“…insider trading is beneficial, not harmful, to the interests of the economy at large and to both controlling and minority shareholders. Indeed, it is for this very reason that insider trading survives in markets in which it is still permitted” Kantor, B. “In Support of Insider Trading: More than a zero-sum game” (1991) 20 Businessman’s Law 167, 167 Discuss this statement in light of the arguments for and against the prohibition of insider trading

QUESTION 1
AFC Lions Football Club is a very popular football club in Kenya. One other club Gulf Olympic Rangers FC has nearly as many fans. AFC Lions is registered as a public limited company. The club has just won the national league. It wants to strengthen its financial base and make a serious challenge for the African Cup of Club Champions (a lucrative continental tournament for clubs that have won their respective national leagues). The club also wants to develop a sports center and stadium at its 30 acre plot located in Athi River a few kilometers outside Nairobi.
The clubs’ management are of the view that the club can raise the capital required from the club’s supporters through private placement of the company shares. The club’s management approach you seeking advice on how this can be achieved.
(a) With the help of decided cases and citing relevant statutory provisions advise he management. (20 marks)
(b) If the private placement does not succeed then the management of the club would want the Company listed on the Nairobi Securities Exchange. Advise the management regarding the procedure and the requirements for listing. (10 Marks)

QUESTION 2
(a) “…insider trading is beneficial, not harmful, to the interests of the economy at large and to both controlling and minority shareholders. Indeed, it is for this very reason that insider trading survives in markets in which it is still permitted” Kantor, B. “In Support of Insider Trading: More than a zero-sum game” (1991) 20 Businessman’s Law 167, 167 Discuss this statement in light of the arguments for and against the prohibition of insider trading (10 Marks)

(b) With the aid of decided cases and citing relevant statutory provisions outline the law on insider trading in Kenya. (10 Marks)
QUESTION 3
(a)What is corporate governance and what are the specific corporate governance challenges in Africa (10 Marks)
(b) What corporate governance issues are likely to be raised in light of the Constitution of
Kenya 2010? (10 Marks)

QUESTION 4
You have recently been appointed as a Legal Intern at the Capital Markets Authority. Your are informed that there are a number of companies that have been seeking o have their securities listed. The requests have been pending as your supervisor is unsure about how to evaluate the requests for listing. Your supervisor requests you to prepare a brief detailing what the regulator’s concerns should be regarding a proposed listing of securities.
Prepare a detailed brief outlining the areas that the regulator should be concern about. (20 Marks)

QUESTION 5
Write brief notes on any four of the following
(a)Shareholder activism and making the voice of the minority shareholder be heard. (5 Marks)
(b) NSE Demutualization (5 Marks)
(c) Objectives of Securities Regulation (5 Marks)
(d) Investor Compensation Fund Board (5 Marks)
(e) Immobilisation of securities (5 Marks)

 

 

 

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