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ok sofas, understand now, thanks. i agree with your workings.there were a little over 3.4 billion old napster shares, but the broad picture is as you say. do we actually know what has happened to matchett and han****? personaly can't see them fitting into the algorand set up and presumably their holdings will have been diluted in the same way. obviously there may be other facets of the deal to which we are not privy, so difficult to say exactly how they have fared.
$12.5 expected payout=~£10
3B old Napster / 750 = 4,000,000
Expected payout resulting from takeover 4,000,000 X £10 =~ £40m
Price per old Napster share : £40m / 3B shares = 1.33p
So, if we realise £10 payout it will be for most long term holders a painful loss of 75% / 90% or thier initial investment. It looks that also the finance company got stung…and always AM & SH we’re laughing everyday and all the way to the bank.
sorry lofas.not following your drift.can you elaborate?
If the below comes …it would be 1.33p per old naps share.
4,000,000
Your figures sound about right to me. Would be useful to know how many Napster shares exist in total nowadays to try and fill in the gaps.
Just found a recent article on the plans for Napster tokens: https://www.benzinga.com/markets/cryptocurrency/22/05/27288669/napster-and-limewire-revival-how-nfts-are-bringing-former-music-download-platforms-back-to
So we should get 6.06 dollars per share in cash and another 5.5 dollars per share in crypto and perhaps another 1 dollar a share in cash within 12 months.
So the whole deal would be valued at around 12.5 dollars per share.
Just got this from Lloyds:
We are still working things through with Algorand and we haven't taken receipt of the funds yet, we have a discrepancy with the cash so we are working through the discrepancy before we take the cash. Sorry for the delay the team are aware of this and are working to get this resolved
Very helpful thanks for posting highland.
25mn dollars pro rate for 4.559m shares is another c.5.5 dollars per share coming to us in crypto.
+ another c.1dollar per share from escrow.
Is this right? If so, the best may still be to come!
Although didn't someone on here say the crypto value would be far smaller than this?
very helpful and informative ,highland.thank you.ive still not had confirmation of the additional detail re escrow fund etc from HL but no doubt it will arrive eventually.encouraging that they do seem to be trying to address the crypto aspect.
AJ Bell appears to be aligned with HL now.....
Napster Music Inc has announced that it has received details of a takeover offer from Algorand. This offer replaces the previously announced merger event with Algorand Holdco I Inc and Algorand Holdco II Inc.
Under the terms of the offer, Algorand is offering to buy all of the shares it does not currently own for USD6.065 in cash in exchange for each share held.
In addition to the cash payment, (subject to any claims by the buyer), you will receive the following:
- pro-rated amount of the remaining escrow fund and the shareholder rep fund after 12 months (currently USD5.7million); and
- pro-rated amount of 6.875% of the total supply of the Napster tokens
Please note, if the tokens are not made available within 12 months from the closing date, 30 March 2022, then you will receive a pro-rata share of USD25mn. If the tokens are launched within 12 months of 30 March 2022, then a cash alternative will not be available.
Please be advised, AJ Bell is unable to hold crypto tokens on its platform. As such, we are currently investigating ways to facilitate the event to ensure that the ultimate owners receive their entitlement without AJ Bell holding the tokens.
Your account is expected to be credited with the cash proceeds on or around 13 June 2022.
Please be advised in some circumstances there may be delays in the proceeds being credited to us from our custodian. Please allow 10 working days for your account to be updated.
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.
I'm the same with AJ Bell. Got a brief message a couple of days after other brokers sent out theirs, vaguely referring to a "merger" and some payment for my shares. No figures, no dates, nothing since and no sign of any cash. Not had the strength to send them a snotogram - yet. Will give them a few more days to see if they can get their act together.
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.
My AJ Bell SIPP shows as below, no monetary value attached to the new NASPETR INC PROVISIONAL shares and no mention of crypto at all......this is all very confusing to be honest.
NAPSTER GROUP PLC ORD GBP7.50 1,333 2.30 GBP
NAPSTER INC PROVISIONAL SHARES 1,333 * 0.00 GBP
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.
thanks very much for that albert.appreciate it.i sympathise re new computer.im using a browser that 6/7 years old and it greatly impacts what i can view,but im too wary of what might happen if i try to update it.everyone says its easy,but they would wouldn't they! agree re tokens,fingers crossed.i will wait until monday to see if anyone on II or another platform comments and will then go back to HL.dragons teeth this im afraid!
Sorry Italian, I've got a bit stuck with this.
It doesn't help that I'm using a new computer and usual there's no manual with it.
However in my post, I did copy what ii said almost verbatim, and I have re-checked the figures.
The fourth payment ,if it were in cash would be negligible. As we've discussed, it would be worth taking a chance with the tokens, if they can find an uncomplicated way of doing it
There are other posters on here who will be with ii, and should have had the same secure message that I got from them.
They should be able to confirm the figures.