Whatever people think of Ciano, he has done what few have been able to do so far - bring a company back from a gallant suicidal march led by its then leaders. They look to be preparing for an early 2010 exit / relisting.
The company still has a long way to go, but i would vouch for the Ciano team to stay on, with new Terms of Reference, this time from the shareholders not the receivers.
Its share price, however, will most probably remain under 15shs in the short term, especially when one factors in the new shares to be created (further dampening its EPS/PE/etc). But, i see an equity group buying into it in the not too distant future, an action that will eventually pull up its share price.

@GG - Interesting... I remember the small 'duka' they had at Sarit many, many years ago... lakini I think they got robbed so often they shut it down!

Half year results are not good. EPS half year 0.61 compared to 4.81 full year June 2010.

Instead of providing half year results for previous year for comparison, Management has published full year results june 2010, for comparison to half year, another reason for suspicion. ABK.

Most worrying is possible understatement of cost of sales/overstatement of margins. While Tuskys and Nakumatt report 16% gross margins, Uchumi reports 18% suggesting better efficiencies than the other two. There is no way Uchumi can be more efficient.

NOTE:// 1% movement in gross margins for Uchumi translates to 58m in profits. we are talking huge figures here.

@GG noted. thanks. the dilution had eluded me

Ciano should do the very basic thing which is to clean up the outlets, improve on the ambience, customer care and go abit slow on the regional expansion.

At some outlets they have stockouts and poorly lit ailes, its normal to have the cashier also pack the goods as other clients wait !

That way, he will be improving on the traffic to the outlets at a very minimal cost. Overall though, the guy has done a herculean task given the challenges he initially faced.