I will check tomorrow if they have received the email. The model is sound. It needed money thrown at it and it still needs money thrown at it. Raising funds has a lot of red tape and therefore a lot of costs. Our initial raise for this closing Dec 2017 could not include UK because of the Mum and Dad rules and it could not be promoted to the sophs because the supporting documentation had not been supplied.
At present the company cannot even ask if the shareholders would stump up some cash. Which in my opinion is a shame.
You still have your shares. Because they are no longer listed on AIM or ASX for that matter, they are still shares in an Australian public company. Because your broker can no longer trade them, they have removed them from their trade-able list. send a letter to Ubecorp and they will list the shareholding under your name directly which should be a better position for you. This way you get the info directly and do not have to rely on your broker who may or may not pass on any info.
Make sure you give a email address as this will in the future give better communication.
The end game is to get relisted. UBE rolls out the FTB program. The token is on exchanges. How and when is proving difficult. No money means that they cannot promote which means no real traction. There is a 1000 shareholders (from NYO) which cannot be tapped because they have to jump through red tape to do so.
Get in touch with the company. They have been hamstrung for funds. Firstly because of red tape they could not raise capital for the RTO. Unless they had spent $2-300K on paperwork so that the retail shareholders in UK could participate. Then most of the UK holders are with brokers and the brokers have not been passing anything on.
Ube had no funds but they had a person who promised GBP5M. It did not come. The ICO did not work nor did the TGE. They have raised a little money for the listings on a listing or no money basis.
They will also be on Latoken. The Ubecoin website has been upgraded. The company is starting to move. Buying tokens is one way to support your investment. Another way is by contacting the company and see it you can invest directly. Who knows.
All is still on track. It is a very tough market out there.The problem all stems to money and red tape. And what comes first. They have next to no funds. Irae only had enough to do the deal. Ubecoin had nothing. At the time they had a promise of a wack of cash which did eventuate. The ICO did not fire and the TGE is confirming that the big money has moved on. The consolidation has happened, the name has changed however the notices have not gone out. This is purely monetary. It costs to send the notices out to over a thousand shareholders. Selling the tokens is the least dilutive way of raising the cash.
Red tape prevents them from certain cash raising methods. It restricts them to the sophisticated punters. Thus what money that does come in must be prioritised. The notices are near the top of priorities.
They need to be able to market which means money. They need to list the tokens on an exchange which takes money plus a number of tokens in circulation. They really need the tokens on an exchange to have the free trade barter model to work efficiently.
I am still confident that they are going forward even though it is slow.
UBE has a good business model, it just needs promotion to put it out there. Promotion takes money. Irae did not have any money nor does UBE. Enough money was put into Irae to get the deal done. The intention of Irae buying into UBE was relisting. That intention must remain and all steps must be taken to enact the relisting. So UBE must raise money to (1) stay afloat, (2) promote the business model and (3) relist. It can get money from money from various sources being (1) the TGE/ICO , (2) shareholders, (3) new investors or (4) new partners. The TGE is selling the UBE token, this is our best option. Reality is that the TGE must raise at least $US 5M . Each money raise has to have a minimum amount and a maximum amount raised. If the amount raised does not reach the minimum then all money has to be returned. The good news is Ube has sorted out the minimum raise, so all money raised will remain with us. Currently the TGE is being presented to high nett worth US investors by a TGE manager that has done this many times successfully. On completion of the TGE, the UBE token must be listed on a crypto exchange and a market value will be given to the token. Remembering that UBE has 2.6B tokens. Please go to Pure Reports and see their valuation of UBE. The UBE token has a useful purpose and is 100% compliant to all current legislation. One of the few cryptos that are. I have always maintained that the present shareholders (about 1000) should be given the opportunity contribute to the success of the company. Due to cost and FCA requirements the UK based shareholders were not able to participate in the OIS which allowed us to buy into Ubecoin. The Ubecoin deal required us to consolidate. The consolidation and the subsequent takeover allows the company to clean up (have a minimum holding to continue (some shareholders have 1 share, a large number have less than 100)) the register AND legitimately offer all shareholders the opportunity to top up their shareholding to above a marketable level of shares. This is the best way forward for all shareholders. Also there is nothing stopping any existing shareholder from contacting the company and saying that they want to increase their shareholding. Particularly UK based shareholders as listing requires the 25% holding in EUA hands (I don't know how Brexit will affect this). I do know that a good deal for this initial funding is available. To list and do an IPO a pre-IPO is done which has to be done by Ube. This is done without the usual rules by going to sophisticated investors wanting a great deal before the listing. Which is a Catch 22 situation. A partner deal is in no ones interest.So the shares have been consolidated and they have been changed to Ubegroup shares. They are just needing to have enough funds to pay for notices to go out. And in those notices should also be an update and in my opinion a top up offer. In the interim take part in the TGE /ICO and see if
I spoke with them on Friday. A board meeting this week. They are expecting a little bit of funds next week which will allow the consolidation notices to go out. I spoke to them re a top up facility in which existing shareholders can top up their holding. to be included. The TGE has started getting some momentum. One of the requirements that the broker they are looking at for the listing requires is that the pre IPO funding must be raised via UBE themselves. One of the LSE requirements is that 25% of the shares are EUA held.
Spoke with them last week. Not much happens around Christmas. Seems there was a little delay with the TGE with the TGE going a little slow. Consensus is that they want to hit it without the the Christmas slowdown disrupting the momentum. Still on track for listing mid year. The TGE has to perform. The good news is that they have gotten rid of the soft cap (the minimum that has to be raised.) I will try to touch base next week.
There are two things here. (1) You have shares in NYO which changed its name to Irae and now has undergone a RTO and is now Ubecorp Ltd. The shares have gone through a 1:50 consolidation. We are awaiting confirmation via computershare. The intention is to list on a major exchange preferably LSE on track for mid 2019. The listing price relies on the success of the TGE. (2) Ubecorp have restarted their TGE using an proven event manager to promote the TGE. Part of that TGE event is the Pure Reports analysis (link sent previously). PR gives the value of the UBE token at US23 cents each. In due course the UBE token will be put on an cryptocurrency exchange and the tokens will be able to be traded or cashed out. This second event will provide credibility to Ubecorp which should be reflected in the share price.