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NBK First Rights Issue
Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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VituVingiSana wrote:KPLC - Conversion of pref shares to ordinary shares diluted 'minority' shareholders... And gave GoK 51% with devastating consequences. Once beaten twice shy...those NBK pref shares are like a poisonous pill.
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Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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mwekez@ji wrote:vastcapital wrote:guru267 wrote:mwekez@ji wrote:Top two shareholders
1. NSSF - 48.05%
2. GOK - 22.50%
Save for the two, no one has more than 0.5% shareholding in NBK, meaning NSSF + GOK will determine the success of this rights issue In such cases management has already discussed with major shareholders and the rights issue is already approved! In agreement with Guru267. its a done deal. The bank is undergoing a transformation and will be one stock to watch in the next few months, Rebranding,Technology change,Strategic branch expansion and New management style...if you can trail it for the next few years it has a potential to multiply your fortunes! Government has in recent years sat out rights issues in other firms such as CFC, Mumias, KCB, Kenya Power and Housing Finance, allowing the private sector to increase its stake in what is seen as non-strategic firms. What then informs you that government will participate in this NBK issue Its a useless mission to hold a rights issue without the consent of the big shareholders! The rights issues gava sat out of were companies with other large shareholders who were willing to take up GOKs rights... But even then it was pre agreed! No listed company at least in Kenya has held a rights issue without guarantee of success! Either GOK participates or they shelve plans altogether... Mark 12:29
Deuteronomy 4:16
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Rank: Chief Joined: 1/3/2007 Posts: 18,361 Location: Nairobi
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NSSF not GoK is key. Will CBK exempt NBK from owning more than 25% of NBK? And more than 50% if the Preference Shares are converted to Ordinary Shares? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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VituVingiSana wrote:NSSF not GoK is key. Will CBK exempt NBK from owning more than 25% of NBK? And more than 50% if the Preference Shares are converted to Ordinary Shares? @VVS, reading cbk prudential guidelines that gok & state corporations are exempt from the 25% shareholding rule
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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@cde, any idea on when this counter is releasing Q1 2013 results
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Rights issue agenda + regional expansion agenda are bulleted for discussion on Friday, 7th June 2013 AGM >>> http://www.nationalbank.co.ke/uploads/AGM_NOTICE.pdf
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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NBK shares book
Current authorised ordinary shares - 600,000,000
Proposed authorised ordinary shares - 1,400,000,000
Current Issued and fully paid shares - 280,000,000
Shares free for rights issue - 1,120,000,000
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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mwekez@ji wrote:@cde, any idea on when this counter is releasing Q1 2013 results Not at all.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Cde Monomotapa wrote:mwekez@ji wrote:@cde, any idea on when this counter is releasing Q1 2013 results Not at all. K. ... Waiting
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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DAMN!!! Were it not for bad debt recovery of KES.1,172,834,000, the reported net profit of KES.729,752,000 could have been a net loss of KES.443,082,000 (729,752,000-1,172,834,000) >>> The bad debt recovery was included in other operating income. See the details in page 47 of the 2012 annual report >>> http://www.nationalbank.co.ke/u...ds/Annual_Report_nbk.pdf
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