I have not been a fan of Merali's listed firms but Sasini has done well (profit & stock price) considering their recent 1 month performance.
Nevertheless, there remain some intriguing questions:
- Why did Sasini announce 3Q 2005-6 results whereas this has never been done in the past?
- Traditionally, they used to announce only 1H & Final results. Will quarterly reporting become the norm? If not, why this one-off announcement?
- The 3Q results were announced after a 3-month hiatus i.e. 3Q ended 30 June 2006 but results announced on 26 Sep 2006. Why not sooner?
- The Final 2005-6 results are expected by 31 Dec 2006 when dividends are generally announced thus why the "sudden" 3Q dividend?
- Why was the EGM announced as a separate item a few days later on 9 Oct 2006?
- Why is the EGM being held at Kamundu Estate (Kiambu) rather than Nairobi?
- Most EGMs are not held for the sole purpose of authorising an increase in Share Capital unless there is a pending Rights, Bonus or acquisition. So why this EGM?
- There seems to have been some fore-knowledge on Sasini since there was a sudden increase in price from the 30/- to 50/- (in September 2006) and BEFORE the 3Q 2005-6 results were released!