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KCB and NBK material announcement
Ebenyo
#101 Posted : Wednesday, June 19, 2019 1:05:29 PM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,663
Location: Kitale
Ericsson wrote:
bartum wrote:
I will get KCB at 35


Tuko pamoja



lakini sio sahi.HY results and interim dividend will not allow 35.
Towards the goal of financial freedom
bartum
#102 Posted : Wednesday, June 19, 2019 1:41:41 PM
Rank: Veteran


Joined: 8/11/2010
Posts: 1,001
Location: nairobi
Ebenyo wrote:
Ericsson wrote:
bartum wrote:
I will get KCB at 35


Tuko pamoja



lakini sio sahi.HY results and interim dividend will not allow 35.

Will will HY be released
Ericsson
#103 Posted : Wednesday, June 19, 2019 3:50:02 PM
Rank: Elder


Joined: 12/4/2009
Posts: 6,883
Location: NAIROBI
Ebenyo wrote:
Ericsson wrote:
bartum wrote:
I will get KCB at 35


Tuko pamoja



lakini sio sahi.HY results and interim dividend will not allow 35.

Blood in the streets
Horton
#104 Posted : Wednesday, June 19, 2019 4:44:04 PM
Rank: Veteran


Joined: 8/30/2007
Posts: 1,422
Location: Nairobi
Ericsson wrote:
Ebenyo wrote:
Ericsson wrote:
bartum wrote:
I will get KCB at 35


Tuko pamoja



lakini sio sahi.HY results and interim dividend will not allow 35.

Blood in the streets



I picked up some at 39.05

Eagerly waiting for the prophecy at 35-36 level would be excellent.
Ericsson
#105 Posted : Thursday, June 20, 2019 2:13:06 PM
Rank: Elder


Joined: 12/4/2009
Posts: 6,883
Location: NAIROBI
ALteration of the Memorandum and Articles of Association of the Company;
a)"That subject to completion of the proposed take-over of the Company by KCB Group Plc occurring and with effect from the completion date,the Memorandum of Association of the Company be ammended by deleting in its entirety Section 36 of the Memorandum of Association and substituting thereof with the following narration:
"The Share capital of the company is Kenya Shilling thirteen billion (Ksh.13,000,000,000) divided into two billion,six hundred million (2,600,000,000) ordinary shares of Kenya Shillings five (ksh.5.00) each.

b)"That subject to completion of the proposed take-over of the company by KCB Group Plc occurring and with effect from the completion date,the Articles of Association of the company be ammended by deleting in its entirety Article 2 of the Articles of Association and substituting therefore with the following narration:
"The Share capital of the Company is Kenya |Shillings thirteen billion (Ksh 13,000,000,000) divided into two billion six hundred million (2,600,000,000) ordinary shares of Kenya five Shillings (Ksh.5.00) only each"

This was the Shareholders Approval of the Special Business Forming the Agenda of the AGM.

Does it mean KCB will issue more shares to NBK shareholders?
Pesa Nane
#106 Posted : Friday, June 21, 2019 10:30:42 AM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c

Following the earlier Public Notice dated 6 May 2019 upon receipt of the Offeror’s Statement from the KCB Group Plc (“KCB” or “Offeror”), the Directors of National Bank of Kenya Limited (“the Company”) were, on 19th June 2019 served by KCB with the Take-Over Document to acquire a hundred percent (100%) of the ordinary shares of the Company upon re-designation of the Preference Shares into ordinary shares (“Offer Shares”) (“Proposed Transaction”).

Under the Take-Over Document, KCB intends to satisfy the Offer Price/Purchase Consideration through a share swap of one (1) ordinary share of KCB for every ten (10) ordinary shares of the Company.

The acquisition of the Offer Shares by the Offeror is also stated to be subject to several conditions, including: (i) the Company delisting from the Nairobi Securities Exchange upon acceptance of the Offer by not less than 75% of the Offer Shares including scope for minority squeeze out; (ii) the conversion of the 1,135,000,000 preference shares in the capital of the Company to 1,135,000,000 new ordinary shares; and; (iii) procurement of regulatory approvals from, amongst others, the Capital Markets Authority, the Central Bank of Kenya, and the Competition Authority of Kenya.

In accordance with the Capital Markets (Take-overs and Mergers) Regulations, 2002 the Board of the Company will issue a Circular within fourteen (14) business days, to the Shareholders for the purpose of making an informed assessment as to the merits of accepting or
rejecting the take-over offer and the extent of the risks involved in such action. This Circular will also include an Expert’s Opinion as to whether the purchase consideration is within the valuation expectations.

Further details of the proposed transaction will be issued through the requisite announcements that KCB and the Company will make pursuant to the provisions of the Capital Markets (Take-Overs and Mergers) Regulations, 2002 and The Capital Markets (Licensing
Requirements) (General) Regulations, 2002 and in a shareholders’ circular to be issued to the Company’s shareholders.

In the meantime, the shareholders of the Company and the Public, are advised to exercise due caution when dealing in the shares of the Company until further announcements are made.

By Order of the Board

Habil A. Waswani

Company Secretary
Date: 20th June 2019

DISCLAIMER: This announcement is for information purposes only. It has been issued with the approval of the Capital Markets Authority pursuant to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations 2002 as amended. As a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of the statements appearing in this announcement.
Pesa Nane plans to be shilingi when he grows up.
Mucher
#107 Posted : Monday, June 24, 2019 1:03:28 PM
Rank: New-farer


Joined: 1/15/2019
Posts: 30
I find that this was quite expected course of actions. Why do they need to keep management of acquired bank? If they knew how to lead the business, they would not be acquired on a first place. If I was the owner, I would do exactly the same
FRM2011
#108 Posted : Monday, June 24, 2019 4:38:48 PM
Rank: Elder


Joined: 11/5/2010
Posts: 2,326
Mucher wrote:
I find that this was quite expected course of actions. Why do they need to keep management of acquired bank? If they knew how to lead the business, they would not be acquired on a first place. If I was the owner, I would do exactly the same



I had posted this earlier.
"Hope KCB will undertake a massive restructuring at NBK. The board and management of the latter are rotten to the core.

Can you imagine NBK management leasing premises for a new branch, renovate, brand, install everything including computers, network and ATMs, then pays rent for a whole 3 years without opening because they realised its not viable. Case in point - Nanyuki."
Ericsson
#109 Posted : Monday, June 24, 2019 4:46:26 PM
Rank: Elder


Joined: 12/4/2009
Posts: 6,883
Location: NAIROBI
FRM2011 wrote:
Mucher wrote:
I find that this was quite expected course of actions. Why do they need to keep management of acquired bank? If they knew how to lead the business, they would not be acquired on a first place. If I was the owner, I would do exactly the same



I had posted this earlier.
"Hope KCB will undertake a massive restructuring at NBK. The board and management of the latter are rotten to the core.

Can you imagine NBK management leasing premises for a new branch, renovate, brand, install everything including computers, network and ATMs, then pays rent for a whole 3 years without opening because they realised its not viable. Case in point - Nanyuki."

That was a mbuzi that was slaughtered and they feasted on it.
obiero
#110 Posted : Monday, June 24, 2019 10:49:38 PM
Rank: Elder


Joined: 6/23/2009
Posts: 11,859
Location: nairobi
Simba will roar with this meal https://www.businessdail...70070-a3any6z/index.html
COOP 5,500; KCB 3,700; KQ 221,100
Ericsson
#111 Posted : Tuesday, June 25, 2019 6:10:24 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,883
Location: NAIROBI
[quote=obiero]Simba will roar with this meal https://www.businessdail...0070-a3any6z/index.html[/quote]
NBK will start contributing to the bottomline from FY 2020.
obiero
#112 Posted : Tuesday, June 25, 2019 6:38:40 AM
Rank: Elder


Joined: 6/23/2009
Posts: 11,859
Location: nairobi
Ericsson wrote:
[quote=obiero]Simba will roar with this meal https://www.businessdail...0070-a3any6z/index.html[/quote]
NBK will start contributing to the bottomline from FY 2020.

Yes. On balance sheet effect is immediate.. Customer count and income received is immediate..
COOP 5,500; KCB 3,700; KQ 221,100
Ericsson
#113 Posted : Tuesday, June 25, 2019 8:21:53 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,883
Location: NAIROBI
obiero wrote:
Ericsson wrote:
[quote=obiero]Simba will roar with this meal https://www.businessdail...0070-a3any6z/index.html[/quote]
NBK will start contributing to the bottomline from FY 2020.

Yes. On balance sheet effect is immediate.. Customer count and income received is immediate..


HY results each will report its own financial results and seperate balance sheet till when NBK is delisted
Ericsson
#114 Posted : Friday, June 28, 2019 10:28:59 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,883
Location: NAIROBI
“The CBK has been reminding us as the Treasury that the bank has not been meeting its capital requirements. As a bank that government has been keen to reform, we have welcomed the process of KCB to take over because it addresses CBK’s concern that the bank needs to meet its regulatory ratios or go the same fate that other banks have gone…We have engaging the CBK to ensure the merger process is completed. If not, we have no option but for the CBK to take action against the bank as it has done with lenders that went under,” Mr Rotich added.

https://www.businessdail...74296-au9hbgz/index.html
Ericsson
#115 Posted : Friday, July 05, 2019 12:38:37 PM
Rank: Elder


Joined: 12/4/2009
Posts: 6,883
Location: NAIROBI
Parliament has given the National Bank of Kenya two weeks to be audited by the office of the Auditor General.

The Public investment committee says NBK is under-priced hence the need for the bank to be valued by the state’s audit office. NBK management has been opposing audit by the OAGs saying the bank is a private entity.
The PIC says its conducting investigations on the proposed takeover to determine whether the interests of the pensioners, employees and taxpayers have been protected in the deal.

After failing to honor PIC’s summons earlier, the top management of the bank finally appeared before the house committee to among other things shed light on NBK’s shareholding, asset base, liabilities and the takeover bid by the KCB.

The management has faulted the audit by the office of the Auditor General saying it’s not a public lender.

The listed lender is 48.1 percent owned by the National Social Security Fund while National Treasury owns 22.5 percent of the lender. The rest is owned by public.

The parliamentary committee has directed the bank to provide its books to the Auditor General for a through audit and given the AOGs office 14 days to table an audit report on the financial position of the bank.
Ericsson
#116 Posted : Tuesday, July 09, 2019 9:23:48 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,883
Location: NAIROBI
FUNKY
#117 Posted : Tuesday, July 09, 2019 3:06:07 PM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,451
BREAKING NEWS: The Board of National Bank of Kenya says KCB’s valuation of NBK's shares falls below its independent valuation of KSh6.10 per share. KCB had valued NBK at KSh3.801 per share. KCB has 15 days to vary its offer.
@KCBGroup @National_Bank https://t.co/16MThe5vJS
Ericsson
#118 Posted : Tuesday, July 09, 2019 3:32:26 PM
Rank: Elder


Joined: 12/4/2009
Posts: 6,883
Location: NAIROBI
[quote=FUNKY]BREAKING NEWS: The Board of National Bank of Kenya says KCB’s valuation of NBK's shares falls below its independent valuation of KSh6.10 per share. KCB had valued NBK at KSh3.801 per share. KCB has 15 days to vary its offer.
@KCBGroup @National_Bank https://t.co/16MThe5vJS[/quote]

Is this verified?
AndyC
#119 Posted : Tuesday, July 09, 2019 3:41:05 PM
Rank: Member


Joined: 4/21/2015
Posts: 104
Ericsson wrote:
[quote=FUNKY]BREAKING NEWS: The Board of National Bank of Kenya says KCB’s valuation of NBK's shares falls below its independent valuation of KSh6.10 per share. KCB had valued NBK at KSh3.801 per share. KCB has 15 days to vary its offer.
@KCBGroup @National_Bank https://t.co/16MThe5vJS[/quote]

Is this verified?


Eish first employees, now share price... Drop the offer and let CBK deal with them.
Horton
#120 Posted : Tuesday, July 09, 2019 3:41:08 PM
Rank: Veteran


Joined: 8/30/2007
Posts: 1,422
Location: Nairobi
Ericsson wrote:
[quote=FUNKY]BREAKING NEWS: The Board of National Bank of Kenya says KCB’s valuation of NBK's shares falls below its independent valuation of KSh6.10 per share. KCB had valued NBK at KSh3.801 per share. KCB has 15 days to vary its offer.
@KCBGroup @National_Bank https://t.co/16MThe5vJS[/quote]

Is this verified?



If so then we as KCB shareholders don’t want it,........... let it sink NKT 10/- for a shell then KCB gets to pump in a bunch of cash to keep it afloat
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