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Hi Jambor
I now know of others having received the Escrow amount. They have reported 90 cents a share. As for the security holding, I'm not aware of anything regarding that.
Cheers
I know the main payment decision is tokens now, but does anyone know what the payment due now is worth at all?
Algorand bought the company and the payments and tokens are your compensation. All your paper certificates are good for now is for collecting said payments and tokens
Hi, can anyone help me out as I've got 41 paper shares and received the booklet on the merger.
I keep getting emails from srs acquiom saying that they're trying to pay me.
I've emailed back for more information but no reply.
Will I lose my shares if they pay me any of the payments or are the shares worth exchanging to tokens?
Any guidance would be very much appreciated.
Thanks PensionD. I guess that takes us slightly closer.
I've not had anything similar from ii though, Which suggests progress is a bit haphazard.
Thanks for posting that Pension Deficit.yes thats what I've had also on my hl.at least we know roughly where we are.
We’d like to provide you with an update following the takeover of NM Inc (Napster Music Inc) by Algorand Holdco I Inc.
As part of the takeover holders have received:
USD6.065854 per NM Inc share (paid to you in May 2022), and
A payment of Napster crypto tokens.
The Napster tokens were issued at the end of March 2023 and are being held by Napster Innovation Foundation, an organisation formed to distribute them. The tokens have an initial lock up period of 12 months from 31 March 2023, which means these tokens can’t be transferred, traded or valued right now. Additionally, Hargreaves Lansdown can’t hold crypto tokens on our platform.
Napster Innovation Foundation is currently investigating options for token holders, including platforms like HL that cannot hold the tokens.
The original terms of the takeover also mentioned a potential additional cash payment. Napster Innovation Foundation have said the amount and timeframe for the payment can’t be confirmed yet.
When we hear more, we’ll update you but we can’t give a timeframe for when this will be.
Yours sincerely
Afternoon albert.thanks for that.i will have a look at the white paper this evening.yes im sure it will be anything but straightforward,but at least things seem to be moving on.
Looks like those of us with brokers will be dealt with last, Italian. It's probably more complicated.
But if you download the Whitepaper (March 2023) from 'Napster.Foundation' there is a pie chart showing the distribution.
We would appear to be the 'Legacy Stakeholders 7%'.
There were 4.6m shares post consolidation. Not sure what that might have eventually have been.
Morning all.so what are we saying,129 tokens per NM inc share,i.e. post consolidation? i recall they were going to issue 10 billion tokens.is that correct and is that still what is proposed or has happened? nothing for me as yet on HL
The new shares after consolidation were rounded down to the nearest whole number.
So PureG's original number of 129 tokens per share looks to be in the ball park.
Hi Pure, yes that sounds about right. Can you help me with the maths then (in terms of the cash and tokens)? What has anyone else got? I don't think the napster tokens have any value yet, but hopefully they will in the future?
Psy is that 7261 before the consolidation? So 9.6 shares after? That's the only way I can make the maths math
Hey, I don't mind. I had 7261 shares (not many compared to most I guess?) I also got some money from SRS but after the wire transfer fee it was only £3.66!
To be honest I'm completely lost in all this! No idea about crypto, just hoping I get some thing back from my initial investment in melody vr.
Psy - what does that work out per share you owned if you don’t mind me asking?
For what it's worth, I've now received my tokens (1,105.99). I've had some email communications with Pete at Napster who was quite helpful with getting things set up. No idea what's happening now though?!
Yeah, likewise.
But ii said from the start that the tokens couldn't be used on their platform.
Presumably we will now be treated the same as the paper holders that PureG mentioned yesterday.
I’ve received a corporate action saying my shares are deemed worthless so will be removed from my account! Nothing more than that and nothing about tokens still
Thanks for the post PureG. Hope you are keeping well.
I don't think there is any lack of will on the part of Algorand/Napster to move things on. It is in their interest more than anyone's.
Inevitably it was always going to take longer than we would like. Patience is a virtue.........
Did he happen to mention how many tokens were allocated per share held?
Just to let you guys know someone in the telegram group who held paper shares has received the tokens, so at least there's that . . .
Jambor, just managed to find the new board after the recent glitch and seen you post re final payments. thanks very much. not great news is it, but will just have to be patient i suppose.par for the course here, i'm afraid.
Thanks Jambor!
From Pete Wylie, CFO at Napster
Just got this after emailing their office - great!!
The subsequent payments potentially due under the merger agreement are currently on hold as final matter regarding the purchase price of the business are resolved through arbitration.
I would expect to know if there will be a final distribution at some point in Q3.
Thanks,
Pete