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Hi Offler
Yeah, I'm fine thanks. Just hoping Napster do anything to change that !
A number of music medias together with Morningstar have reported this as a buy out - nothing ambiguous. So unless we hear otherwise, we have to take it at face value.
It seems Hive and Algo dipped their toe in the water with Limewire and Napster is (relatively speaking) the big signing.
What is encouraging is that they, together with the rest of the consortium, are keen on the Napster/Melody tech.
The app would have been completed months ago. Maybe even in Q4. And all this was in the planning even before last December. IMO.
That’s good to hear nothing better than children of family and friends doing well in life, will await your response from H L will interest.
In the meantime Albert missing the banter with you, hope you are keeping well?
agreed offler.the consideration is key.bizarrely i still haven't heard from HL as to whether they have had any response from sslraquiom, although it is 3 weeks now since they said they were contacting them.glad your nephew has found a route to follow his career. i used to know a number pf people whose children pursued tennis careers through the US college system and they all spoke very highly of it (pretty tough regime though i believe and probably the same for football i expect).will probably email HL tomorrow to see what is happening.
Lol nice one Mr Italian, my nephew is currently in America on a soccer scholarship having failed multiple trials with English clubs, from what I’ve heard from his dad there is little an American bank will do without charging a fee. Doesn’t make it right, but that’s the way it is and of course depends on the consideration. What will you get back for paying that fee. Somewhat different from the email from your distant relative.
well i do agree with that!
Lol. If someone owes you something then you should not have to pay to get it.
did they work for the SFO?
Just had an email today, a distant relative has left me £10,000 they want £50 bank transfer fee.
hello harry.glad some of it helped.does the documentation give any intelligible indication of what the consideration for the shares actually is? can't believe they have the temerity to ask for a transfer fee.thanks for the update.
Hey Italian, thanks for the comprehensive response. Some of which I knew and some of which was new! The letter I received was so vague it almost read that I was going to have to pay SRS (for the privilege of shares worth sweet FA!). Having taken the applicatio part way through SRS, the catch is that you have to pay $50 for a bank transfer!
thanks for the input Glennstar. the whole saga raises very serious questions imo. it is difficult to see how the statements of intention leading to the vote approving the NM inc move can now be regarded as having any validity.if,as appears to be the case,the algorand deal(whatever it is) was agreed before the end of march ,then how much effort can have been made to pursue the app development strategy,on which the vote was centred.whilst i'ts one thing to accept that that strategy might have failed in practice after some serious attempt to implement it, it seems to me an entirely different thing to be told, in effect only a few weeks after the vote,that sorry folks but we are not actually going to try and do that,instead we are going to sell the entire company to algorand for (i suspect) peanuts. now i don't want to prejudge the issue without more information but the fact that the new deal seems to have been implemented with unseemly haste ,coupled with the fact that it appears to have been agreed without any shareholder vote, most surely raises a number of questions.
Just spoken with Halifax who confirm receipt of documentation and are trying to understand it before issuing a corporate action. No timescales on this but indication given is that the NM shares we have held have been sold and the consideration is cash/bitcoin - though how the bitcoin translates to cash for uk brokers is one of the bits they are trying to fathom. If the return ends up being pitiful then in my view there are serious questions to be asked around the probity of the 27 Jan transactions under UK law.
It looks that way, doesn't it Italian?
I don't quite see the synergy between Naps and Algo but maybe the latter do.
Forget any info from them. we'll get told when the deal is done - a bit like all the December 2 stuff that came out. The big players had already voted on it.
OK, we may not get the unicorn we once hoped for, but our big cousins, AM, SH, N & G (16.5%) et al, all have skin in the game, and they're going to have to green light all this.
They're in this as much as we are. More so, in fact. So what price, said green light?
afternoon albert.hope you are well.thanks for the feed back.my HL account hasn't changed in a while,just showing the Napster group ord with the new number after consolidation. at least you've got the US company shown now which is a start. if the algorand deal goes through(which i expect it will) i shall be very interested to see how they have been able to achieve it technically,assuming that is, that we ever get that information.nothing today from HL as yet.gl
Hi Italian
I'm with ii who have previously given me the heads up by email when there has been anything that needs my attention. This is followed up with a secure message on their site.
I have not received anything although interestingly they have added an extra column on my trading account details.
Previously it just showed Napster ordinary GBP £7.50.
'Napster Music Inc consideration shares' denominated in dollars has now been added. No figure yet but it looks like ii have been advised of some intention, by someone.
dead cross just to let you know i didn't ignore your kind efforts re telegram group.i managed to download the app after 4 days(it wouldn't recognise my phone number as valid)but after several days tryingto use the link you sent without success i had to give up.anyway just letting it play out with HL now and trying not to fret too much about it.
harry not sure if this will add anything to what you already know,but my understanding is thatSRS acqiom have been engaged to facilitate the document collection and payment process in connection with the merger acquisition between Napster music and algorandholdco. they are,in effect.the agent for algorand handling the cash payments collection.my shares are with HL and srs have informed me that the offer details were sent to HL from the US by post on the 31st march.following my informing HL of this on the 23rd april they informed me on 25th april that they were contacting src to see what was going on.prior to this hl had said they had not heard anything from their corporate action dept or custody agent and so could only regard the matter as speculative and it was only after i procured and produced to them the email from src confirming the documents were apparently sent to them at end of march,that they were prepared to take up the issue.i assume you have had documents because your shares are registered to you personally and not held on a platform.srs have said that the shares are being paid for in cash,but that may just be because HL can't deal in agtos,and there was some suggestion on here that part of the consideration could be in algos.i do not know if that is correct or not. i have noidea what is being paid (probably visually nothing i expect),but perhaps the documents you have had may give details.obviously this is all very peculiar,given napsters statements about new app etc and possible us listing.what is odd is that the deal seems to have been done without reference to shareholders(or ar least HL,who would have a fair %. under delaware jurisdiction i believe the in principle the sale of the company would normally require shareholder approval,but there are apparently a number of exceptions to this basic rule and im assuming,in the absence of any information or documentation about what has happened,that this must have been agreed by the bod under one of the exceptions.just guessing here really.all seems completely unsatisfactory and must seriously call into question the actions and statements of the napster directors.hopefully Hl will be able to provide some detail but as it is already almost a fortnight since they said they were contacting SRS it is beginning to look very odd.apologies for detailing my position in some detail as it is not relevant to you,but i felt other posters in my position might have some illuminating comments.hope this may help a little.beggars belief that napster,which was acquired by melody for, that was it, $47m (i haven't checked the figure so don't quote me)can end up ostensibly(i emphasise ostensibly) almost worthless in just over a year.something needs explaining imo.
Just received a letter from SRS Acquiom in relation to NAPS vs Algorand Holdings and a Letter of Transmittal. Is anyone able to shed any light on this as the letter is pretty vague!