wazua Fri, Mar 29, 2024
Welcome Guest Search | Active Topics | Log In | Register

6 Pages«<23456>
Stanlib Fahari I-Reit FY 2019
VituVingiSana
#61 Posted : Monday, April 11, 2022 11:19:46 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,039
Location: Nairobi
ICEA sees value in Fahari at the cheap prices. Skin in the game. I applaud that.

Of course, they may have other plans eg Ndegwas selling their properties to Fahari at "full price" in exchange for discounted shares.

Who remembers their attempt to sell dying Ennsvalley to Unga for shares in Unga?
Then they "convinced" the compromised board to pay 700mn for lousy Ennsvalley.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
littledove
#62 Posted : Tuesday, August 30, 2022 2:35:57 PM
Rank: Member


Joined: 7/1/2014
Posts: 895
Location: sky
did they pay dividend for full year 2021, they declared 0.50 cts but i missed book closure and payment
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
deadpoet
#63 Posted : Tuesday, August 30, 2022 2:55:03 PM
Rank: Member


Joined: 9/27/2006
Posts: 496
littledove wrote:
did they pay dividend for full year 2021, they declared 0.50 cts but i missed book closure and payment


Yeah the paid it back in April I think. This is one stock I'm curious about - this 'cautionary announcement' I think involves the selling of the vacant building, but does it mean other properties will be added? Who knows. I don't know the risk/reward ratio for owning it.
cyruskulei
#64 Posted : Tuesday, August 30, 2022 3:14:45 PM
Rank: Member


Joined: 3/9/2010
Posts: 320
Location: kenya
deadpoet wrote:
littledove wrote:
did they pay dividend for full year 2021, they declared 0.50 cts but i missed book closure and payment


Yeah the paid it back in April I think. This is one stock I'm curious about - this 'cautionary announcement' I think involves the selling of the vacant building, but does it mean other properties will be added? Who knows. I don't know the risk/reward ratio for owning it.



Saw this today on https://live.mystocks.co.ke/rmw.php. Whats happening?
Work hard at your job and you can make a living. Work hard on yourself and you can make a fortune.

littledove
#65 Posted : Thursday, April 20, 2023 12:44:43 PM
Rank: Member


Joined: 7/1/2014
Posts: 895
Location: sky
6th and 7th agm to be held on monday 24th april 2023. what kind of restructuring are they doing?
that cma has delayed approving for that long. the share price has been dull for some time without
any indicators that something good or bad is coming. what do we expect on monday
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
deadpoet
#66 Posted : Thursday, April 20, 2023 3:01:33 PM
Rank: Member


Joined: 9/27/2006
Posts: 496
Probably two possibilities:
1) They announce plans to delist - this may happen before or after they sell two buildings in the REIT portfolio. They may offer to buy out current shareholders at a given price, with or without providing the proceeds from the sale.
2) They sell the two buildings and add more properties from the ICEA portfolio, keeping the listing on the NSE.

I bought this stock at around 6 bob, so I got about a 10% yield, which isn't too bad. I may keep or sell at cost depending on the restructuring.
Ericsson
#67 Posted : Friday, April 21, 2023 1:14:04 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,628
Location: NAIROBI
littledove wrote:
6th and 7th agm to be held on monday 24th april 2023. what kind of restructuring are they doing?
that cma has delayed approving for that long. the share price has been dull for some time without
any indicators that something good or bad is coming. what do we expect on monday


Delisting is what CMA has delayed approving.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#68 Posted : Friday, April 21, 2023 1:16:03 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,628
Location: NAIROBI
deadpoet wrote:
Probably two possibilities:
1) They announce plans to delist - this may happen before or after they sell two buildings in the REIT portfolio. They may offer to buy out current shareholders at a given price, with or without providing the proceeds from the sale.
2) They sell the two buildings and add more properties from the ICEA portfolio, keeping the listing on the NSE.

I bought this stock at around 6 bob, so I got about a 10% yield, which isn't too bad. I may keep or sell at cost depending on the restructuring.


Possibility 1 is the most probable option.
More properties from the ICEA portfolio is easier said than done.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
deadpoet
#69 Posted : Friday, April 21, 2023 6:06:42 PM
Rank: Member


Joined: 9/27/2006
Posts: 496
Ericsson wrote:
deadpoet wrote:
Probably two possibilities:
1) They announce plans to delist - this may happen before or after they sell two buildings in the REIT portfolio. They may offer to buy out current shareholders at a given price, with or without providing the proceeds from the sale.
2) They sell the two buildings and add more properties from the ICEA portfolio, keeping the listing on the NSE.

I bought this stock at around 6 bob, so I got about a 10% yield, which isn't too bad. I may keep or sell at cost depending on the restructuring.


Possibility 1 is the most probable option.
More properties from the ICEA portfolio is easier said than done.


You are correct. However, there is the possibility of ICEA making some statement just to raise the price over the short/medium term (from 6 to 8, for example). A 'pump and dump' by another name - given that they bought a stake sometime last year. Also, I think the difficulty of moving properties to be the REIT would be the same whether the company is listed or not. Given the tax advantages of REITs, it is a safe bet that such addition has been discussed in the boardroom. The question is whether it is cheaper for the powers that be to bring small shareholders along for the ride - after all, there is a cost of buying existing shareholders out (though it definitely wouldn't be at NAV).
VituVingiSana
#70 Posted : Saturday, April 22, 2023 6:57:24 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,039
Location: Nairobi
deadpoet wrote:
Ericsson wrote:
deadpoet wrote:
Probably two possibilities:
1) They announce plans to delist - this may happen before or after they sell two buildings in the REIT portfolio. They may offer to buy out current shareholders at a given price, with or without providing the proceeds from the sale.
2) They sell the two buildings and add more properties from the ICEA portfolio, keeping the listing on the NSE.

I bought this stock at around 6 bob, so I got about a 10% yield, which isn't too bad. I may keep or sell at cost depending on the restructuring.


Possibility 1 is the most probable option.
More properties from the ICEA portfolio is easier said than done.


You are correct. However, there is the possibility of ICEA making some statement just to raise the price over the short/medium term (from 6 to 8, for example). A 'pump and dump' by another name - given that they bought a stake sometime last year. Also, I think the difficulty of moving properties to be the REIT would be the same whether the company is listed or not. Given the tax advantages of REITs, it is a safe bet that such addition has been discussed in the boardroom. The question is whether it is cheaper for the powers that be to bring small shareholders along for the ride - after all, there is a cost of buying existing shareholders out (though it definitely wouldn't be at NAV).

ICEA/Ndegwas are no fools to pay the fake NAV as a buyout price Laughing out loudly
A delisting makes sense to allow for a restructuring that including adding more properties and then re-listing Fahari.
The current portfolio is very small and very few would take shares, as currently priced, in exchange for a property.

Kamau thinks his building is worth 200mn even if the Net Income is just 8mn. That's the reality in Nairobi. The true value on an income basis may be 80mn (10x NI).

He will not accept 10mn shares of Fahari (NAV 20) since they trade at 6/-.

So how does Fahari get new properties unless it pays cash?
How does it raise cash?
Who will subscribe to a Rights Issue?
What will the price of the Rights be?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#71 Posted : Tuesday, April 25, 2023 12:46:41 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,628
Location: NAIROBI
VituVingiSana wrote:
deadpoet wrote:
Ericsson wrote:
deadpoet wrote:
Probably two possibilities:
1) They announce plans to delist - this may happen before or after they sell two buildings in the REIT portfolio. They may offer to buy out current shareholders at a given price, with or without providing the proceeds from the sale.
2) They sell the two buildings and add more properties from the ICEA portfolio, keeping the listing on the NSE.

I bought this stock at around 6 bob, so I got about a 10% yield, which isn't too bad. I may keep or sell at cost depending on the restructuring.


Possibility 1 is the most probable option.
More properties from the ICEA portfolio is easier said than done.


You are correct. However, there is the possibility of ICEA making some statement just to raise the price over the short/medium term (from 6 to 8, for example). A 'pump and dump' by another name - given that they bought a stake sometime last year. Also, I think the difficulty of moving properties to be the REIT would be the same whether the company is listed or not. Given the tax advantages of REITs, it is a safe bet that such addition has been discussed in the boardroom. The question is whether it is cheaper for the powers that be to bring small shareholders along for the ride - after all, there is a cost of buying existing shareholders out (though it definitely wouldn't be at NAV).

ICEA/Ndegwas are no fools to pay the fake NAV as a buyout price Laughing out loudly
A delisting makes sense to allow for a restructuring that including adding more properties and then re-listing Fahari.
The current portfolio is very small and very few would take shares, as currently priced, in exchange for a property.

Kamau thinks his building is worth 200mn even if the Net Income is just 8mn. That's the reality in Nairobi. The true value on an income basis may be 80mn (10x NI).

He will not accept 10mn shares of Fahari (NAV 20) since they trade at 6/-.

So how does Fahari get new properties unless it pays cash?
How does it raise cash?
Who will subscribe to a Rights Issue?
What will the price of the Rights be?


The Ndegwa family stated from Fahari I-REIT properties they want to keep Greenspan Mall and the Lavington property.
The others have been marked for disposal
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
littledove
#72 Posted : Tuesday, April 25, 2023 12:49:10 PM
Rank: Member


Joined: 7/1/2014
Posts: 895
Location: sky
anybody who has an idea what was discussed at the agm yesterday? the link they had
given for participation was down throughout the period
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
deadpoet
#73 Posted : Tuesday, April 25, 2023 2:31:13 PM
Rank: Member


Joined: 9/27/2006
Posts: 496
littledove wrote:
anybody who has an idea what was discussed at the agm yesterday? the link they had
given for participation was down throughout the period


Yep, same for me. And the helpline they provided was busy. Grrr, so now how am I supposed to know if staying in or getting more shares is a value trap?
littledove
#74 Posted : Tuesday, April 25, 2023 2:45:30 PM
Rank: Member


Joined: 7/1/2014
Posts: 895
Location: sky
deadpoet wrote:
littledove wrote:
anybody who has an idea what was discussed at the agm yesterday? the link they had
given for participation was down throughout the period


Yep, same for me. And the helpline they provided was busy. Grrr, so now how am I supposed to know if staying in or getting more shares is a value trap?

Laughing out loudly Laughing out loudly its like they didnt want shareholders to participate in that agm or even the agm never happenned.
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
deadpoet
#75 Posted : Wednesday, April 26, 2023 7:51:04 AM
Rank: Member


Joined: 9/27/2006
Posts: 496
There should be a fine for botched online AGMs, but we all know how competent the CMA is...
wukan
#76 Posted : Thursday, April 27, 2023 6:35:05 AM
Rank: Veteran


Joined: 11/13/2015
Posts: 1,567
The link worked. The AGM was poorly attended but all the items on the agenda were dealt with.
VituVingiSana
#77 Posted : Tuesday, May 02, 2023 10:07:52 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,039
Location: Nairobi
deadpoet wrote:
There should be a fine for botched online AGMs, but we all know how competent the CMA is...

The directors will have the firm (aka shareholders) pay the fine. The directors should be surcharged if you want to see an improvement.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
wukan
#78 Posted : Tuesday, August 29, 2023 7:01:23 AM
Rank: Veteran


Joined: 11/13/2015
Posts: 1,567
Quote:
An asset management firm owned by the Philip Ndegwa family has made an offer to buy out retail investors in property fund ILAM Fahari I-Reit at Sh402.4 million or Sh11 per unit, representing a major premium to the trading price on the Nairobi Securities Exchange.

ICEA Lion Asset Management Limited, which manages Fahari, has offered to buy a total of 36.58 million units (shares) as part of a plan to delist the property fund.


Business Daily

Drool Drool Drool Payday is here
VituVingiSana
#79 Posted : Tuesday, August 29, 2023 11:52:29 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,039
Location: Nairobi
wukan wrote:
Quote:
An asset management firm owned by the Philip Ndegwa family has made an offer to buy out retail investors in property fund ILAM Fahari I-Reit at Sh402.4 million or Sh11 per unit, representing a major premium to the trading price on the Nairobi Securities Exchange.

ICEA Lion Asset Management Limited, which manages Fahari, has offered to buy a total of 36.58 million units (shares) as part of a plan to delist the property fund.


Business Daily

Drool Drool Drool Payday is here

On one hand they say the NAV is 20/share and in the same breath offer 55% of that Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly
Fake NAVs.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
wukan
#80 Posted : Wednesday, August 30, 2023 10:13:39 AM
Rank: Veteran


Joined: 11/13/2015
Posts: 1,567
The NAV is actually 18.75
REIT has Cash and near cash assets of kshs 630 million

We are walking away with 402 million. NSE is a fish market.
Observing how Unga group shareholders were treated its best to take and leave.

CMA should really reconsider if REITs below 5B require fund managers and big trustees. Small reits can administered by property managers earning a salary.
Users browsing this topic
Guest
6 Pages«<23456>
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.

Copyright © 2024 Wazua.co.ke. All Rights Reserved.