First published at 12:24 AM on August 15, 2020. [This is the first ever List of Unashig Shareholders. It will be updated periodically, perhaps even at the end of this day. It may be necessary, however, to update the narrative more frequently]
The idea which developed into what is now Unashig Kenya PLC was formally endorsed at a Founders' Meeting in the Multi-Purpose Hall, University of Nairobi, in April 2017. It was essentially to create and grow an autonomous, Member-driven and Member-owned organization -- that is, an entity independent of the University's administrative structures and control -- focused on the twin goals of Health and Wealth. That is, first, securing affordable and self-funded health insurance for participating Members; and, second, using the strength of numbers that we expected to generate to secure a financially viable organization which would also serve as an investment vehicle for the Members. Thus, instead of creating a typical welfare or self-help association, we opted for a company owned by shareholders. Unashig Kenya PLC was incorporated under Kenya's Companies Act (2015) as a Public Limited Company on 22nd October 2018.
Unashig's health insurance initiative was launched in November/December 2019 with 60 paid-up Members and their families given cover by UAP OldMutual. Another lot of 16 Members (later joined by two more) had their own 12-month cover launched in March 2020. This raised the total in the first year to 78. We expect that another group of 20 Members will be given its own 12-month cover this August. This will further raise the total to 98.
Unashig Kenya PLC has two classes of shares -- CA and CB shares. Only Full Members (that is, present and past academic staff of the University of Nairobi) can own CA shares, but each such Member can own only one CA share, which is the voting share. There are two other categories of Members, namely: (a) Associate Member 1 (restricted to present and past non-academic staff of the University of Nairobi); and (b) Associate Member, 2 (which is open to any other interested persons). All the three categories of Members are entitled to the same health insurance options which Unashig may negotiate with an insurer. CB shares can be owned by any Member, in any quantity.
A CA and CB share is entitled to the same amount of declared dividend-per-share, bonus share or share distribution. In the case of share splits, all but one of the CA shares will be converted to CB shares. The nominal value of each CA and CB share is KES 2,000/-. A total of 195 CA and 1057 CB shares have so far been subscribed for.
The value of a CA and CB share is pegged on the underlying and aggregate market value of the basket of shares quoted on the Nairobi Securities Exchange (NSE) and in which Unashig Kenya PLC has invested. Indeed, virtually all the funds so far generated from the purchase of CA and CB shares have been so invested. With time, Unashig will certainly diversify its investment aspirations into other properties; but investing in liquid securities through the NSE has been an obvious, and quite attractive, first choice.
As the list of shareholders to be found via the link given below shows, Unashig currently has (as of 12:24 AM on August 15th, 2020) 218 shareholders, with an average of 4.99 CB shares, and 5.74 combined shares, per Member. However, only 23 Members own 10 or more shares, while 21 Members still own only 1 share each. We do expect that these configurations will change considerably as we go along. The last hour for this First Round of Capital Raising is still nearly 24 hours away at the time of publishing this post, but it seems useful to release this advance copy in order to give Unashig shareholders a sense, indeed a picture, of where we are and where we might be at the end of day today.
READ: List of Shareholders of Unashig Kenya PLC ~ As of 12:24 AM on August 15, 2020
Updated: 8:52 PM, August 18, 2020.
