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exactly right trousers. i'm also waiting to hear back from HL about my query as to whether they have clarified matters regarding the additional payments mentioned by albert (escrow fund and shareholders fund) on the 12month anniversary of the deal. if they are payable it won't be much, but i would like to get to the bottom of it. will post any response i get on this..
Hi Italian, I too am with HL and like you received the ''net takeover payment'' on the 25th (it worked out at around 478p per share I think). And like you it also states.... ''This stock is an interim line resulting from a corporate action that will be exchanged for cash and/or stock''. My account still shows the same number of units held so I guess we now wait to see how the crypto angle pans out??
Good luck all.
Cash received as of this morning, straight into the ISA (I assumed it would go into the default account where my other 'dead' stocks remain..there's a few!!). At a quick glance that hasn't impacted my ISA allowance for this year. Also have the crypto line entry. HTH.
it is indeed Kabaa, so much so that it prompted me to recheck my HL account ,in case i had gone mad (i am one of the older posters on here, so anything is possible). however, i can confirm that it reads "NMinc (now taken over)" with the number of shares and value as N/A. in the transaction history it shows the cash credit on the 25th may described as "net takeover payment"
it also shows in the holdings section "cryptocurrency interim line". which it explains as stock resulting from a corporate action that will be exchanged for stock or cash. i can offer no explanation for the apparent discrepancy of treatment.
Strange you both have hl accounts where one has received money and one hasn't?
I'm still waiting Kabaa via HL. Thanks 'The Italian' for your recent updates, got me up to speed quite quickly. Interested to see what they do with the crypto coins.
Kaaba,sorry can't help. had my cash paid into my HL accounts on the 25th. im still corresponding with them as to whether there are any other payments due (exclusive of anything to do with the cryptos). as to the cryptos element, it's still unclear how this will work and indeed whether some of us on HL and similar platforms could end up missing out.hopefully they will sort something out to prevent this happening.
Is anyone still waiting to receive their cash from this?
I assume we all need to open a crypto wallet and somehow give this to our broker to receive the crypto within the next 12 months?
I expect what some brokers may try is to send the shares to shareholders in certificated form and let the individual shareholders deal with the crypto aspect directly with the company.
hello trousers.yes i hope that's possible and it does sound as though they are trying to sort something out .as you say we shall have to wait and see. thanks for the comments re browsers. i was wondering whether i could just add another one rather than updating (i have safari but its the 2015/16 version) will have a lookout at Brave. appreciate the suggestion.
Hello Italian, many thanks for the good wishes.
It might be the case that H&L would accept a crypto receive address, say for example for Algorand tokens if that's what will be on offer, and then they could pass that onto the issuer? Then the issuer could transfer the tokens directly into the wallet?
Setting up and using a wallet on the Exodus platform is pretty easy. We shall just have to wait and see I guess.
What ever cash / tokens I do get out of this mess will go into crypto, anytime before the 2024 'Bitcoin halving' should be a good entry point to claw some back. Ticktock as ever will tell.
By the way, if your browser is ancient and you don't want to tempt fate by updating (perfectly understand) then you could simply download another browser and then use which ever one you like. I had a similar situation and downloaded the Brave browser, it's very similar in layout to Chrome without the pesty adverts.
Anyhow, best of luck to all.
I have not received any cash so far or even had a corporate action note from the Halifax.
Following Albert’s post on 19 May I was moved to try and restate the apparent purchase package in terms of the value attached to the Napster share on AIM prior to the 750 share consolidation. According to the RNS on 26 Jan there were 4.6m new consolidated shares so this would equate to 3.4bn of the old 1p shares. Also we have to assume there have been no further dilutions prior to the Algorand deal.
Using Albert’s 4 steps and an exchange rate of £1 = $1.25 I think the profile shapes up as being;
Step 1 – the $6.07 per share – 0.65p per share (ie £0.0065)
Step 2 (max) the escrow $5.2m – 0.12p per share
Step 3 (max) the shareholder fund $-0.5m – 0.01p
Step 4 the funny money – cash in lieu of tokens $2.5m – 0.07p
This would make the total maximum consideration of 0.84p.
Interestingly the share price on 1 Dec, the day before the proposal to delist was announced, was 0.80p, so this really only gets us back to where we were. However given the shares were languishing at 0.35p on 24 January and that some of us thought it could be a black hole from which nothing would emerge, it could be regarded as a small win – from that point. The shares though were 2p at this time last year and 4p in 2020.
evening trousers.interesting post thanks. this isthe crux of the problem for me, in that i just dont think HL etc will be able to deal with things in a way which will give us access to the new tokens.annoying as this is,i do understand and accept the position. perhaps we will be pleasantly surprised after all.alhough i personally won't be trying to buy them if i don't get any from the shareholders allocation,i shall certainly follow their progress and would certainly have contemplated buying if i were a lot younger and more tech savvy.if you do buy in i wish you well in your decision.
Hi Italian, if the crypto market is still on its knees next March when these tokens are due to be issued then it might bode well for us. The next 'Bitcoin halving' is due 2024 and historically that event puts rocket boosters under the Bitcoin price and alt' coins/tokens as well, although they always follow sometime later - BUT fly way higher in % terms. (Anything other than Bitcoin is termed an 'alt coin).
If we get allocated Algorand tokens then as I said, the wallet is easily available on the Exodus platform but if they issue something like a 'Napster token' then I am stumped where one would find a wallet for them unless it's linked to the Algorand wallet?
I do know that when a new coin or token comes out you can go to a site called CoinGeko and search the coin/token and find which exchanges are dealing it and also (hopefully) find where you can locate a wallet?
Mind you, having said all the above H&L have no methodology to issue crypto and so I would think we will get the cash equivalent for the tokens? If that were to be the case, and crypto is still on its knees, then I would be very tempted to pick an alt' coin in the top ten (by market cap) and ride it up hoping to claw back some of my loses from this circus and once Bitcoin reaches a new 'all time high' sell it?
Best of luck everyone.
HL is showing a value in my accounts (presumably the pound /dollar value for $6.06),but funds not yet in.
Yes I have received mine through interactive investor
Actually got credited on the 20th.
Still believe the potential for this company and the tech is huge, unfortunately we had action man and Shan**** at the helm
I have received some $ in my II account today.
I have heard that (Interactive Investors). One thing you need to do is complete the W-8BEN form. When completing use "AJBYI_Guidelines_for_completion_of_Form_W-8BEN.PDF"
Has anyone received money from the deal yet?
I see 1 person here and one on advfn saying they have received cash but surely this is not the case?
I haven't even been notified anything by my broker yet.
has horsey says and I agree they are liars
interesting post trousers, thank you.looking at the recent news announcements re algorand, it seems they are becoming involved in several areas and, so far as i can tell, seem well placed to weather the current storm.just speculating of course.the problem we may have here, is that it appears algorand are actually going to issue a new coin/token, a napster token. i assume it will be tied in in someway to the platform when launched ,but just guessing.the idea seems,based on the media comments, to be something which is going to be geared to trading in NFTs. could be completely wrong of course. so we are not going to be buying them in the normal way,but rather we are being (in principle,)allocated a percentage of the new issue when and if, launched.as i say in the below post to albert,im sceptical of the chances of getting any and expect to have to settle for cash instead.my gut feeling is that this is going to feel unfortunate in hindsight, as i agree with you that the timing of the launch (next march inprincilple )is quite likely to prove to be a felicitous time to be re-entering the crypto/NFT market. total speculation of course.
afternoon albert.sitting overlooking the solent sounds very appealing.hope you made the most of the weather.well there my still be some more twists in the road on this one. tbh though ,im not particularly optimistic on our chances of getting any crypto. platforms like HL and II simply aren't geared up (or indeed permitted by regulators)to deal with it,or so believe. i know they have said they are looking into options,but i imagine they are going to want to deal with things in the simplest, least inconvenient way ,they can,as there is presumably no money in this for them.hope im wrong as it would be interesting to dabble in the crypto aspect.we will have to see.
Hi all, not sure if this is helpful but I too am an oldie and I used the covid lock down time to study crypto. For what it's worth to any of you the easiest way to get going is to open a wallet on the 'Exodus' platform. It's a very good site a relatively easy to use, and you will find an Algorand wallet there too.
I have found some exchanges (where you buy and sell crypto) to be super complicated but there are a few that are manageable ( kraken, gemini, BC Bitcoin,).
In short, you go to the exchange, deposit £'s, buy crypto, transfer to wallet (never leave it on the exchange!). To sell, do the reverse.
It wouldn't be a bad time at all to get some Algorand if that's what's in the offing because Bitcoin is down some 50% from 6 months ago and altcoins (anything other than Bitcoin, including Algorand) are down much much more. When it turns, and the smart money thinks it will do so sometime in the next 12 months, then Bitcoin will run first followed by altcoins.
My best learnt lesson is try to steer of any coins/tokens not in the top 50 by market cap. Check out livecoinwatchdotcom You will see Algorand sits at about 28th at time of writing. In fact, wise heads gave me the best and safest advice which is that a crypto portfolio, for safety sake, should be about 50% Bitcoin, 30% Ethereum, perhaps 15-ish% on something like Solana, Cardano etc. Many pundits believe that 99% of crypto is going to go to zero and when you consider that there are about 10,000 (I think?) then that will leave only around 100 when all the dust settles. Investanswers and digitalassetnews are cracking podcasts and there's lots to learn. Hope this is helpful.
Hi Italian, Offler.
All this is IMO as always, but maybe this is anything but finished and that Northern Trader may have had a point recently in saying we could still be shareholders.
The initial cash payment could have been worse, but in addition the plan is to let us have a quantity of Algo coins, which in effect means we are stakeholders in Algorand , and thus Napster. (Hopefully it will be in as simplified form as possible for the benefit of Italian and me).
This looks like a passive long term punt, but it may have legs. That said, Crypto is still in its infancy, and much regulation lies ahead.
I think we have to accept this all about music streaming and that live gigs have been scuppered. They have anyway to a large extent, and are unlikely to fully recover.
But the tech must have something, otherwise Algo, Hive and the rest of the consortium wouldn't have bought into it. Assuming there was no dilution this was a $27 million purchase. Not huge, but money nonetheless.
I agree Italian, AM is a clever techie, but a bit naive in business per se. They seemed to change NOMADs every five minutes. They arrival of Emmy Lovell does seems to have straightened things up
PS. This was drafted a bit earlier outside overlooking the Solent, So if it doesn't make sense , it's because I've had a bit too much sun .
wouldn't disagree with any of that offler. good luck.