SAFARICOM INTHE NEWS
After the announcement that Safaricom will list on the NSE it continues to grab headlines. The interest in the company will rise as potential shareholders await with bated breath the D-Day. More information expected before CMA approval of their prospectus. Negotiations paving way to the IPO gave the nod to Telkom to pledge 9 per cent of Safaricom shares to borrow some $80 million from a syndicate of local commercial banks to finance its second phase of retrenchment, in which the state-owned company will be putting 6,000 workers on the street. Vodafone wanted an arrangement where the IPO will be jointly managed by two transaction advisers with each party appointing its own transaction adviser. It is not clear whether they got this. To avoid another international competitor entering Safaricom Boardroom Government to take over Telkom stake. Agreed:
1. Government will be the one to drive the IPO.
2. Vodafone plc to sit on the government committee that will steer the Safaricom IPO process.
3. The British investor to continue enjoying pre-emptive rights after the IPO.
4. All other rights that Vodafone has enjoyed under the shareholders agreement to lapse after the IPO.

Eveready progress:
Analysis of the Eveready offer continues(Smart Nation) but not anything new is coming up. Information already available remains a better guide.

Stockbroker passes on:
Pioneer stockbroker Francis Thuo, the owner of Francis Thuo and Partners stockbrokers has passed on. However I note his firm was not on the list of rogue stockbrokers.