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Stock consolidation for safaricom - viable?
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mozenrat
#1 Posted : Monday, January 26, 2009 9:07:00 AM
Rank: Veteran


Joined: 5/18/2008
Posts: 796
Is it time we lobbied for the Safaricom stock consolidation... Since most brokers place the cap on the minimum shares that one can trade at 100,a 100:1 consolidation maybe?? Then the company can pay out realistic dividends to our friends who bought 200K plus shares... Although stock consolidation is viewed negatively in other markets,that may not necessarily be the case here...
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ecstacy
#2 Posted : Thursday, August 20, 2009 10:56:00 AM
Rank: Elder


Joined: 2/26/2008
Posts: 4,449
Finally,this is set to be a reality. MJ has said SCOM is in the early stage of appointing advisers to the share consolidation process.

'We understand the plight of small scale investors and that is why we will be making all efforts to consolidate the shares possibly before the next Annual General Meeting,' said Michael Joseph yesterday.

Ref: http://www.eastandard.ne...44022009&cid=4&

This places a consolidated SCOM share target date possibly by summer 2010. Add increasing revenue streams from data as owner on TEAMs and SEACOM and you have a very ripe SCOM counter by Q2 2010. Share consolidation has an effect of increasing share prices...

I'd be interested in knowing what laws,if any,need to be amended to achieve this?
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Mpenzi
#3 Posted : Thursday, August 20, 2009 11:12:00 AM
Rank: Veteran


Joined: 10/17/2008
Posts: 1,234
A share buy back is the way to go but this requires an amendment to the Companies Act. I dont see that happening soon given we have been singing about amending that 1948 statute for the last 20 years!
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