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edward njoroge - new nse chairman
Rank: Member Joined: 12/9/2006 Posts: 186
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@Mukiha
If I have to explain to you how stocks manipulation is done then you are in the wrong business.
As far as accumulating shares outside the open market,have you ever heard of private placements? These are options negotiated between the company and the investor to buy a certain number of stocks(usually large volume) at a a price lower than the share price. Happens all the time.
Its getting late. I have retire so that I can get up early and hopefully make some more money . Good luck.
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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Just one last point before you go to bed,@Tusker Baridi: You can't do a private placement for a quoted company!! As I wrote earlier,even when you want to buy out a major shareholder,your deal MUST be posted on the board. Private placement is something like what CIC Insurance did a year or so ago....they were able to do it BECAUSE they are not listed! ZZZZZZZZZZZZZZZ Sleep tight....even though I think I have 'cornered' you and you are looking for an excuse to run away from this thread because you CANNOT explain how some one can manipulate (or prop-up) the price of a share! Any other Sceptic out there to help @Tusker Baridi Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Elder Joined: 2/7/2007 Posts: 11,935 Location: Nairobi
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@TB, You are tired and sleepy but that shouldn't be an excuse for your ignorance......The KPLC shares which TCL bought were put on NSE board by NSSF,as Mukiha has put it rightly,in March of 2006......Funny enough,nobody touched this shares.What TCL did was to watch until the final hour of the last trading day.Someone appeared with a check and snapped up all the shares worth 340 M and walked away..(Where were you?)......The first person to raise dust about this issue was no other than RAO and Nyong'o.Indeed,they described it as 'privatisation backdoor'.What followed was a mini war of words with TCL asking where this cry babies were when the shares were still on the floor........where is the wrong here?......Anyway,i do understand why such private equity groups associated with leaders go through this unkind talk and attacks.Look at Caryle,one of the world most prestigious private equity group.It has been through hell for being associated with no less persons than Gerge Bush Snr,Henry Kissinger,John Major and hundreds of other high networth leaders.................. Guka wa bijuti... Nothing great was ever achieved without enthusiasm.
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Rank: Member Joined: 6/3/2006 Posts: 553
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@ Mukiha, You asked the same question in another thread and I presented an explanation. If it did not suffice,let me know,i would be interested to learn something new The thicker the thigh the sweeter the pie. The thicker the thigh the sweeter the pie.
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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It is easy to argue that NSE is a private company and that they do as they please etc,but the truth is that its activities are done in trust for the public interest. Their appointments must reflect the public face of the bourse and should always be in good faith. Now the appointment of Eddy Njoroge for me is technically okay but it feels like it was not done in good faith. This guy has been in the system and like it or not,there is too much conflict of interest here. TCG has benefited immensely from the MK gava and while I cannot prove it,they have obviously had some inside dealings with the MK govt which has to some extent short changed the kenyan public. Having said that,they have obviously made some big judgement errors,e.g the RVR was a huge mistake which they will pay for in hard cash for a long time. I guess if you can't win with facts,you can always pen bile-laced,xenophobic rants to distract everyone. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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If I was TCG I would be thinking of setting up some major utility plants,power production using TZ's Gas discoveries,this squabbling for the nothing investments in kenya like the century old railway makes them look like they are not true investors. I guess if you can't win with facts,you can always pen bile-laced,xenophobic rants to distract everyone. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Member Joined: 12/8/2008 Posts: 359
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@Obi
Your statement on TCL looks awkward '...while I cannot prove it,they have obviously had some inside dealings with the MK govt...'.
How can something be obvious if it cannot be proven? I am wondering aloud here...
By the way,I agree Eddy is an insider.
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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@Adept Obvious in the sense that TCG is a group of 60+ year old men who spent all their entire productive adult life obviously working hard and making some reasonable money but their is nothing in their resumes to suggest that they were exceptional at the most productive periods of their lives. Enter Kibaki and suddenly they are making all the right moves,they are making the best investment calls. A river never climbs uphill so there is no way they are doing all this good things clean,and the proof as I have just written is in the bad call (made out of greed offcourse) to invest in the RVR deal without proper due diligence. But as i said,I have no proof to back anything I am writing so feel free to pour cold water on it. I guess if you can't win with facts,you can always pen bile-laced,xenophobic rants to distract everyone. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Elder Joined: 2/7/2007 Posts: 11,935 Location: Nairobi
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Obi, Buddies 'benefitting' from a leader is not a new thing.....In the west,they call it arms length policy,isn't it?......Look at Haliburton and Dick Chenney.Even when e-mails from inside Pentagon were tabled,Dick still went ahead to deny it............That might be the proof you are looking for.Let's call it the benefit of seating next to the top man.When he farts,you smile,clap and congratulate him.This won't go away as long as humanity exists and neither does it qualify to be a crime.............You say TCL is made up of 60+ oldies.........mmmmmh.....!!Did you ever hear of TCL private placement where those interested were asked to raise a minimum of 100M??(Total was supposed to be 3B).......If you did,there was no age limit or tribe.Anybody was free to join.......... Guka wa bijuti... Nothing great was ever achieved without enthusiasm.
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Rank: Veteran Joined: 5/18/2008 Posts: 796
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@Njunge and @Mukiha.... Stop being slow!! Let me summarise for you TB's arguments... TCG has too many old men just as Obaks is,Why?? must be thieves.... The rest of us refused to buy NSSF's stake in KPLC. TCG bought,Why?? must be thieves... TCG were able to revitalise EAC's management where the previous group of nicompoops couldn't,How?? must be thieves.... TB has no proof of wrong doing but surely these people who have several successful enterprises elsewhere cannot still be successful. Must be thieves... A politician alleged corruption,no proof of wrong doing was ever offered but must be thieves... You say there is nothing special about this group of pple. Indeed there isn't. except that they recognised talent in the person of Mugo Kibati and it was he who turned EAC around not the shareholders!!... But like TAZ,I suspect the problem is that the Eddy just happens to come from near the wrong mountain
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Rank: Elder Joined: 2/7/2007 Posts: 11,935 Location: Nairobi
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@Monzenrat, Mmmmmhh.....I get you.Blame it on age..........Soon i'll be 60..heh..! Guka wa bijuti... Nothing great was ever achieved without enthusiasm.
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Rank: Member Joined: 12/9/2006 Posts: 186
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@Muhika
It was 4AM my local time when I said I was going to bed,nothing to do with me ducking questions. I stopped by SK after a late Lakers-Rockets game,I was not about to do a kesha just to satisfy my ego.
@Njung'e
You are a good man,at least you admit that Transcentury has 'benefited' due to its close proximity to power.
As to the rest of you,know that Eddy and the rest of NSE fat cats only protect their own. There are just two tribes at the NSE,the fat cats and the rest of us. Eddy and co will always look out for the fat cats at the expense of the rest of us so think about that before you start spewing crap about tribalism. The truth is these mofos will sell their mothers to make a dime,why would they care about you. That's why we will continue to see the NSE side with Thuos and Nyagah's at the expense of retail investors. The sooner you realise that and start demanding for real change at the NSE,the sooner we will see some long overdue reforms.
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Rank: Elder Joined: 2/7/2007 Posts: 11,935 Location: Nairobi
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@TB, Catch you tommorrow......a heavy heads surely needs a cold tusker.....have a good day.....Won't you? Guka wa bijuti... Nothing great was ever achieved without enthusiasm.
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Rank: Veteran Joined: 5/18/2008 Posts: 796
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@TB,We know that there are three tribes in this country,the haves,the have-nots,and the trying-to-get. I'm under no illusion as to where I lie and where Eddy is. Problem is,by advancing the argument that anyone who makes it is a thief,u are discouraging enterprise... Ur trying to tell me not to try and make it otherwise I'll be labeled a thief.... Rest assured,if you have proof of any wrongdoing in the person of Eddy,I will be 100% behind u in ur campaign otherwise it sounds like a lot of porojo...
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Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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Pondi summarised the issue. The rest is just windbag & really pathetic. EA Cables was a merali concern when TC bought it. It competes with wahindi cable suppliers for KPLC's custom. KPLC was well handled by Njung'e aka Johnstone Mbai. Stock manipulation yes it happens,so lets note bury our heads in the sand about it. But. For every EA Cables,I can give you BBK,EABL,CFC (remember Ksh900 2yrs ago?); City Trust; A Baumann and ofcourse around another 4 in the last 6 months. Its what brokers do. It in any case why would they manipulate a stock they were not selling? The bought 70%,they still hold 70%.If it was for leveraged borrowing,well its up to the lender to spot that... So if he is a thief by association,the so is RAO. www.mjengakenya.blogspot.comSehemu ndio nyumba
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Rank: Member Joined: 3/6/2008 Posts: 632
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@ Obi Gas discoveries in TZ is an option but for me i think mining is key. Tanzanite resources will be depleted in the next 10 years according to research and it's only found in the foot of Mt Kilimanjaro and contrary to popular belief it's more rare than diamond and it's growth in value is curently at 76% p.a.. What about coal in Zimbabwe....?? the trains used to transport this actually run on coal yet they are grounded..surely it's better than RvR..talk bout a white elephant. @ Njunge 'Arms lenght policy'..primarily in contract law where parties are presumed to be independent and on equal footing..reminds me of Europes largest buyout 08 GOTEX. LOL..hehe that tickled me when you raised it up.. Heart is what separates the good from the great - Micheal Jordan.
The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday's logic.
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