Whoa! Easy goes... No personal insults. Please.

Back to Unga (from KQ)...

Bottomline: The stated NAV/Share [FY 2016-17] as of 30th June 2017 is approx 50/-
There's 6 months of (profitable?) trading from July-Dec 2017.
Add another 8 months of (profitable?) trading from Jan-Sep 2018.
The "Operating Lease Rentals" (land) value as of 30th June 2013 was only 27mn BUT in Note 25 it says
"The operating lease prepayment relates to leasehold land. The leasehold land was revalued as at 30 June 2013 by Knight Frank Valuers Limited on an open market value basis for existing use at Shs 878,500,000."
Cash on Hand for the Group was 1.714bn (Note 29b)

In 2016-17, there were one-off provisions for:
Closure of the Uganda factory/plant [which was a drain on the business]
Nakumatt [non-cash since Nakumatt wasn't going to pay anyway]
Ennsvalley [bad debt provisions, write-down of goodwill, etc BUT mostly non-cash]

In 2017-18
1) New wheat mill in Nairobi is fully operational
2) Jul-Dec 2017 had subsidized maize so little risk to Unga. At the AGM, they said "Jogoo" was the preferred brand among consumers and sales were brisk i.e. they sold all they milled under the subsidy program.
3) There was a cheap "feedstock" shortage in 2016-17 but remedied thanks to the subsidy program since 1H 2017-18.

"In Kenya, Unga Limited recorded lower gross margins compared to the prior year. This was due to the loss of maize volumes occasioned by the scarcity of raw materials and availability of lower priced competitor products."

4) "The costs of raw materials for Unga Limited increased compared to the prior year with maize and finger millet prices increasing by 12% and 21% respectively within this financial period. Unga Farm Care (EA) Limited experienced cases of irregular flow of raw materials, particularly maize, in the last quarter which impaired our ability to fulfill market demands. To manage this impact we opted to utilise substitutes such as local wheat and barley which was competitively priced, although in limited supply."

5) "Maize supply is also expected to stabilise with effect from July 2017 as the Government maize subsidy program settles down. The unusually high import levels of maize have created significant pressure on port logistics causing delays in both maize and wheat receipts at the mills. The North Rift maize crop is expected to find a market that is in relatively short supply, thereby forcing pricing for a 90kg bag to be above Kes 3,000." >>> Probably sorted out or better in 2017-18 reducing transport costs.

6) "In order to increase Unga Limited’s storage capacity, we rehabilitated the Commercial Street wheat silos and also installed a new 11,540 metric ton silo complex in Eldoret. The new silos are expected to reduce our input costs previously incurred from warehousing, handling and bagging." >>> Good for long-term growth (storage) and reduction in operational costs.

Bottomline: I think the "value" of each Unga share should be 65-80. Let's see where this ends up!
I await [@pesanane here is looking at you!] the 1H 2017-18 results

@vvs.. why was the bloody thing trading at sub KES 30 over such an extended period of time.. but I like the arguments you have listed on the post

Sending money anonymously
1. Mobile transfer from you internet banking-If your bank supports it
2. Direct deposit-If you have a specific mpesa vendor your transact with(KYC)
3. Give the money to office messenger, your guard, househelp, cousin,mpango wa kando to transact

Poor baby. I feel your pain. My bank does ask for "name, address and ID" for cash deposits.