yesterday Nakilat announced the repayment of the QR5 by its share holders. I was wondering if anyone knows whether if the expatriate share holders who did not buy the share at the IPO will also be required to make the payment.
Therefore, in accordance with Article 8 of the company's Articles of Association, its board of directors met here on December 25 and has authorised to invite the shareholders to pay the outstanding par value of the shares of QR5 for each share.
The cash call will be effective from February 1, 2007 and will be open for 15 days. The cash call invitation will be published in the local gazette.
The shareholders who default in paying the outstanding share capital will be served a notice requesting to pay up the amount. If the payment is still not made within 30 days from the date on which the letter was sent, the company would sell the shares at the DSM in accordance with Article 157 of the Qatari Commercial Law, the company's letter said.
Do not invite death by the error of your life, nor bring on destruction by the works of your hands; because God did not make death, and he does not delight in the death of the living.
The company has now decided to make the cash call and its shareholders (including those who bought the shares in the secondary market) are required to pay up the remaining QR5 by mid-February next year.
Please read the full article in the following link:
Just a word of advice, do not sell your shares in a panic,,, last day of trading some ppl did at 12.5 the market turned around and last trade was at 14!! . Also keep in mind that there are 2 months to go. You never know where the markets going to go in that time. Qatari shares move with the index and the index is returning to its previous state.
Anyone who has invested in this company has invested in His Excellence's vision. Its not an average company. Expect strong growth in next year or two.
Once this process is behind us (however it turns out) we will be glad we bought the shares in this company.
I also own some of Nakilat shares and I am also trying to find out who should pay as you all do.
But I believe that those who baught the IPO should pay the rest of the amount which is the QR 5 per share cause it is their due not us (the new holders), they only paid QR 5 for each share and they signed a commitment to pay the rest QR 5 when the company ask for.
I am reading every paper article and asking everyone i know in the market and surprizingly nobody knows who it applies to!! Some still think its only the people who bought the IPO who have to pay back and and equal number say everyone who owns stock now!! Well i hope they clarify soon because they expect the money early january!
Unless is stated; in BLACK AND WHITE in the contractual agreement, between the bona-fide and the LTD/INC sellers, then this kind of maneuver is semi-legal.
There is strict laws that regulate this kind of behavior.
Otherwise this group in my opinion is about to bankrupt themselves.
Or Being sold to someone else.
I bought in 1999, 2,000 shares from ATT Trident services, their share was $ 7.50 dollars a piece. They sold out to Space-net Services Inc. for 12.00 a share, Then Gilat/Starband bought them out.
They did offer to buy me out and I refuse to do it.
I held to the shares and made a smart move on selling to their competitor, Echo Star after they affiliated to Starband in 2002 and made a substantial profit.
Their stock is holding at 54.00 dollars today and they are 5th largest VSAT Satellite Internet Services in the USA.
My love be with you all in Christ Jesus. So be it.
I dont get it either. When the IPO of nakilat took place ppl were given shares worth 10Qr for 5Qr and now they are asking them to pay the rest or they will sell their shares.. what if the ppl who bought the shares at IPO sold them to someone else at a profit.. The persons who owns the share in the end gets screwed.
Thats what I am requesting AHMAD44 to confirm whether if this is true or the person who originally bought the shares at the IPO will pay the balance.
BTW the share is currently at 13 so if you own 1000 shares theyll be worth 13000 but you will have to make a payment of 5000 riyals if the case we discussing is true.
I do not understand, say you hold 1000 share of Nakilat, now you have to pay QR 5000 cash back to them ? What is the reason behind ? How they can do this ?
Traditionally, if you buy share & the price went down.. we hold on to the shares, hoping it will go up. But never heard you still be liable to pay back cash if you choose to hold on. It almost felt like you're being 'punish' for holding onto the shares.
Thankyou for your reply AHMAD44. Please let me know what confirmation you get from nakilat.
If it is true that everyone who owns the share will have to pay 5 riyals. than i think this share is going to go a lot more down. Everyone will want to sell. But today 30 minutes into trading I saw a 150000 and 200000 share buy order. I think there is something to it that major investors see.
I agree with you on your last prediction. But I think it will be going till 50 within 5 years. because it is a solid company with a very solid management, thats a winning combination.
lets hope for the best. I will be hanging on to these shares as long as I can. I dont really have much of a choice either considering the loss Iam gonna suffer if I sell them.
Once more please let us know what confirmation you get.
Good post, i think the cashback applies to anybody who currently owns Nakilat stocks, i am waiting to confirm this in the newspaper but if you sold them then you dont have to pay anything, and if you bought them then you have to pay QR5 for each share you have!
And as a future outlook advice that company is so overrated, they spent all the IPO money and they already owe the money they are expecting shareholders to pay now they owe that to the LNG ship company, and the papers just showed this week that they took a loan for 3.4Billion Dollars US!! FYI that is more money than the budget of all the Qatar banks combined!!
Realistically this company will not breakeven and start handign out profits anytime this half-century!!
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Yes, all shareholders must pay.
Therefore, in accordance with Article 8 of the company's Articles of Association, its board of directors met here on December 25 and has authorised to invite the shareholders to pay the outstanding par value of the shares of QR5 for each share.
The cash call will be effective from February 1, 2007 and will be open for 15 days. The cash call invitation will be published in the local gazette.
The shareholders who default in paying the outstanding share capital will be served a notice requesting to pay up the amount. If the payment is still not made within 30 days from the date on which the letter was sent, the company would sell the shares at the DSM in accordance with Article 157 of the Qatari Commercial Law, the company's letter said.
Do not invite death by the error of your life, nor bring on destruction by the works of your hands; because God did not make death, and he does not delight in the death of the living.
Solomon Chapter 1, verses 12-13
The Peninsula - 27/12/2006
The company has now decided to make the cash call and its shareholders (including those who bought the shares in the secondary market) are required to pay up the remaining QR5 by mid-February next year.
Please read the full article in the following link:
http://www.menafn.com/qn_news_story_s.asp?StoryId=1093137459
I still hope this is not true...
Just a word of advice, do not sell your shares in a panic,,, last day of trading some ppl did at 12.5 the market turned around and last trade was at 14!! . Also keep in mind that there are 2 months to go. You never know where the markets going to go in that time. Qatari shares move with the index and the index is returning to its previous state.
Anyone who has invested in this company has invested in His Excellence's vision. Its not an average company. Expect strong growth in next year or two.
Once this process is behind us (however it turns out) we will be glad we bought the shares in this company.
-----------------------------
http://forex555.blogspot.com/
Since you signed the commitment is legal for them to ask for it. In my case that was not speculated in my agreement.
Good luck and Happy New Year.
My love be with you all in Christ Jesus. So be it.
1 Corinthians, Chapter 16,
I also own some of Nakilat shares and I am also trying to find out who should pay as you all do.
But I believe that those who baught the IPO should pay the rest of the amount which is the QR 5 per share cause it is their due not us (the new holders), they only paid QR 5 for each share and they signed a commitment to pay the rest QR 5 when the company ask for.
I hope I am right...
I am reading every paper article and asking everyone i know in the market and surprizingly nobody knows who it applies to!! Some still think its only the people who bought the IPO who have to pay back and and equal number say everyone who owns stock now!! Well i hope they clarify soon because they expect the money early january!
.
This sounds like a REAL BAD ROTTEN FISH!.
To Payback their money is like:
" Putting a gun in your head with no bullets".
Pure intimidation tactic and lack of ethic.
Unless is stated; in BLACK AND WHITE in the contractual agreement, between the bona-fide and the LTD/INC sellers, then this kind of maneuver is semi-legal.
There is strict laws that regulate this kind of behavior.
Otherwise this group in my opinion is about to bankrupt themselves.
Or Being sold to someone else.
I bought in 1999, 2,000 shares from ATT Trident services, their share was $ 7.50 dollars a piece. They sold out to Space-net Services Inc. for 12.00 a share, Then Gilat/Starband bought them out.
They did offer to buy me out and I refuse to do it.
I held to the shares and made a smart move on selling to their competitor, Echo Star after they affiliated to Starband in 2002 and made a substantial profit.
Their stock is holding at 54.00 dollars today and they are 5th largest VSAT Satellite Internet Services in the USA.
My love be with you all in Christ Jesus. So be it.
1 Corinthians, Chapter 16,
I dont get it either. When the IPO of nakilat took place ppl were given shares worth 10Qr for 5Qr and now they are asking them to pay the rest or they will sell their shares.. what if the ppl who bought the shares at IPO sold them to someone else at a profit.. The persons who owns the share in the end gets screwed.
Thats what I am requesting AHMAD44 to confirm whether if this is true or the person who originally bought the shares at the IPO will pay the balance.
BTW the share is currently at 13 so if you own 1000 shares theyll be worth 13000 but you will have to make a payment of 5000 riyals if the case we discussing is true.
-----------------------------
http://forex555.blogspot.com/
.
I do not understand, say you hold 1000 share of Nakilat, now you have to pay QR 5000 cash back to them ? What is the reason behind ? How they can do this ?
Traditionally, if you buy share & the price went down.. we hold on to the shares, hoping it will go up. But never heard you still be liable to pay back cash if you choose to hold on. It almost felt like you're being 'punish' for holding onto the shares.
btw, i don't know anything about stock trading
Thankyou for your reply AHMAD44. Please let me know what confirmation you get from nakilat.
If it is true that everyone who owns the share will have to pay 5 riyals. than i think this share is going to go a lot more down. Everyone will want to sell. But today 30 minutes into trading I saw a 150000 and 200000 share buy order. I think there is something to it that major investors see.
I agree with you on your last prediction. But I think it will be going till 50 within 5 years. because it is a solid company with a very solid management, thats a winning combination.
lets hope for the best. I will be hanging on to these shares as long as I can. I dont really have much of a choice either considering the loss Iam gonna suffer if I sell them.
Once more please let us know what confirmation you get.
-----------------------------
http://forex555.blogspot.com/
Good post, i think the cashback applies to anybody who currently owns Nakilat stocks, i am waiting to confirm this in the newspaper but if you sold them then you dont have to pay anything, and if you bought them then you have to pay QR5 for each share you have!
And as a future outlook advice that company is so overrated, they spent all the IPO money and they already owe the money they are expecting shareholders to pay now they owe that to the LNG ship company, and the papers just showed this week that they took a loan for 3.4Billion Dollars US!! FYI that is more money than the budget of all the Qatar banks combined!!
Realistically this company will not breakeven and start handign out profits anytime this half-century!!