This is a very normal occurrence in developed economies! The accounting and legal may seem complex but everything is in order in UAPs house..

mwekezeji-I have my reasons for prefering OTC. Same way I prefer alternative penny stocks on FTSE.
By the way, if you compare UAP with PanAfric and Britak, it looks a better buy.
You should only be concerned about the Mauritius shareholding, if that is where assets are kept. Otherwise, shareholding doesn't have to go to Mauritius to be opaque, please have a look at how many NSE shares that have nominees as top ten shareholders.
That said, would I buy UAP? I am concerned that its November an the IM only has Q1 2012 numbers.

@mainat, Britam and Panaf..prices have adjusted upwards to reflect the extraordinary rosy earnings outlook for both. Given how stock markets have faired and the recovery in bond markets I expect 100% earnings growth in both of them. At worst PAT in excess of 1B for Pan and 2B for Britam which should result in PE's of between 4-7 at worst....Not sure what's UAP's forecasts, also curious about the conversion terms of the 4.6B loan. Have you considered the lenders opting not to convert if their valuation expectations prove onerous.

Interesting. Which penny stocks are in #FTSE NSE Kenya 15 Index #FTSE NSE Kenya 25 Index. This NSE FTSE factsheet has only listed the big 5 only The FTSE NSE Kenya Index Series Fact Sheet Link

@guru, In all due respect, you are talking nonsense. As a shareholder you are better of when they convert. If the don't UAP will be in shitting problems. It means UAP will have to repay the 4.7Billion. The last time I looked UAP was not sitting on those kind of cashflows and if you look at the projects the funds have gone into, none is a medium term project they are all long term projects will tangible returns far out ...real estate in 3 countries, ICT, DRC, Rwanda, Tanzania, UAP Life, UAP financial Services, UAP investment, reorganization etc. look at note 14.2-pg 137 and 15.1 page 141. The loans are also 2 year loans and if UAP doesn't list in 2014, the PE investors will covert at KES 57/ share or call the loan all together. The big risk / elephant in the room - Other than Sudan and Sudan real estate, highly unlikely any of the other projects will be profitable even in 2015, meaning the 57 may look very expensive to PE investors if the projects turn out to be cash drains/loss making suggesting the PE investor may exercise the following 3 options 1. Chose to call on the debt as opposed to conversion which will force UAP to sell it's nice high earning assets to repay the debt 2. Opt to cherry pick the assets they like in a sweetheart deal arrangement and protect the business from going to the market to sell in distress 3. In the extreme circumstances armtwist UAP shareholders into a new and lower conversion price. These are real possibilities. With the economy stuttering and Uganda slowly sliding to dogworld, it may take time to get fully occupancy into the tower in Kenya and the property in Uganda. Mind you there are other long term lenders who will be waiting for repayment of debt once the buildins are complete. Rwanda is a small market and will take long to produce anything tangible. DRC is wild wide West, you can make and loose money that easily. UAP Life, financial services and investments are all very long term businesses. I wonder whether you have read the IM in detail madam Guru!