RE: AJ Bell9 Jun 2022 08:47
AJ Bell appears to be aligned with HL now.....
Napster Music Inc has announced that it has received details of a takeover offer from Algorand. This offer replaces the previously announced merger event with Algorand Holdco I Inc and Algorand Holdco II Inc.
Under the terms of the offer, Algorand is offering to buy all of the shares it does not currently own for USD6.065 in cash in exchange for each share held.
In addition to the cash payment, (subject to any claims by the buyer), you will receive the following:
- pro-rated amount of the remaining escrow fund and the shareholder rep fund after 12 months (currently USD5.7million); and
- pro-rated amount of 6.875% of the total supply of the Napster tokens
Please note, if the tokens are not made available within 12 months from the closing date, 30 March 2022, then you will receive a pro-rata share of USD25mn. If the tokens are launched within 12 months of 30 March 2022, then a cash alternative will not be available.
Please be advised, AJ Bell is unable to hold crypto tokens on its platform. As such, we are currently investigating ways to facilitate the event to ensure that the ultimate owners receive their entitlement without AJ Bell holding the tokens.
Your account is expected to be credited with the cash proceeds on or around 13 June 2022.
Please be advised in some circumstances there may be delays in the proceeds being credited to us from our custodian. Please allow 10 working days for your account to be updated.