DISGRUNTLED KQ MINORITY SHAREHOLDER SENT PACKING BY COURT
As reported here two weeks ago, one Prakash Gadani, who holds some 200.000 shares in Kenya Airways, had filed a case against the now concluded share rights issue, making a number of claims when seeking to stop the transaction through an injunction. That injunction however was not granted at the time and the main hearing in the Commercial Court in Nairobi yesterday also concluded, that the petition had no merit at all, dismissing the application with costs. The court in particular dismissed the notion presented that the rights of a minority shareholder were opressed while upholding the fact that the entire exercise was conducted strictly in accordance with current laws and financial regulations, putting an end to Gadanis misguided if not selfdeluded attempt to see the tip of the tail wag the dog.
Gadani gained added notoriety when engaging in an equally losing shoutout on Twitter, where he responded to a related article by this correspondent with Lies, Lies, a suggestion now firmly put to rest too after the court hearing affirmed the position taken in the article, which had cross loaded from the blog post to Twitter.
The results of the share rights issue, in which all key institutional shareholders have taken up their new share allocation, will be announced on the 30th of May and the information will be immediately published here for the benefit of the readers, so watch this space.