TechMin, the battery metals recycler/explorer, gave an operational update to London South East. Watch the full video here.
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?
Hi Italian, Offler.
All this is IMO as always, but maybe this is anything but finished and that Northern Trader may have had a point recently in saying we could still be shareholders.
The initial cash payment could have been worse, but in addition the plan is to let us have a quantity of Algo coins, which in effect means we are stakeholders in Algorand , and thus Napster. (Hopefully it will be in as simplified form as possible for the benefit of Italian and me).
This looks like a passive long term punt, but it may have legs. That said, Crypto is still in its infancy, and much regulation lies ahead.
I think we have to accept this all about music streaming and that live gigs have been scuppered. They have anyway to a large extent, and are unlikely to fully recover.
But the tech must have something, otherwise Algo, Hive and the rest of the consortium wouldn't have bought into it. Assuming there was no dilution this was a $27 million purchase. Not huge, but money nonetheless.
I agree Italian, AM is a clever techie, but a bit naive in business per se. They seemed to change NOMADs every five minutes. They arrival of Emmy Lovell does seems to have straightened things up
PS. This was drafted a bit earlier outside overlooking the Solent, So if it doesn't make sense , it's because I've had a bit too much sun .
Not sure what X stands for.
I'm with ii. There should be two columns. One showing Napster the other NM Inc.
The quantity is the total of your original holding divided by 750. e.g. if you had 750,000 you now have 1000.
They sent out a secure message yesterday about all this.
If you are not sure, be best to contact them. They are approachable.
so this is from ii corporate actions.
First payment. $6.06/share. Not sure when yet.
2nd payment. There is an escrow fund of $5.2m. after admin payments the remainder is distributed amongst shareholders on 12-month anniversary of merger agreement.
3rd payment There is a shareholder fund of $500,000. Again after admin costs and 12-months remainder to be distributed among shareholders.
4th payment. Cash or tokens. Algo are to launch Napster tokens. Shareholders are to receive 7% of total allocation of tokens. If there is no launch within 12 months a further $2.5m cash will be set aside for distribution to shareholders
ii say they are investigating options available re tokens as they are not likely to be usable on their platform.
So as i see it the only way to profit from this is if you hold onto Algo Napster tokens for the long term - IF you have the patience.
Many thanks Italian.
I was awaiting to hear from ii, but expect them to say something similar in due course.
So we get some of our money back with the promise (?!?) of more to come later. Let's hope crypto is more flavour of the month by March 2023. Like you, I will need an induction course in it.
Exciting life being part of Napster, isn't it?
Yeah, I'm fine thanks. Just hoping Napster do anything to change that !
A number of music medias together with Morningstar have reported this as a buy out - nothing ambiguous. So unless we hear otherwise, we have to take it at face value.
It seems Hive and Algo dipped their toe in the water with Limewire and Napster is (relatively speaking) the big signing.
What is encouraging is that they, together with the rest of the consortium, are keen on the Napster/Melody tech.
The app would have been completed months ago. Maybe even in Q4. And all this was in the planning even before last December. IMO.
It looks that way, doesn't it Italian?
I don't quite see the synergy between Naps and Algo but maybe the latter do.
Forget any info from them. we'll get told when the deal is done - a bit like all the December 2 stuff that came out. The big players had already voted on it.
OK, we may not get the unicorn we once hoped for, but our big cousins, AM, SH, N & G (16.5%) et al, all have skin in the game, and they're going to have to green light all this.
They're in this as much as we are. More so, in fact. So what price, said green light?
I'm with ii who have previously given me the heads up by email when there has been anything that needs my attention. This is followed up with a secure message on their site.
I have not received anything although interestingly they have added an extra column on my trading account details.
Previously it just showed Napster ordinary GBP £7.50.
'Napster Music Inc consideration shares' denominated in dollars has now been added. No figure yet but it looks like ii have been advised of some intention, by someone.
Brilliant stuff. You're only a year behind the rest of us.
Didn't you know she was appointed CSO this time last year??
As such, she has in effect already been running the business during that time.
Thanks Rum for the explanation.
But then am I not right in saying that any cash compensation will have have to be dealt with via the brokers? Your post rather supports the point.
The important bit is, what are they valuing it at.
Thanks also for engaging with that other prat. I gave up long ago. Its like talking to a pile of sawdust.
Judging by HL's reply to you and the absence of any other confirmation it could be our Mr Backhouse has got the wrong end of the stick.
It could be that, given NAPS are keen to embrace crypto, NFTs and meta, that they might be using Algo as a platform. But this would just be an an agreement, rather than any sort of merger or buy out.
That said, if Algo were to offer a billion (not a lot these days)...........!
Meanwhile we just wait for news as and when. As PI's, we are a pain to them, but they will have to tell us things eventually.
Indeed it is. And in the December 2 RNS they said they wanted to keep all the staff together (or words to that effect) .
Working on the app means continuous ongoing development, as it would with any other tech. Development is not finite.
They're not going to turn round and say ' Goody, the app's launched, There's no more work for us to do'. And they would not be doing it if there wasn't an endgame.
Neil Young said ~"Rogan or me" Spot chose Rogan. The reason? They are making money from advertising on the back of his podcasts.
And at the risk of repeating what has been said before, they have never made money from streaming.
As I said a few days ago, they are becoming less music, and more podcast. The attitude towards artists is looking a bit cavalier.
It beats me why so many would take any notice of Rogan anyway.
He now says it's not his opinions, he's just reflecting other peoples'. What's the point of that? If you want an accurate view of Covid, just ask the medical professionals.
18 years ago, SPOT ate Napster's lunch.
Now they may have painted themselves into a corner, and the timing couldn't have been better from NAPS' point of view.
Admittedly a different crew now run NAPS but could it be a case of 'Revenge is a dish best served cold?'
IMO there may be more to this than meets the eye.
It's no secret that artists generally have not been happy with streaming deals. And the podcaster is being used to 'front' their actions.
As I say, just IMO.
Payment system is strange, where the A-listers are supporting most others, but no-one ends up very content.
The treatment of artists is important, including for the benefit of streaming itself. AM certainly mentioned it a few months back when talking about the new app.
Only another 11 months and we can have a Christmas truce again. Maybe a game of footie as well, like they did (I think they stuck bayonets in the ground for goalposts. LOL).