Member Info for Glennstar

Checked with the Halifax today and they have no record of the payments of 8 Nov, 13 Dec and 14 Jan that members of this chat group have noted. They added that communication with the relevant parties was difficult.

On a separate note I see comments on the Twittersphere (Coinlive) that Napster posted on the X platform that no official Napster tokens have been launched yet (!?). There was also a note received by a customer of Hargreaves Landsdown that Napster had advised that they were investigating transfering the issued cryptocurrency tokens to an alternative blocktrain other than Algorand. All a bit confusing. Further explored on https://www.youtube.com/watch?v=uT6Ukh7hK6w ( "Did Naspter just hose Algorand?") at 2mins.15 onwards.

The flow of funds seems to be becoming erratic. I have received the amounts this thread has discussed up to the one of 21 October of $0.069250 per share that Jambor noted on 16 October but not the ones he noted on 8 November and 13 December. Also in the case of the 10 September payment it took 20 days for the corporate notice to arrive from Halifax though the cash was paid into the account on the 10th. It is nearly 3 years now since the purchase was made by Algorand and the final consideration is till up in the air. Jambor would you be able to indicate the $ per new share of the 8 Nov and 13 Dec payments you received?

I've received my (one) payment too through the Halifax. At $0.055913 per share this brings total consideration to $7.226443 per new share adding to the summary I gave at 2 July. The corporate notice refers to the tokens but states they have received no further information and are still considering options.

Nothing from my end either. Quarter 2 seems a distant memory.

Not a dicky bird. A week now since I emailed them.

There was an interchange between me and PureGypsum in this room on 7 July last year where PG indicated $4.47 against my estimate of $5.54 based on some schedule which presumably was part of the original acquisition document. At the end of September 2023 PG indicated he had received his tokens which worked out at around 122 per share. Previous discussions in the chatroom had suggested 129.

I received a note from Halifax around the same time as Jambor but interestingly the payment was advised as $0.036641 per share. I also found a further payment in March which I had thought was a reminder of the Jan payment but was actually a separate one of same amount. To summarise the tranches per new share I seem to have received through Halifax are;

- Tranche 1 $6.065853 Oct 22

- Tranche 2 $0.918935 Jun 23

- Tranche 3 $0.046594 Jan 24

- Tranche 4 $0.046594 Mar 24

- Tranche 5 $0.055913 Apr 24

- Tranche 6 $0.036641 Jun 24

- Tranche 7 ???? $4.47 in tokens (quarter 2 and counting).

This equates to $7.170530 in total cash and $4.47 outstanding. I have also sent a query to the Napster Foundation asking about the status of the tokens given the expiry of quarter 2.

Jambor I have received neither cash nor tokens for tranche 4. And received little by way of intelligence on their likely emergence. We are well into quarter 2 when allegedly trading was due to start on the tokens. It would be interesting to hear if others on this chat have had some feedback from Napster.

Seem to have received a tranche 5 this morning based on a corporate message from Halifax. $0.055913 per new share which has translated around £1 = $1.28 to 4.36p per share. Notice also refers to the tokens but claims to still know nothing.

If it helps Dilbert the amount of consideration I have used in my capital gains computation for 2022/23 has been £9.91 per new share (translated at variable rates from $11.50). This is based on;

- Tranche 1 $6.065853 per new share (received Oct 22 as £5.60 per share (Rate $1.08/£1)

- Tranche 2 $0.918935 per new share (received Jun 23 as 71p per share (Rate $1.29/£1)

- Tranche 3 $0.046594 per new share (received Jan 24 as 3.5p per share (Rate $1.31/£1)

- Tranche 4 $4.47 per new share in tokens (valued as £3.55 per share (Rate $1.26/£1).

The tranche 4 is pretty much a dartboard job given the lack of information from the Bank and has been determined based on feedback in this chatroom of 129 tokens per share with a conjected value of $0.0348 per token. Under the HMRC tax guidance (CG14881) the amount appears to be ascertainable and therefore probably subject to immediate tax. This is my own take and of course you should take appropriate tax advice from someone better qualified than me.

Tiny cash top up received today from Halifax. No mention of the tokens. In a separate exchange on their chatbot Halifax did suggest that they would getting a third party to receive and sell the tokens then pass the funds to them and onto my accountwhich will presumably happen after 31 March.

On Friday I received a corporate notification from Halifax that a further payment of $0.46594 per share was made in respect of my holding pursuant to the merger with Algorand on 16 February 2022. Translation seems to have been at £1=$1.307. Sadly no mention was made at all of the $Napster tokens, with simply a comment they would communicate again with any further information regarding future payments from the company. I am minded to ask them for some info on the final tranche, tokens or otherwise, rather than nothing at all in order to calculate the relevant capital gains tax pertinent to the transaction as the tax filing deadline of 31/1/24 is fast approaching

Further to PG’s note on 20 July I sent an email to Napster investor relations that same day but have not had any response or acknowledgement in reply. Perhaps the H&L episode has affected the Napster approach to all UK institutions holding shares on behalf of multiple investors. Halifax in my case.

Many thanks for the intel PG. However I am struggling to find the email address of investor relations or even which organisation’s IR that is. No clues on the Algorand website.

I have been trying to work out the maths here on the 4th consideration, which was indicated back in May 22 as being tokens equivalent to 6%+ of issue or $25m. Given there were 4.6m new shares in issue at time of takeover the cash would equate to $5.43 per share. 10bn tokens times 6% is 600m so divide that by 4.6m shares comes to 130 which is very close to the 129 quoted elsewhere on this site. If we divide $5.43 by 130 we get 4.2c per token. Interestingly the Algorand token, (which also has a 10bn issue base) at date of takeover in Feb22 had a value of $1.00 but is now trading at $0.11. Hope that doesn’t mean our $5.43 per share ends up as $0.54.

I have received a corporate notice from Halifax on the payment of the 2nd/3rd tranches of consideration. This was made into my account on 21 June at a rate of $0.918935 per share and was translated at $1.27 to equate to 71p per new share. Interestingly the escrow funds were set at $5.2m and $0.5m which in total based on 4.6m shares were worth $1.23 per share max so the final payout is around 75% of that. A far better outturn than I expected.

In terms of the $Napster Halifax has reiterated that tokens are not eligible on their platform, though they continue to investigate options. It is noticeable that in the US, EU and UK (debated as recently last week in Commons Committee) that regulation of tokens as securities is actively being sought and once these are in place the UK banks may be allowed to work with them. Given the $Napster are not operable till March 2024 that may play out well.

Halifax did not quote the 129 $Napster tokens per share other correspondents below have mentioned, leaving the matter open.

Just to be clearer the thoughts on trancches 2 and 3 are my conjectures; I shared them with Halifax who did not rule them out or confirm them.

Interacted with Halifax again on the chat today to see where they might be in this transaction. It seems they have had some intelligence from Algorand but not a lot and their queries are not being answered. What they do seem to think is the 4th consideration is in tokens, but these are in “lock up” for a year, with the year running from 31 March 2023. They are unclear on the 2nd and 3rd tranches; one thought is the amounts have been rolled into the crypto and another is that Algorand exhausted the escrows so there was nothing to pay out.

Interacted with Halifax on the chat today to see where they might be in this transaction. It seems it is on their radar but they have not heard anything to date from Algorand on the 2nd, 3rd and 4th tranches. As regards tokens their corporate notice in June suggested they were investigating options on how to handle those but today’s discussion suggests they are no further forward and will not be dealing in them. However they would explore the cash alternative with Algorand if offered.

Just to add to this; reading back on this board it looks as if the offer the acquire was made around 25 February and went unconditional at 30 March 2022. The payments for steps 2, 3 and 4 all fall due on the one year anniversary which would be 30 March 2023. Though if the Algorand crypto are issued before this date we would receive step 4 in kind at that time.

On the Halifax approach the receipt of corporate notice is itself a confirmation of holding even though they have wiped the shareholding from the board. within that corporate notice there was the assurance that this would not affect entitlement though unfortunately by using the verb “effect” rather than “affect” they appear to convey the opposite. A session on the chat line confirmed this though they did not seem to understand the finer points of English grammar!