Just back from the AGM. The youtube guys were there.
Highlights:
ESOP is 9.2% of issued capital. Will be issued to staff and executives. Staff will just get them, executives will exercise after 5 years. Strike price is set on 9th December each year. Execs who exercise have the option of selling back to the trust when they like the then prevailing price.
Interim dividend may be paid next year. It wasn't paid last year because they were angling for BP assets in the region, a deal that fell through.
Acquisitions will continue, targets on Mozambique.
BTW, a certain Ndungu asked questions straight out of wazua - hecko.
Chami was there, left in a huff before the meeting started, heading of to cables (whatever that meant - I'm assuming the cables AGM - was it today?)
There was not a single biting, though sweet smells were wafting from the hotel.
The financial report was distributed to a select few, they must have used font 2 or I'm old.
Oil find in Uganda will make sense to KK if they refine there, meaning KK can source from there and supply the great lakes region. If they decide to export crude then they will need a special heated pipeline (to deal with the waxy crude).
The KPC case is still on the burner, it is a question of when, not if. They have made KPC an offer to offset future use of the pipeline charges - KPC have rejected the offer.
Dividend closure date tomorrow, cash in the banks a week later. Shareholders were asked to fill a special form to state their mobile numbers for mpesa/zap/yu payment
They hired a big room, was hardly half full.