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Olympia - AGM 2009
Rank: Chief Joined: 1/3/2007 Posts: 18,099 Location: Nairobi
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Expect lots of kelele. http://bankelele.blogspot.com/
Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 11/2/2006 Posts: 519
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The results they've posted in today's Daily Nation pg 6 look very suspect (personal opinion).
@VVS kazi kwenu share holders on 2nd Oct. Please post and let us know what's cutting after the AGM.
Bright and interesting people talk about ideas.
Those of average intelligence talk about things.
Stupid people talk about other people.
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Rank: Member Joined: 5/16/2009 Posts: 145
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AGM postponed to plan how to conter kelele mingi.
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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Oh sit. I had planned to be off work the whole day,to do KQ AGM in the morning and Olympia Kafitho in the afternoon....
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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What is the new date of the AGM? Where is the link to the postponement story? www.mjengakenya.blogspot.comSehemu ndio nyumba
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Rank: Chief Joined: 1/3/2007 Posts: 18,099 Location: Nairobi
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@mainat: 2 Oct. Notice in the paper. Link kesho? *** @GG - pole lakini LOL @ Olympia Kafitho **** @stonemimi. Kweli. Lakini I doubt they will succeed! ***** @mtaalam Pray the results are really better. Please do not miss this AGM. Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 2/27/2007 Posts: 2,768
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i dont qualify for attendance here,but we might enjoy the show at the windows.... NEVER TALK OF A RHINO IF THERE IS NO TREE NEAREBY - ZULU PROVERB ...besides, the presence of a safe alone does not signify that there is money inside...
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Rank: Chief Joined: 1/3/2007 Posts: 18,099 Location: Nairobi
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If u are not a shareholder,get a proxy Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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OC made Ks16m in the first half of this yr,which I believe is a get-out-of-jail card of some sort against any AGM noises. www.mjengakenya.blogspot.comSehemu ndio nyumba
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Rank: Member Joined: 2/8/2007 Posts: 808
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Hakuna hiyo,
Board of Directors must get lots of grief from shareholders. I have been to a previous OCH AGM's and shareholders were asking very pedestrian questions (typical of kenyan AGM's) i guess its the same crowd that attends all kenyan listed company AGM's anyway.
We need a more informed participation this time...Top of the list is we need to have the current chair stepping down,he took our money and he can't account for much of it. My suspicion is that the CEO has pocketed the chair. The CEO has been making several blunders and the chair never reacts,you wonder what is his work. I think Dr. Obura's should step down and allow mr Simba to be the chair....
The company if indeed is a Private Equity company needs to look like one. From where I am seated this is a one man shop never mind its great potential. Also the board committees don't meet,i wonder how a private equity company can run without an investment committee meeting? They don't even have personel to manage the investments of the business,its all Michael Matu who i believe should relenquish the seat of CEO and remain as an ordinary director. The board must comit to put in place proper board and management structures like any other private equity company or else ship out.....I dont think matu has controlling interest in that business....alternatively we can vote to sell the assets and recover our money.
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Rank: Veteran Joined: 3/27/2009 Posts: 1,437
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Michael Matu has/had interests in Karen properties. He was a director of the company way back in 1999 or 2000 when the Wamae family bought the company (then known as Dunlop),capitalized the reserves and sold a big chunk of the shares through the stock exchange making millions in the process. The CMA made queries about the issue then but for some reasons kept quiet all of a sudden. He was selling them through three brokerage firms and I suspect only one had the full picture. I have never been comfortable with the counter since then though its important to add that the deals appeared legal.
IGANA.
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Rank: Chief Joined: 1/3/2007 Posts: 18,099 Location: Nairobi
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@mainat: LOL... Losing 200mn then 'making' 16mn seems like a trick a bank uses when making provisions... easier to take one huge hit then show 'gains' later. Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,099 Location: Nairobi
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@mukiha - I have it on good authority that Scottlink (2.25%) is owned/controlled by Michael Matu. Others that may be related but I am not sure are Karen Enterprises (9.8%) is an Obura company. Croxley Properties (1.0%) is controlled by the same matu group. Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,099 Location: Nairobi
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@kausha - You are so right Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,099 Location: Nairobi
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On Page 52+53 (Note 30) there is a list of related parties: Central Kenya Wholesalers (0.3%),Croxley (1.0%),Dunlop Properties (18.4%),Scottlink (2.2%),Mt. Kenya Investment (0.4%) Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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It appears then that this is just a Matu family outfit...... Question then is: do you trust them? Does their maintaining controlling share and executive management add value to the enterprise? My thinking is that if they were forthright,they wouldn't hide behind so many veils. Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow) Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Chief Joined: 1/3/2007 Posts: 18,099 Location: Nairobi
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Well,that is why all shareholders need to show up at the AGM. Change the culture. BTW,Paul Wanderi Ndungu (of KQ & CMC fame) became a director & huge shareholder. Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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I respect Paul Wanderi because he does not hind behind some amorphous sounding investment company...he goes in in his personal name. If anyone has a question,they can ask him directly; not some inconsequential proxy. Behind the gardens...Behind the wall...Under the tree (Including: Red...Dark Blue...Yellow) Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Chief Joined: 1/3/2007 Posts: 18,099 Location: Nairobi
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There are reasons for having proxies or firms... but in OCHL's case I have no idea... Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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Dudes,you better let Matu's son know what time is...none of that nonsense about not getting your sandwich et al www.mjengakenya.blogspot.comSehemu ndio nyumba
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