract investors into buying their shares.I think the listing is a way of creating a market for their convertible Bonds.

The only way they can shore up EACables is by buying the shares which will eat their little capital.

TCL needs a huge capital outlay which even the sell of its shares cannot satisfy their thirst so they are forced to use ingenious ways to generate capital.