It's a pity the government in its own capacity and a few wealthy who coincidentally exert some considerable influence in government decided to use the securities exchange as a platform on which to CON wanjiku rather than a platform to DO business with Wanjiku on a win win situation.

It was very obvious that BRITAK was offered at a very steep premium in a similar way to Safcom. Pity is some of the things promised by Britak will never see the light of day making one wonder what work CMA does when reviewing IPO memoranda. I doubt any regulator in any developed market would have allowed Britak to list at 9.50. I opined in this forum and even shared with the Transaction advisor that it made sense for Wanjiku to spend her money on Kenol shares (on comparative price basis) which were retailing at 9.40 cum div and were about to pay 52 cts dividend at the IPO time than buy Britak which was forecasting a payout of 55cts in 2012 from 2011 profits.

Presuming Wanjiku 1 bought Britak at 9.50 whereas Wanjiku 2 bought Kenol and went back to her shamba, Wanjiku 2 has to date received a 5% price gain, 52cts divy from 2010 results, another 57cts interim divy and confirmation from Bw. Segman that results for 2011 are beyond forecasts and there will be a divy which will likely be higher than the interim, in total a 22% return in a very ugly year assuming final divy from 2011 full years is at least equal to interim.

On the other hand wanjiku 1 is 51% poorer with minimal hope of an upside besides a market rally. CMA would have saved Wanjiku 1 all this grief by interogating Britak's forecasts and insisting they price much lower (closer to their true intrinsic value). Other than Equity bank's entry price, CMA continues to thoroughly fail Wanjiku and I can't comprehend how they keep renewing Stella's job!

Manage their revenue and income forecasts to reasonable levels, remove the propaganda on real estate, show how Britak's valuation multiples compare to peer companies on the NSE and a few other comparable exchanges in Africa. Plainly showing the PE, PB multiples without showing how these compare with the rest of the industry in Kenya and elsewhere was insufficient.