Hello Wazua Members,

Allow me to put in a few facts on this matter IMO:

F1. Unaitas has one class of shares. Every member has to own at least the minimum 100 shares, (Max 1M) at Ksh 10 per share. The Shares are not categorized. The shares are not withdrawable but can be transferred to another member, which is in line with Sacco Regulations. Shareholders do earn dividends on the shares annually. To unlock the shareholders wealth, Unaitas wanted to list the shares on the GEMs segment on the NSE (See: http://bit.ly/1Rjqgz6 ) However, the Sacco model where shares continuously sell at the branch(es) (You cannot access services like savings and credit, without being a shareholder in a Sacco) and then at the Bourse is against CMA Regulations. Thus, Unaitas shelved the listing plans (See: http://bit.ly/1RjrA56 ), re-strategized (2014/18) and came up with a plan to unlock the shareholders wealth by transitioning into banking, which will enable them offer a greater allay of services to their members/customers and also allow them to list on the NSE.

F2. There was a bonus issue for shareholders from 2009 backwards. These were the shareholders who held shares before the opening of the bond (Notice that most Saccos have a common bond, e.g. A Sacco for government employees, Another for Company XYZ and such) to allow all Kenyans to join Unaitas. The shareholders who held the shares before the opening of the bond must have asked this question, We have built this organization to where it has come, now that we are opening the bond so that everyone who comes gains from the good foundation we have toiled to lay down, what is in it for us? And I guess in appreciation, of their pioneering spirit, they were given a bonus. Do they expect another bonus? I’d say, certainly not.

F3. Unaitas has been in existence for more than two decades since its inception in 1993 then as a Tea Farmers Sacco. Today, it has 19 Branches and growing. You may have known them when they were Muramati. It is a brand that began humbly and has grown to the Unaitas we know today.

F4. From the little I know of their 2014-2015 Strategic Plan, it stipulates transformation into banking (sometimes in 2016 which is next year) and the listing of their shares on NSE in 2018.

F5. Unaitas is regulated by SASRA (Sacco Society Regulatory Authority)

Have a Look at: THE SACCO SOCIETIES (DEPOSIT―TAKING SACCO BUSINESS) REGULATIONS, 2010 > http://bit.ly/1AqFSfZ

IMO, Unaitas is a brand to watch, whether as a shareholder or as a spectator, you

PS: nothing stops Unaitas from rewarding these so-called founders in future. Recall Coop before it undertook its IPO.
We should be looking for a legal undertaking by Unaitas that all shareholders have the same rank otherwise twirra manenos are just that

I agree with @mainat
UNAITAS can still give the founders bonus after bonus. If they did in 2013 what prevents them from doing it in future.

Hello Wazua Members,

Allow me to put in a few facts on this matter IMO:

F1. Unaitas has one class of shares. Every member has to own at least the minimum 100 shares, (Max 1M) at Ksh 10 per share. The Shares are not categorized. The shares are not withdrawable but can be transferred to another member, which is in line with Sacco Regulations. Shareholders do earn dividends on the shares annually. To unlock the shareholders wealth, Unaitas wanted to list the shares on the GEMs segment on the NSE (See: http://bit.ly/1Rjqgz6 ) However, the Sacco model where shares continuously sell at the branch(es) (You cannot access services like savings and credit, without being a shareholder in a Sacco) and then at the Bourse is against CMA Regulations. Thus, Unaitas shelved the listing plans (See: http://bit.ly/1RjrA56 ), re-strategized (2014/18) and came up with a plan to unlock the shareholders wealth by transitioning into banking, which will enable them offer a greater allay of services to their members/customers and also allow them to list on the NSE.

F2. There was a bonus issue for shareholders from 2009 backwards. These were the shareholders who held shares before the opening of the bond (Notice that most Saccos have a common bond, e.g. A Sacco for government employees, Another for Company XYZ and such) to allow all Kenyans to join Unaitas. The shareholders who held the shares before the opening of the bond must have asked this question, We have built this organization to where it has come, now that we are opening the bond so that everyone who comes gains from the good foundation we have toiled to lay down, what is in it for us? And I guess in appreciation, of their pioneering spirit, they were given a bonus. Do they expect another bonus? I’d say, certainly not.

F3. Unaitas has been in existence for more than two decades since its inception in 1993 then as a Tea Farmers Sacco. Today, it has 19 Branches and growing. You may have known them when they were Muramati. It is a brand that began humbly and has grown to the Unaitas we know today.

F4. From the little I know of their 2014-2015 Strategic Plan, it stipulates transformation into banking (sometimes in 2016 which is next year) and the listing of their shares on NSE in 2018.

F5. Unaitas is regulated by SASRA (Sacco Society Regulatory Authority)

Have a Look at: THE SACCO SOCIETIES (DEPOSIT―TAKING SACCO BUSINESS) REGULATIONS, 2010 > http://bit.ly/1AqFSfZ

IMO, Unaitas is a brand to watch, whether as a shareholder or as a spectator, you

@BGL I agree they deserve it since they were like the discoverers of the company .They can't be rewarded no other ways apart from bonuses .

They deserve what??? They were getting dividends weren't they? They already got their bonus!!! And if they were very comfortable, they would never have come for your money! They are not doing you any favours. They are using your money to make money and them you get something out of it.

Old money was made using old money and everyone got their dividends. New money is being made using new + old money. Mambo ya they deserve it hakuna hapa. Just like at the NSE. I buy shares today we are equal with you who bought yours 15 years ago. You have eaten your dividends for 15 years and now we are equal. We start the rest of the journey together.

Tweets are not a binding agreement as most have noted here. There should be a legally binding undertaking by Unaitas!!! They selectively gave bonus shares once. They can do it again. And again. And remember the people making those decisions are "Founder Members". Those who joined between 2009 - 2013, were they warned/informed that pre 2009 shareholders will get bonus shares. And you want to believe the hogwash that the decision to give bonus shares was made in 2009 and implemented in 2013. You either have to be very naive to believe that or Unaitas must be the least efficient company ever. 4 years to implement a bonus issue decision??? Who believes that???

If this guys are straight forward, they should have issued the bonus shares before inviting the public. Hapa iko shida. The worst might never materialize but the conditions are there for it to. If the can reward "founder members" four years later, what makes you think they can't do it again 6 years later, 8 years later..... What makes you think 4 years is the cut off? And if they had not informed you again bout the bonus shares when you got in, what else do you think they have not told you. This loophole MUST be sealed. And not on twitter!!!

They deserve what??? They were getting dividends weren't they? They already got their bonus!!! And if they were very comfortable, they would never have come for your money! They are not doing you any favours. They are using your money to make money and them you get something out of it.

Old money was made using old money and everyone got their dividends. New money is being made using new + old money. Mambo ya they deserve it hakuna hapa. Just like at the NSE. I buy shares today we are equal with you who bought yours 15 years ago. You have eaten your dividends for 15 years and now we are equal. We start the rest of the journey together.

Tweets are not a binding agreement as most have noted here. There should be a legally binding undertaking by Unaitas!!! They selectively gave bonus shares once. They can do it again. And again. And remember the people making those decisions are "Founder Members". Those who joined between 2009 - 2013, were they warned/informed that pre 2009 shareholders will get bonus shares. And you want to believe the hogwash that the decision to give bonus shares was made in 2009 and implemented in 2013. You either have to be very naive to believe that or Unaitas must be the least efficient company ever. 4 years to implement a bonus issue decision??? Who believes that???

If this guys are straight forward, they should have issued the bonus shares before inviting the public. Hapa iko shida. The worst might never materialize but the conditions are there for it to. If the can reward "founder members" four years later, what makes you think they can't do it again 6 years later, 8 years later..... What makes you think 4 years is the cut off? And if they had not informed you again bout the bonus shares when you got in, what else do you think they have not told you. This loophole MUST be sealed. And not on twitter!!!

what would stop these. founder members from giving themselves a bonus of say 20 shares for every. share held in 2009?