The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
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.
there is an article in today's sunday times.it is behind a paywall ,so i'm not able to access it.if it contains anything of interest and anyone dan post details it would be appreciated.
https://www.forbes.com/sites/cathyolson/2022/09/25/former-roblox-music-chief-joins-napster-as-ceo-to-steward-its--evolution-into-web3/?sh=7238a38d4e1b bit more flesh on the bones.
https://musically.com/2022/09/26/napster-reveals-funding-web3-investment-arm-and-its-new-ceo/ need to read it carefully ,but clearly some sort of progress
glad to hear there has been some progress and particularly interested to see what they say about the crypto.
I have just come off a chat with the Halifax who have indicated that they have received the cash and will be paying into the accounts middle of next week. No indication of the currency translation rate at this stage. Also they are preparing a corporate note on how the crypto consideration will be dealt with when it happens. When I asked for timescales they said “soon” which somehow rings a bell with this share…..
A fortuitous side effect of the delays in Halifax getting the funds from Algorand is that in contrast with those paid in May with the pound at $1.26 getting £4.80 a share the current rate of $1.06 yields £5.72, an increase of 20%. That is assuming the Halifax did not receive the cash earlier.
evening offer.hope you are well.i expect you are fully up to speed(or at least as much as one can be given the lack of precise information) with the intention in due course for the new app (napster 3.0) to be launched and as i understand it the $napster tokens will be issued as part of the new app launch.if you haven't read the "litepaper" describing what it all means here it ishttps://www.napster.com/us/wp-content/uploads/sites/5/2022/06/Napster-Litepaper-V1.pdf i use the word "means"ni a fairly loose sense, since i think a lot of what it says is actually pretty nebulous and possibly meaningless, couched in slightly self promoting grandiloquence.obviously my comment betray my inability to cope with recent technological developments and a lack of empathy for this field,so are probably very unfair. luddite is my middle name.anyway, regardless of what it all means, there doesn't seem to have been any substantive news since the litepaper was published at the end of june. the existing app has apparently been updated (not sure when as i don't have it), but i think that has just been tweaking of the existing product and problem fixes. how soon we will get 3.0 is not known. sorry if im just stating the already known,but perhaps other posters may have something to add.
The new app
Well it’s approaching a year since rage new app was delayed until early 2022, anyone know what’s happened to it
Hybrid
Have a look at my post of 19 May. I copied ii's message (almost) verbatim.
I made an error re payment 4 - should be $25m not $2.5m - which I later pointed out.
There has been nothing further from ii. We will probably be waiting on Algorand until March.
Thanks for confirming Iklekov / Albert.
Some time ago, I notice documentation had been posted to some shareholders with details of the acquisition. Can anyone confirm the content of such documentation?
srsacquiom.com has been very supportive and excellent communication. Will be providing all documentation and dates of transactions shortly as part of legal freedom of information request. This will clarify when settlements have been made to all parties. Which will also outline why initial payments are beeing withheld from shareholders. There clearly is an irregular anomaly with the likes of HL shareholders having been settled there initial payment back in May 2022.
Also SRS also provided the Napster correspondence email address for clarity which I am also in contact with awaiting response.
Also contacted Lloyds / Halifax for s reasoned explanation for undue delay and withholding shareholder initial payments.
What is interesting, is the official shareholding list seems to be missing my credentials, as a substantial shareholder, would it be possible that Lloyds/Halifax are holding shareholders funds/shares in non-segregated or amalgamated accounts (which is ilegal). These were not held as part of a trust or LLC.
As soon as I receive further feedback from all parties I will provide a further update.
HM
Yes AlbertPode, Interactive Brokers (IB) is not UK based (after Brexit) but this is not a problem - they fully operate on UK market and they work with CREST.
There has never been a problem with ii, Hybrid. They paid the initial tranche in May, as soon as they were able to.
Iklekov is with someone called IB. Reading his posts, they may not be UK based.
Hi Italian, lklekov,
I am sure all holders appreciate your reply’s. I still haven’t received a response from Halifax.
Contacting: support@srsacquiom.com
Should be the way to go as they are responsible for facilitating the payments, and should be able to confirm if the balance has been paid to the relevant brokers. This has certainly been the case for HL Months ago!! So what is the hold up with the likes of Interactive Investors and Halifax - if we can get SRS to confirm the balances have been paid to the brokers, then we can all be satisfied that we can press for answers.
I suggest all holders of shares, now all as a community, send SRS and their broker an email as a synchronised joint effort today/this weekend to have an explanation once and for all.
Payments should have been made 5 months ago!!
Iklekov,have you tried emailing srsacquiom for their take on exactly what they are waiting for before making payment? i emailed them back in april i think and had a pleasant and moderately helpful reply.i t might produce something you could copy to IB to prompt them into pushing matters. their email is "support@srsacquiom.com"
Thanks , I send I message every week! This is from yesterday :
Dear Mr. Lekov,
Our Corporate Action Department received below response from the depository.
All they can confirm at this point is that the company have contacted them and requested that the share is disabled and removed from CREST. They do not have any further information at this point and will contact us when they do.
Unfortunately, at this moment there no further information regarding this issue.
Regards,
CXXX
Interactive Brokers Client Services
what I understand is that all info to pass through the funds is available in the market (and the funds should also be received by IB a while ago (in fact all clearance agents should have received the funds at/around the same date)), but because this is a bit an unusual transaction and moreover, not many investors may hold shares in Napster, in my view IB simply puts it on the backburner and will only pay out once someone within IB make some time to dig into this. I'm not with IB but CS/Six SIS and neither received a penny yet. So keep on chasing them, it obviously takes too much time which is unacceptable.
I have the same problem with Interactive Brokers (IB) .
Nothing from them in my account.
From the communication with IB - nothing !
Anybody else in Interactive Brokers?
afternoon albert.i do keep checking to see if any news re napster token,but nothing since beginning of july.just have to be patient and keep an eye out for news.hope they don't run it right up to the last minute though.fingers crossed as always.
Hi Italian. Sorry about the lack of contact, but i guess Algorand are saving everything until March, so for now there is a lack of excitement also,
Matt87
Have a look at my post of 19 May. (excuse the 4th payment. Should be $25m not $2.5m as i pointed out earlier).
As Italian says there is no apparent reason for the non-payment of the initial $6.06/share,
At the risk of stating the obvious have a look at your account and at least make sure your shares are shown. It should be the new figure after dividing by 750. It will at least prove your entitlement to all the payments
you are welcome matt.it's a tad concerning to hear they have not yet received any payment.if it were me i would immediately ask for full copies of all communications iWeb have received from napster and srs acquiom on the matter, so that you can see exactly what they have asked for.also copies of iWeb's responses.i expect they will try and fob you off with rubbish about confidentiality etc and im by no means certain you are actually entitled to see them,but i cannot immediately see why not.you may get extracts if not the full detail(which is what i got from HL).i sense the platforms are reluctant to provide full details as they are unsure how to proceed (particularly with the crypto aspect).i can understand the uncertainty over the crypto element,but surely the provision of whatever the collection agents(acquiom) need must be relatively straightforward.good luck.
Thanks for clarifying.
I’ve just had a response from iWeb(Halifax), who have stated that they have not yet received a payment from the company.
Not sure what the next step should be for those of us who haven’t received the first payment?
Matt there are two further payments due after the initial payment and independent of the crypto.they are referred to apparently as the escrow and shareholder fund payments and are due to be paid,so i understand,after the 12 month anniversary of the t/o agreement(30th march2022).the actual amounts will be subject to the relevant contingency deductions from the reserved funds. there may be a fourth payment if the napster token cryptos are not launched by the 12month anniversary.if the crypto fund is launched within that time scale no cash payment will be made in lieu.this is my understanding of the position,although i have not been provided with a full analysis by my own provider,HL. i have however received the full initial payment several months ago.
I'm with iWeb, who are basically Halifax, and haven't received anything still. I've contacted them but haven't received a response as yet.
Also, can someone clear this up - we're all due an initial payment, and then 3 following payments over a period of 12 months, yes? This is separate from the Tokens.
You must remember? The one that was going to knock Spotify off its perch.