As long as the price remains "cheap" she shall be boarding and alighting at every stop. Anyway, its my time to eat. May the price even fall further tomorrow.

At one point most of the shares will be held by the @murchr, @vvs and @maichblacks of this world who will not be in a hurry to sell and certainly not at the prices she is used to!! The price will automatically move to where it is supposed to be. Laws of supply and demand!

Warren Buffett says & @vvs listens to him. Or am I just justifying my decision?

1) Would I buy the WHOLE company i.e all 1.5bn shares at 9/-? YES [if I had the cash]
2) Would I hold this company 'forever' [until I get cashed out by a very attractive offer]? YES
3) Do I trust the Board and Management? YES [so far]
4) Can KK run without requiring cash input to maintain current profits? YES [to the best of my knowledge]
(In other words, is KK cash-flowing. As long as it doesn't need additional cash e.g. loans, Rights, Equity to replace assets and maintain the current profitability)
5) Does KK have a moat? YES/NO. They have great locations, storage tanks, brand, contracts, contacts, etc BUT these can be chipped away as well by the players since they sell a COMMODITY not a unique item. Petrol from KK looks not different from Shell or Hashi.

Fat fingered back into KK. I concur the increased volumes compared to average volumes (myStocks) indicate big player action in the counter.

The 'derisking' play is good. An internal process. Cash flow...

ION, wonder how long my handle will be current. Another buyout offer in ZW, Afsun. Successful buyout and off goes the flagship Crowne Plaza, Monomotapa.

NB: Afsun hasn't been a very profitable company, recently underwent derisking too - BS restructuring. Stock you could get at 0.8-0.9USc. An offer of 3USc and amen... The strength in this company is its dominance in the market and the IHG brands.

Based on the historical earnings but not on future earnings.
Is 0.74 normalized earnings for KK?

I do not think so. I think it will rise to at least 1/- in 2015. Why?
1) Lower (current) oil prices [translate to lower fuel prices] give KK better margins both at wholesale and pump/retail.
2) Lower debt levels = lower interest costs [per Ohana's statement]
3) Lower interest rate = lower interest costs [per Ohana's statement]
4) More stations [after dumping certain low margin businesses], more cars, lower fuel prices = more volume [& competition]
5) A stronger balance sheet allows KK to get back into the trading/OTC business. Low margin, low risk, high volumes.
6) I expect KK to get out of certain [low volumes for KK] markets like Zambia & Tanzania where it hasn't built up bulk. Keep UG, RW, BU & ET.

At 1/- 'normalized' earnings then 10x PER = 10/- so not that great a buy at 9/-. I am banking on improvements in operations over the next 2 years within EAC.

And a sale of the firm.

Or I am going to be spectacularly wrong.