London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
AJ Bell have finally issued a corporate update, about half an hour ago, acknowledging the tokens and claiming to be in contact with Napster to arrange for shareholders to hold tokens directly. I assume this will mean a direct transfer bypassing the broker altogether.
I cannot see there being too much protest at this arrangement.
There was no mention of 2nd and 3rd payments mind.
Unfortunately despite my age I don't know too much about crypto either, but I have a feeling we are all going to be learning real fast.
afternoon all.thanks for the responses. my understanding has always been that the 2nd and 3rd cash payments were due after the ist anniversary of the deal,i.e. 3ist march 2023.ive never seen any suggestion of a time scale to make the payments after the 31st,so presumably some time is permissibly allowed to complete the figures and to determine the amount of any contingency deductions.i would have thought it reasonable to expect payments by say end of june at latest.
as to the tokens,yes albert that is what i understand.7% of total issued of 10 billion. PG,i was very interested in what you say about the viewable transactions.i will try and look at this,although im not confident that my crypto knowledge and abilities in that area will prove successful. will advise when i get response from SRS acquiom.
Hi Italian. Depending on what reply you get from srs acquiom. I might try emailing Algorand direct. They MUST know where we're at.
PureG, that is an interesting figure. It might just be backfitting but shareholders were due to receive 7% of the allocation of 10 billion tokens i.e. 700 million. The transaction you mention is pretty near that.
Kabaa may have a point I can't recall a date being mentioned but the first tranche was paid in May, so this could be open to various interpretations.
Thanks Italian! I understand the tokens are unusual but really should have had some Comms about the 2nd and 3rd payment by now.
Kabaa the deadline was end of march like you say but it was around the token creation as oppose to the actual distribution of tokens.
For what it's worth, someone was able to find the tokens on algo.explorer and you can see a few transactions have been made if you wish to search it for yourself. No one has confirmed this to be the real token mind but there was a particular transaction viewable of 687,500,000 which was of particular interest shall we say!!! I should imagine we will all be keeping a very keen eye on the wallet that received the above payment.
Thank you the Italian. I thought all of the tokens and payments were supposed to be done and dusted by 31st March 2023? Or was it May 30th 2023?
having heard nothing from HL i have just emailed srs acquiom to see if they can clarify matters regarding the tokens and the 2nd and 3rd payments. if i get any info i will post it.
How encouraging!!
I’ve been in contact with III regarding the deals - Naps are being very slow in making any of these payments happen. This mornings email was….. they don’t know what’s in the escrow and therefore can’t tell us how much we’re getting and when! So frustrating
thanks for the replies,albert and PG.yes i think someone else did say that about escrow hold on II.dont know if the issue is regulatory or self imposed (perhaps a bit of both in some cases),but i can see things getting bit complicated for those of us not familiar with,or at ease in ,the crypto world.anyway thanks again for the comments.
I think someone else with II said that their tokens were confirmed to being held in escrow after chasing.
I think that will be the default position with most people holding with brokers.
I know AJ Bell has asked for cash instead, I can only assume (and I personally hope) this has been rejected and the tokens are also held in escrow until a solution can be found.
I'm not sure if the brokers issue is a regulatory compliance issue or a self imposed issue, does anyone have any thoughts on this? I have asked my broker directly and will share the result when they get back to me.
People who were registered shareholders have said they have been asked to provide a wallet address, but as far as I'm aware no one has received delivery as yet but they are surely to be the first to see them. And I assume fairly soon. That said they would have been required to return the form by 5pm eastern time on 29th to have had a chance of receiving them by yesterdays deadline
Nothing from ii either Italian.
And Napster Ventures is still 'on hold' so the integrated app development is obviously taking its time.
(From our experience it's what new apps seem to do.)
if anyone has any up to date news on the token issue? I've not found anything in the media outlets and had nothing as yet from HL.
Let us hope!!!!! Wouldn't mind a pound per token but I know I'll be accused of dreaming!
Here’s the info about tokens! Thoughts?
https://www.napster.com/gb/wp-content/uploads/sites/5/2022/06/Napster-Litepaper-V1.pdf
Interactive investor have replied to me saying they have issue the tokens but are awaiting confirmation of what we can do with the and if they can be held in isa or SIPP etc. they will then issue the corporate action explaining this! I was hoping for all cash to be honest. Will the tokens be worth anything cash wise?
Hi Albert ,
What you said in your last message seems to ring true, ii have received the document and are working through their compliance dept (given the unique element of this corporate action) and will issue a corporate action notice with the update once their checks are done!
Hi PureG
I posted on here on 19 May last on info I'd just received from ii at the time. It was almost verbatim (I put 2.5m instead of 25m, which i later corrected).
They in turn would have received this info from SRS Acquium, so the latter would be aware of their (ii's) involvement. Therefore as I see it, it is incumbent on them to keep ii informed of all developments, including details of launch when they know it, and any proposals they might have regarding any alternative options.
I would say I found ii very helpful and efficient at the time of de-listing . Info and the initial payment were dealt with promptly without me having to ask. I feel certain thatthis will continue and as soon as they know anything further they will let me know.
Sorry Glennstar having re-read your post, my sentence on Halifax offers you no new info apologies!
Yeah it looks like none of the brokers have put resources into the ability to hold the tokens and fair enough it wasn't even a sure thing that they would be issued. Even if the brokers forward our details to SRS Acquium, then the brokers wouldn't need to touch the tokens surely? Others have pointed out privacy issues with that solution.
I know someone else with Halifax who was told in June "we are investigating the options available to us with respect to any tokens that may be issued"
I think it's going to take graft on our parts as individuals to get our consideration either way. I haven't received any info from my brokers as yet either (AJ Bell and Trading 212) I don't know what the usual turnaround time is from them getting the information to passing it on but I know others have begun chasing the following Brokers for info;
Free trade
ii
IG
A group of three of us expect to begin chasing AJ Bell on Monday.
At least one person who is on the shareholder register obviously doesn't need to chase a broker and he has decided to begin setting up a wallet based on the information he was given.
just seen your post from yesterday,glenstar.not surprised that halifax appear to have made no progress.i doubt it is high on its list of priorities and it probably won't want to devote time and effort considering something that might not happen.HL said much the same thing months ago in that they were looking into ways of dealing with it if it happened,but I've not heard anything more and haven't yet enquired further.incidentally I've been looking for any news re the token issue since pig's posts but without success.hope we don't end up in a cleft stick situation, with tokens being issued but no way to receive them.
afternoon albert.im fine thanks.i have a long history with napster,originally evr.probably my best investment ever in my first foray.i sold out on the spike at about 180p.second time around probably my second worst investment ever.doh! still we need to see what happens with the tokens before the story is finally over.interesting times eh.
Yeah I mean it would work in the sense that it would be functional but with volatility comes risk.
An extreme example for demonstration purposes could be from a user experience if someone buys 100 tokens for £100 spends ten tokens on their monthly subscription then comes back the following month and it now costs 90 tokens for the subscription because thats the new exchange rate you're going to very quickly see an exodus of users who are very ****ed off and will no doubt share their negative experiences on the internet.
Hi Italian. Hope you are keeping well.
So it looks like the story goes on. I first invested in August 2017 in EVR and I daresay you've been in this even longer.
PureG
Re your last paragraph I would not see much problem with any electronic payment. Wouldn't any transaction be like a currency exchange, done at the prevailing price?
But Napster gift cards at Tesco etc. Fantastic! But would need some pre-preparation.
So maybe Jon V is already all over this. Great for us if he is !!
Once again, thanks for all your input.
Interacted with Halifax on the chat today to see where they might be in this transaction. It seems it is on their radar but they have not heard anything to date from Algorand on the 2nd, 3rd and 4th tranches. As regards tokens their corporate notice in June suggested they were investigating options on how to handle those but today’s discussion suggests they are no further forward and will not be dealing in them. However they would explore the cash alternative with Algorand if offered.
Yeah well great question, we will find out in the long term if cash or tokens were to be better.
Everyone I've spoken to has their own opinions, but I personally feel for the tokens to have a chance they need to be very stable, and will act far more like the Robux currency from Roblox or FIFA points or COD points from their respective games than bitcoin or any of the other cryptos we tend to think of. Vlassopulos has eluded to in game currency alot in his recent interviews (especially Roblox given his connection) and I fully expect to see Napster gift cards in my local Tesco e.t.c within a year's time, just as I can buy Robux there too. I maintain the need for stability because artists labels and even Napster themselves if the subscription is payable in tokens as has been suggested will need to know at any given time what the cash equivalent is otherwise it seems to be a admin headache to keep adjusting prices to keep up with exchange rates.