This Update was First published on August 16, 2020 (4:27 MP, GMT+3). [This List will be updated periodically, while the narrative may be updated 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 in that endeavor 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 (or Chama), 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.
After more than two years of seemingly futile effort, 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 till then to 78, all in the first year of the launch.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. Only Full Members (that is, present and past academic staff of the University of Nairobi) can own CA shares, but such a 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 of the three categories of Members are entitled to the same health insurance options and benefits which Unashig may negotiate with an insurer. CB shares can be owned by any Member, in any quantity. A CA and CB share accords the holder 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 1,141.84 CB shares have so far been subscribed for, following the conclusion of Round One of capital raising at end-of-day on August 15, 2020. The total of CA and CB shared so far issued stands at 1,336.84. The reader is reminded that while a Shareholder may own as many CB shares as he or she pleases, no one is entitled to more than one CA share (which is the voting share).
The value of a Unashig Kenya PLC share (whether a CA or a CB) is presently pegged in equal measure on the underlying market value of the basket of shares quoted on the Nairobi Securities Exchange (NSE) in which Unashig 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 shown on the list of shareholders given through the first link provided below, Unashig had (as of at the end of August 15th, 2020) a total of 218 shareholders, with an ownership average of 5.39 CB shares, and and a combined average of 6.13 CA + CB shares per Member. Only 25 Members owned 10 or more CA+CB shares, while 21 owned only 1 each. We certainly expect that these configurations will change considerably in the near-term, as the investment spirit, already clearly detected, spreads. Indeed, what you see in the August 15th table is a fairly significant response, and rearrangement of the rankings on the last day of Round One, as several members moved to adjust their relative rankings -- as shown in an earlier version of that August 15 table.
READ: List of Shareholders of Unashig Kenya PLC ~ WEF End of Day, August 15, 2020
READ: Unashig Shareholders at End-Of-Day, 16th August 2020
The table for end of 16th August is added here mainly to accommodate the concerns of two Members who has called for certain updates concerning their holdings.
Similar details of shareholders' positions will be reported periodically in future, and as necessary.
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