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The Acorn Saga - Britam vs Cytonn
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murchr
#141 Posted : Friday, July 24, 2015 7:36:52 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
murchr#31 Posted : Saturday, October 11, 2014 3:08:37 AM wrote:
Metasploit wrote:
murchr wrote:
Mr Market punished Britam to the max Thursday. Wacha tuone kesho


Time to buy for quick short term gains

Remember when equity CFO resigned and the stock dipped.


Fundamentally, the stock is still expensive and with the news that its losing business......mmmh!!! Maybe the seemingly "Cheap" price will play well with the psychologically.


Na bado, still expensive Pray
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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The Merchant
#142 Posted : Tuesday, August 18, 2015 4:11:30 PM
Rank: Veteran

Joined: 5/24/2010
Posts: 846
Location: KENYA
How is Cytonn doing?
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muganda
#143 Posted : Thursday, October 22, 2015 6:16:20 PM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
They have decided to unwind and live in peace.
- 5bn cash and 40bn land returned to Britam.
- Acorn takes back their shareholding and four independent projects.
- Criminal cases against Acorn directors dropped save for Britam ex-employees.
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  | | Edit by user: Thursday, October 22, 2015 6:46 PM | Reason: Not specified
muganda
#144 Posted : Thursday, October 22, 2015 6:25:20 PM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
But an uneasy Peace it seems to be, especially upon reading the Cytonn version of the settlement https://www.cytonn.com/n...ws-suits-against-cytonn (earlier titled britam-concedes-defeat)

Yet they've returned this and that? Seems Britam looks kinder upon Acorn, but Britam/Cytonn have bitterness to deal with.


Cytonn's release: Britam withdraws all five suits filed against cytonn and / or its founding directors
Britam's release: This agreement is between Britam and Acorn only, and excludes the ex-employees.


Update: Cytonn updated their statement, changing the title, substance remains, and backing claim all cases against Acorn/Cytonn directors now dropped.
Link draft court orders: https://cytonn.com/downl...ders_for_withdrawal.pdf
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  | | Edit by user: Thursday, October 22, 2015 7:24 PM | Reason: Not specified
dunkang
#145 Posted : Friday, October 23, 2015 2:34:49 AM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
Its clear that the Ndande group has been cornered.

Quote:
Following the legal settlement, Britam will recover high-value land in Nairobi, which includes five acres in Kileleshwa, 2.5 acres along Elgon Road in Upper Hill, 25 acres in Mlolongo and 182 acres in Lukenya, Machakos County.

“These projects have an estimated value of Sh40 billion. Acorn has also agreed to transfer back to Britam the mandate to operate the various bank accounts and cash balances in relation to these projects
Receive with simplicity everything that happens to you.” ― Rashi

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Horton
#146 Posted : Friday, October 23, 2015 3:37:04 AM
Rank: Veteran

Joined: 8/30/2007
Posts: 1,558
Location: Nairobi
dunkang wrote:
Its clear that the Ndande group has been cornered.

Quote:
Following the legal settlement, Britam will recover high-value land in Nairobi, which includes five acres in Kileleshwa, 2.5 acres along Elgon Road in Upper Hill, 25 acres in Mlolongo and 182 acres in Lukenya, Machakos County.

“These projects have an estimated value of Sh40 billion. Acorn has also agreed to transfer back to Britam the mandate to operate the various bank accounts and cash balances in relation to these projects



Erm how have they been "cornered" cases were dropped? The settlement was with Acorn giving up land and britam giving up stake in Acorn. Cytonn has no interests in Acorn.

And i believe its Dande not whatever u wrote.

Point being these 3 groups can now get down to business vs running in and out of court all day.

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Pesa Nane
#147 Posted : Friday, October 23, 2015 10:12:31 AM
Rank: Elder

Joined: 5/25/2012
Posts: 4,105
Location: 08c

Consent Terms:

Acorn will return Sh. 5Bn (cash and land)
Britam will recover 5Acre Kileleshwa land
Britam will recover 2.5Acre Upper Hill land (Elgon Rd.)
Britam will recover 25Acres in Mlolongo
Britam will recover 182 Acres in Lukenya
Britam relinguishes its interest in Acorn Group and Acorn projects on Jogoo rd. Baba Dogo, Lavington and Kitengela
Pesa Nane plans to be shilingi when he grows up.
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  | | Edit by user: Friday, October 23, 2015 10:17 AM | Reason: Not specified
Pesa Nane
#148 Posted : Friday, October 23, 2015 10:26:46 AM
Rank: Elder

Joined: 5/25/2012
Posts: 4,105
Location: 08c
Note: No settle against Cytonn and it's directors Edwin Dande, Elizabeth Nkukuu, Patricia Wanjama and Shiv Arora.
Pesa Nane plans to be shilingi when he grows up.
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dunkang
#149 Posted : Friday, October 23, 2015 10:29:12 AM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
Horton wrote:
dunkang wrote:
Its clear that the Ndande group has been cornered.

Quote:
Following the legal settlement, Britam will recover high-value land in Nairobi, which includes five acres in Kileleshwa, 2.5 acres along Elgon Road in Upper Hill, 25 acres in Mlolongo and 182 acres in Lukenya, Machakos County.

“These projects have an estimated value of Sh40 billion. Acorn has also agreed to transfer back to Britam the mandate to operate the various bank accounts and cash balances in relation to these projects



Erm how have they been "cornered" cases were dropped? The settlement was with Acorn giving up land and britam giving up stake in Acorn. Cytonn has no interests in Acorn.

And i believe its Dande not whatever u wrote.

Point being these 3 groups can now get down to business vs running in and out of court all day.



Criminal proceedings against ex-employees will continue!! Eeeeeerm. Who are the ex-employees?
Receive with simplicity everything that happens to you.” ― Rashi

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  | | Edit by user: Friday, October 23, 2015 11:53 AM | Reason: Not specified
innairobi
#150 Posted : Friday, October 23, 2015 11:09:31 AM
Rank: Member

Joined: 9/2/2010
Posts: 845
Cytonn trying to recover legal costs. Must be a painful expense for such a small company. They are competing with an elephant at shitting. I think Britam just wants to frustrate, defame and bleed them to death ili iwe funzo.
All my friends are heathens, take it slow. Wait for them to ask you who you know. Please don't make any sudden moves.
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