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Tuesday, May 29, 2012

Kenya Airways Rights Issue Results Announcement Delayed

The date of the announcement of the of the results of KQ's 2012 Rights Issue has been pushed from 30th May 2012 to 6th June 2012.

I wonder why...


Anonymous said...

Looks like they have been over-whelmed by a deluge of subscriptions, far in excess of what they expected...HA, HA
Seriously, does the CMA ask for reasons when the revision to the time-table is sought by the issuer and its advisors? Sruely, 4 weeks was enough time.

Kauka said...

Great people a little birdie tells me they could have run into a legal quagmire. Remember the 70% hurdle rate for success of the issue and tacked in the IM was that GK & KLM would participate on relative basis in order to retain their 49% stake, suggesting that if the wenye nchi didn't come through with 11B government and KLM would scale down relatively. What surprised me was the high success threshold. I fear and continue to fear this may most probably return to haunt.....

coldtusker said...

Anon 1:39 -> Sure! LOL...

Kauka - Yes. That will bite them in the bum. Also they cannot allow non-Kenyans to own more than 50% so some foreign applicants may be denied shares even in an under-subscription.

All in all, the Rights Issue was poorly managed by the greedy brokers who were in it for the huge fees!

kauka said...

Any hope of someone returning to court only this time enjoining CMA???The IM said GoK and KLM will participate relatively. Now government is back as top dawg! I don't recall the IM being ammended..

coldtusker said...

@kauka - I do not think anyone will take it to court but you hit the nail on the head! What is the use of an IM?

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