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very interesting albert thanks. the cash side seems fairly straightforward.the "napster token"aspect is intriguing.will have to wait and see if it is an option that can be made available to us.
Considering I thought I’d lost everything in this, I’m pretty happy with the initial $6 per share!
so this is from ii corporate actions.
First payment. $6.06/share. Not sure when yet.
2nd payment. There is an escrow fund of $5.2m. after admin payments the remainder is distributed amongst shareholders on 12-month anniversary of merger agreement.
3rd payment There is a shareholder fund of $500,000. Again after admin costs and 12-months remainder to be distributed among shareholders.
4th payment. Cash or tokens. Algo are to launch Napster tokens. Shareholders are to receive 7% of total allocation of tokens. If there is no launch within 12 months a further $2.5m cash will be set aside for distribution to shareholders
ii say they are investigating options available re tokens as they are not likely to be usable on their platform.
So as i see it the only way to profit from this is if you hold onto Algo Napster tokens for the long term - IF you have the patience.
evening albert.well it's giving me something to do in my old age lol. as someone who struggles with even basic computer skills, the prospect of possible crypto involvement invokes no small degree of trepidation.anyway lets see what unfolds.at least we are startingto get some more information.
offler thanks for that. what we don't now yet is whether those of us on HL(and no doubt similar platforms)will ever get the crypto option,or will simply be compelled to take the cash alternative as the only way that they can deal with it.still t least they say they' re exploring options.time will tell.yes I've been following algorand's progress( perhaps not quite the right description!),but it does sound as though a new form of coin or currency is being proposed,so we may have to look at valuations de novo at the time(if of course that option is available).gla
Do we know how many coins we will get per NM share?
Didn’t realise this board is live and kicking…
Can anyone put a value on this ofer ? Not that we have a choice. The crook managed to take us all to the cleaners.
Algo is worth around 37 cents per coin, was 74 cents a month ago but crypto has taken a real tanking recently, I did say a while ago that it’s forecast to hit $30 by 2030, regardless hopefully cryptos will recover value by the time we get them.
Just to repeat whatever you do don’t lose both your code and your seed.
I’ve got two listings Napster and NN!,
Crypto.... you will need to download a crypto wallet to store your crypto, you will receive a series of numbers that’s a crypto code and a random series of words that’s a crypto recovery code known as a seed ( not a clue why) you can access your wallet using the code, if you lose the code you can recovery it by inputting the seed. If you lose both you lose your crypto.
To receive the crypto you provide whoever it is with your wallet address. To dispose of your crypto simply go onto a crypto online exchange and sell them not dissimilar to selling shares. Put in the type amount buy or sell
Just received the email from ii.
About to try and take it all in.
Maybe come back tomorrow.
Many thanks Italian.
I was awaiting to hear from ii, but expect them to say something similar in due course.
So we get some of our money back with the promise (?!?) of more to come later. Let's hope crypto is more flavour of the month by March 2023. Like you, I will need an induction course in it.
Exciting life being part of Napster, isn't it?
I don't know about you but I have been well and truly buggered by Matchett the crook, spive and liar. I personally would like to put out a contract on him as a matter of principle
thats my thinking also NT.definitely better than having sold on aim. need to give it a bit more thought ,but if there are any viable alternatives to the algo cash element,i would want HL to leave them open until i have had a chance to consider them. there may be no alternative to the cash payment of course and im sure if there is any decision to be made by the individual shareholders HL would tell us before doing anything.i will probably just make this wish clear to them in the next day or two.i know nothing about cryptos and doubt i could take them in that form even if available,but depending on the terms being offered it is just possible that the bulk of the consideration might in practice reside in the crypto element.just musing aloud in the absence of more detail.
Thanks for posting this The.Italian. I've received diddley squat from my brokers about Napster. That actually doesn't sound too bad - about double what the shares were worth at AIM delisting by my reckoning, plus a Brucie bonus of some unspecified amount of crypto or unspecified cash alternative, all to maybe be paid across multiple unspecified future dates. Maybe the decision to cling on to these to try and claw back some of my almighty losses might just possibly be almost worth it after all, perhaps, in the end.
Napster Group plc – Update on NM Inc
We wrote to you in December 2021 about Napster Group plc selling its main business to a new US based company called NM Inc (Napster Music Inc). As a result, you were due 1 NM Inc share for every 1 Napster Group plc share held at the close of business on 27 January 2022.
You continue to hold your original Napster Group shares, but the shares have been delisted from the AIM and the company has negligible assets.
NM Inc has since been subject to a successful takeover bid by Algorand Holdco I Inc.
Algorand Holdco I Inc is purchasing your NM Inc shares for a mixture of cash and cryptocurrency. Holders will receive:
USD6.07 per NM Inc share, and
A crypto currency payment. This payment will not be made until the relevant cryptocurrency launches. If the cryptocurrency has not launched by 31 March 2023 then a cash payment will be made in its place.*
*HL is not able to facilitate the payment of cryptocurrency. We are in talks with NM Inc about the alternative options available to our clients.
We’re still awaiting payment of the USD6.07 cash element - we’re sorry this is taking longer than anticipated. We’re working with SRS Acquiom, the agent facilitating the payment, to ensure it is concluded as quickly as possible. We’ll write to you again when we have a meaningful update on our progress.
Once received, the payment will be converted into sterling before being credited to your HL account. The conversion will be based on the exchange rate at the time and our standard currency conversion fees.
We apologise for the delay and appreciate your patience with this matter. If you have any questions please contact us.
Yours sincerely
Ellie Nethercott
Ellie Nethercott
Corporate Actions
here is the full response from HL just received.need a bit of time to digest