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Unga limited takeover
Rank: Elder Joined: 6/23/2009 Posts: 14,329 Location: nairobi
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VituVingiSana wrote:tandich wrote:I hope that the more muscular minority shareholders can cobble up a blocking. stake. Or even better, a better offer materialises Every (minority) shareholder should oppose the lowball offer by Seaboard. I do not know if there is a mechanism to do so BUT the Offer Document says Seaboard + Victus need 75% [and have 54%] so if we do not support the Offer then they cannot succeed. Or like you say... a competing offer. Since Victus owns 51%, that might be tougher to pull off unless they agree to sell. Don't forget that Seaboard also owns 35% of Unga Holdings. BTW, the Annual Report is on their website. http://ungagroup.com/downloads/
So this will mean that those buying now above KES 40 are gambling, at least @vvs has broken even at his purchase price of KES 44 COOP, IMH, KEGN, KQ, MTNU
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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VituVingiSana wrote:obiero wrote:VituVingiSana wrote:Closed at 44 with VWAP of 42.50 with 405,000+ shares traded.
The buyers, assuming they are not connected with Seaboard/Victus, must be angling for a better price for the takeover.
Opening up the trading of shares was laudable even though it was clumsily done without proper notice/info from NSE to shareholders. I hope they have learned and the next time they do it better. Meanwhile, congratulations on your investment in UNGA.. You are one lucky bastard Luck has little to do with it. I must have a loooong post somewhere on why I own/held Unga. I admit I am a bit concerned/upset about Corporate Governance [well, not Unga directly but Victus trying to pull one over minority shareholders in concert with Seaboard]... The NAV on the books is KES 50. Add the EPS for 1H 2017-18 [waiting for results by 31st March] and EPS for 2H and that can add 5/-. Plus the last revaluation of "Operating Lease Rentals" was done in 2013 at 878,500,000/-. Most of his is not included in the NAV. Fair Value should be KES 60-80 after adding in other assets that could be revalued. You know an awful lot for someone who can't settle a debt of USD 120! Life is short. Live passionately.
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Rank: Elder Joined: 12/4/2009 Posts: 10,821 Location: NAIROBI
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obiero wrote:VituVingiSana wrote:Closed at 44 with VWAP of 42.50 with 405,000+ shares traded.
The buyers, assuming they are not connected with Seaboard/Victus, must be angling for a better price for the takeover.
Opening up the trading of shares was laudable even though it was clumsily done without proper notice/info from NSE to shareholders. I hope they have learned and the next time they do it better. Meanwhile, congratulations on your investment in UNGA.. You are one lucky bastard Ouch  Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 1/3/2007 Posts: 18,383 Location: Nairobi
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sparkly wrote:VituVingiSana wrote:obiero wrote:VituVingiSana wrote:Closed at 44 with VWAP of 42.50 with 405,000+ shares traded.
The buyers, assuming they are not connected with Seaboard/Victus, must be angling for a better price for the takeover.
Opening up the trading of shares was laudable even though it was clumsily done without proper notice/info from NSE to shareholders. I hope they have learned and the next time they do it better. Meanwhile, congratulations on your investment in UNGA.. You are one lucky bastard Luck has little to do with it. I must have a loooong post somewhere on why I own/held Unga. I admit I am a bit concerned/upset about Corporate Governance [well, not Unga directly but Victus trying to pull one over minority shareholders in concert with Seaboard]... The NAV on the books is KES 50. Add the EPS for 1H 2017-18 [waiting for results by 31st March] and EPS for 2H and that can add 5/-. Plus the last revaluation of "Operating Lease Rentals" was done in 2013 at 878,500,000/-. Most of his is not included in the NAV. Fair Value should be KES 60-80 after adding in other assets that could be revalued. You know an awful lot for someone who can't settle a debt of USD 120! Yes! 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: 18,383 Location: Nairobi
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obiero wrote:VituVingiSana wrote:tandich wrote:I hope that the more muscular minority shareholders can cobble up a blocking. stake. Or even better, a better offer materialises Every (minority) shareholder should oppose the lowball offer by Seaboard. I do not know if there is a mechanism to do so BUT the Offer Document says Seaboard + Victus need 75% [and have 54%] so if we do not support the Offer then they cannot succeed. Or like you say... a competing offer. Since Victus owns 51%, that might be tougher to pull off unless they agree to sell. Don't forget that Seaboard also owns 35% of Unga Holdings. BTW, the Annual Report is on their website. http://ungagroup.com/downloads/
So this will mean that those buying now above KES 40 are gambling, at least @vvs has broken even at his purchase price of KES 44 Beats losing money while waiting for an Open Offer. And still being in the red. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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VituVingiSana wrote:obiero wrote:VituVingiSana wrote:tandich wrote:I hope that the more muscular minority shareholders can cobble up a blocking. stake. Or even better, a better offer materialises Every (minority) shareholder should oppose the lowball offer by Seaboard. I do not know if there is a mechanism to do so BUT the Offer Document says Seaboard + Victus need 75% [and have 54%] so if we do not support the Offer then they cannot succeed. Or like you say... a competing offer. Since Victus owns 51%, that might be tougher to pull off unless they agree to sell. Don't forget that Seaboard also owns 35% of Unga Holdings. BTW, the Annual Report is on their website. http://ungagroup.com/downloads/
So this will mean that those buying now above KES 40 are gambling, at least @vvs has broken even at his purchase price of KES 44 Beats losing money while waiting for an Open Offer. And still being in the red.  John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Veteran Joined: 11/13/2015 Posts: 1,658
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What does CMA mean by "A trading halt is a temporary measure, which is wholly distinct from suspension under the law....The Authority shall take further appropriate action in respect of persons established to be engaged in efforts to manipulate the fair, orderly and transparent operations of the capital markets in kenya."
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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VituVingiSana wrote:sparkly wrote:VituVingiSana wrote:obiero wrote:VituVingiSana wrote:Closed at 44 with VWAP of 42.50 with 405,000+ shares traded.
The buyers, assuming they are not connected with Seaboard/Victus, must be angling for a better price for the takeover.
Opening up the trading of shares was laudable even though it was clumsily done without proper notice/info from NSE to shareholders. I hope they have learned and the next time they do it better. Meanwhile, congratulations on your investment in UNGA.. You are one lucky bastard Luck has little to do with it. I must have a loooong post somewhere on why I own/held Unga. I admit I am a bit concerned/upset about Corporate Governance [well, not Unga directly but Victus trying to pull one over minority shareholders in concert with Seaboard]... The NAV on the books is KES 50. Add the EPS for 1H 2017-18 [waiting for results by 31st March] and EPS for 2H and that can add 5/-. Plus the last revaluation of "Operating Lease Rentals" was done in 2013 at 878,500,000/-. Most of his is not included in the NAV. Fair Value should be KES 60-80 after adding in other assets that could be revalued. You know an awful lot for someone who can't settle a debt of USD 120! Yes! Received KShs 12,000 cash money today at 1604 Hrs. I will invest the same in your honour Life is short. Live passionately.
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Rank: Chief Joined: 1/3/2007 Posts: 18,383 Location: Nairobi
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sparkly wrote:VituVingiSana wrote:sparkly wrote:VituVingiSana wrote:obiero wrote:VituVingiSana wrote:Closed at 44 with VWAP of 42.50 with 405,000+ shares traded.
The buyers, assuming they are not connected with Seaboard/Victus, must be angling for a better price for the takeover.
Opening up the trading of shares was laudable even though it was clumsily done without proper notice/info from NSE to shareholders. I hope they have learned and the next time they do it better. Meanwhile, congratulations on your investment in UNGA.. You are one lucky bastard Luck has little to do with it. I must have a loooong post somewhere on why I own/held Unga. I admit I am a bit concerned/upset about Corporate Governance [well, not Unga directly but Victus trying to pull one over minority shareholders in concert with Seaboard]... The NAV on the books is KES 50. Add the EPS for 1H 2017-18 [waiting for results by 31st March] and EPS for 2H and that can add 5/-. Plus the last revaluation of "Operating Lease Rentals" was done in 2013 at 878,500,000/-. Most of his is not included in the NAV. Fair Value should be KES 60-80 after adding in other assets that could be revalued. You know an awful lot for someone who can't settle a debt of USD 120! Yes! Received KShs 12,000 cash money today at 1604 Hrs. I will invest the same in your honour It wasn't easy! but I am glad you got it. Plant a few trees. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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