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Evening albert .a bit like you i have just left things for a while to see what happens with HL. wili be interesting to see what they say about the tokens in due course,
Afternoon Italian and PureG
Did HL give any particular reason for this PureG, as far as you know?
I admit I haven't had a go at it myself. (a) I might end up deleting everything, and (b) Algo/Naps have played fair with us re the cash segments so I have every confidence they will see this through. It may have taken a little longer than we originally thought, but then these things always do.
Thanks for that,PG.just out of interest,how did you find this out? ive heard nothing from HL as yet.
Just to let you know H&L have requested Napster cease distribution of tokens to their clients immediately while they review the procedure.
Very helpful again,PG.thanks.
Ir@napsterfoundation.org
Many thanks for the intel PG. However I am struggling to find the email address of investor relations or even which organisation’s IR that is. No clues on the Algorand website.
Once again,very good of you to respond,particularly after a trip to the pub.yes 12 months from 31st march would be my understanding..much obliged for your help.
Yep the lock in will still apply. I have just been to the pub so memory might not serve me perfectly but I am fairly confident the lock in isn't from when you receive the tokens but from the 31st march 2023.
Thanks very much for that PG.greatly appreciated.right i will gird up my loins(are we allowed to say that these days?)ready for the fray(i am not feeling comfortable about the crypto as no experience but will give it a go.does this mean that the 12month lock in isn't going to apply or are you just getting the tokens safely in your wallet unreadiness for next year? once again thanks for the very helpful info.
Yes, we have bypassed the brokers. I am with AJ Bell but also trading 212 which I believe use ii. I have received the tokens for both portions.
Yes that does count as proof Albert. The quickest method is to download your holding statement from your respective broker. But you can also ask your broker to detail this in a headed letter for you. However this takes longer. I wouldn't go in detail about the reasons why you require this information with your broker in case they kick up a fuss.
PeraWallet is merely a brand of wallet. Think of it as your current account provider. PeraWallet is recommended as it's owned by Algorand, who of course the new owners Napster.
The.Italian, this method does work with H.L as I know of someone who has cleared their tokens with H.L as their broker.
Morning Italian and PureG. and thanks for your trouble.
But I may be stuck on first base here. Does our holding with our respective brokers, for which we have already received cash payments, not constitute proof?
Is there any significance PureG as far as you are aware, in the term 'PeraWallet'? All that comes to mind with me is the tennis player Bernarda Pera.
Congratulations and well done PG.does this mean that you have managed to bypass your platform(AJ bell i think), or was the process facilitated by them? just wondering about this in the context of how to approach HL in my case.
Hi guys, great news, we did it!
You will need to download a wallet. Recommended is "perawallet"
You will need to email the investor relations team.
Here you will need to detail your holdings complete with proof. You will need this proof to indicate it is AFTER the consolidation.
You will need to follow their further instructions. Which now includes details on how to give them your wallet address. This is very important to COPY AND PASTE. Any incorrect address will result in losing your tokens!
You will probably then need to wait for your tokens to arrive.
Its not overly complex, and now it has been a path established is easier. We had issues establishing the channel and what constitutes proof of holdings and when. But that it is done now.
The hard part will be navigation of PeraWallet for those who aren't adept with that kind of thing and have never seen crypto.
No updates from me personally, I have emailed again to follow up and will report back here. More stories of people getting their tokens are coming through. I can confirm this as well by looking at the Blockchain - three people received their tokens today.
You can also view the Blockchain if you like on the algo explorer website. The required asset ID is "1068473489"
Quite right Kabaa. I took interest in limewires token release, if I recall correctly investors at the equivalent stage to our situation got a 3x return at the official launch.
Worth noting the price has since collapsed
I'd like to think the cash equivalent would be less attractive than receiving the tokens, as would usually be the case in a deal like this.
So we may be pleasantly surprised that our tokens might be worth more than $4.47 per share in the next year or 2.
It wouldn't surprise me if they are a success and end up being worth substantially more down the line.
Glennstar I think the difference between your maths and my maths must be the outstanding shares. I have no information for this figure and so I used the cash equivalent from the distribution schedule which details $4.47 per share. You can see this in the second to last column of the table
Ah Kabaa apologies I was thinking in tokens not shares, my bad. In which case you are correct $4.47 per share.
And given we are expecting about 129 tokens for each share each token will need to be 3.5cents.
I have been trying to work out the maths here on the 4th consideration, which was indicated back in May 22 as being tokens equivalent to 6%+ of issue or $25m. Given there were 4.6m new shares in issue at time of takeover the cash would equate to $5.43 per share. 10bn tokens times 6% is 600m so divide that by 4.6m shares comes to 130 which is very close to the 129 quoted elsewhere on this site. If we divide $5.43 by 130 we get 4.2c per token. Interestingly the Algorand token, (which also has a 10bn issue base) at date of takeover in Feb22 had a value of $1.00 but is now trading at $0.11. Hope that doesn’t mean our $5.43 per share ends up as $0.54.
I think I meant 4.5 dollars per share and you meant 3 or 4 dollars per share.
The token value is up in the air. For the tokens to work out better for us than the cash equivalent (which would have been paid if the tokens weren't ready in time) they would need to be worth about 3 or 4 cents. As for their actual worth, who knows
Good to see you keep on top of this Puregypsum. From memory the tokens should be worth 45 cents a share? Or perhaps that was the cash amount to be given for those who could not hold the tokens...I think that will be a much more interesting payment when we eventually get them.
I re read the white paper the other day and it does seem the tokens will be used for more than just downloading music.
Hi Kebark,
This wasn't really a dividend even though 212 have classed it as such. This is part of the sale deal.
We had the initial payment upfront and this second payment just received was the Escrow, a third possible payment will be the security holder representative reserve. That third payment is around 9 cents a share. However I suspect the security holder representative (AM) has probably burned though much of that.
Finally will be the tokens, which we are working on collecting, but may take some leg work on your part. I have been in contact with the CFO to this end and hope to relay more information here next week, after a hopefully successful token transfer.