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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.
meant to say also that i have had the $6.07 payment in cash now in my accounts
https://online.hl.co.uk/secure_messaging/download/attachment/7077274/message/353311824 this is the snip(their word)which HL have now sent from the latest info they have had from napster.they say this is what they are having to work off.you will see it makes no mention of the additional escrow payment and shareholder fund payments mentioned in albert's post on the 19th. i referred both these to HL, but im not clear if they referred them to napster specifically,although i would assume they will have done so. before i go back to HL to press these points,i wonder,albert ,whether you would be able to copy the relevant bit from your II message (nothing private of course) so that perhaps i could copy it to HL? dont worry if you can't, but perhaps you could confirm either way. i will then go back to HL. whilst my immediate concern is to establish precisely the position re these additional payments, i was interested to see the bit about cryptos and that they are at least looking at a possible way to do it. note though, that if the cryptos are issued in the time frame, we don't get cash, so if we can't access the cryptos we will lose out. hope this is clear.
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 RBBe.i appreciate your kind words.aploiogies for misunderstanding your earlier post.i can't remember what mvr resisted at, but i think it was at ,or pretty close to, the notional value of 3.75p at which i think they were valued for the consideration figure for the napster acquisition.my recollection is that they immediately fell from this figure (3.4p certainly rings a bell) and ,unfortunately, carried on falling. a very sorry tale. in the event that you do not post again,i wish you well at this juncture.
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.
As this is likely to be my last post as everything seems to be resolved, thank you, The Italian, for your balanced and constructive comments during the last 3 or 4 years.
Unfortunately on this occasion due, perhaps, to my poor wording, when I enquired what shares worth £1000 before all these shenanigans started were worth now was not answered, If I remember correctly each share was worth about 3.4p. Working backwards I was hoping to learn what the comparative figure is now. This is beyond my addled brain.
I passed my holding on when they lost their IHT advantage. The recipients will have no idea what action to take without my guidance.
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.
afternoon albert.yes i would like the tokens in principle,both out of interest and also because they may offer some possibility(remote i accept) of recouping some more of the losses. just hoping HL(in my case) can organise something.w shall see.
RBBe, just go to your broker's web page. It will show the current value in USD and GBP but to transfer funds to your bank you will have to convert to the latter. There is a cost in the spread but as Italian says, it's not huge.
Italian, what started out as a straightforward ISA investment is now anything but. That said, the cash alternative to the tokens is pretty mean, so I think I'd prefer the tokens even though right now I'm clueless about them.
If ii come up with any more info about this, I will of course post it.
This might all still come good eventually. Otherwise why would the Algo's consortium be buying it?
Londondan, I'm not sure how best to describe you - obtuse or obnoxious?
RBBE i think the simplest way is to take the number of shares held at delisting and multiply this by 6.06.this will give you the value in dollars.musltiply that result by 0.8 will give you the approximate value in sterling.what you will actually get will depend on actual conversion rate at time and perhaps platform charges for conversion(not much)so gives a reasonable approximation.this does not take account of the additional payments we can apparently expect from the escrow fund and the shareholders fund if payable (still need a bit of clarification on those i think)also does not take account of payments we may get in lieu of cryptos,if not available or desired by individuals. hope this helps.sorry if you know all this already.
As a totally confused nonagenarian could someone please tell me for a holding worth £1000 on the day of delisting, what is it worth now?
Or maybe more so as the communication i received from HL said "We wrote to you in December 2021 about Napster Group plc selling its main business to a new US based company called NM Inc (Napster Music Inc). As a result, you were due 1 NM Inc share for every 1 Napster Group plc share held at the close of business on 27 January 2022" ????
Just as worthless as those purchased prior to 27th January 2022.
Can anyone confirm the status of any Napster shares purchased after 27th January 2022?
nodilbrt.i haven't been asked to complete anything yet by HL. i assume those shareholders who were personally registered at the relevant date(as opposed to holding on a platform) will have received letters from SRS (one poster a while back talked about starting to compete a form) and will have to go through whatever procedure SRS require, but i assume hLwill do all the paperwork for me, although i may have to compete something along the way.
Has anyone completed the account set up for SRS Acquiom or it is a case of do nothing and the money will get paid in to my share dealing account (in this case X-O). Thanks !
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