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Originally Posted by Tony Two Gloves
I wonder if this answers our queries?
NOTE 8: SHARE CAPITALThe Company has 97,000,000 Class A shares on offer of which 590,127 (2020: 185,880)have been issued and 3,000,000 Class B Shares that have been issued to the foundingshareholders. Both Class A & Class B shares have no par value.
NOTE 8: SHARE CAPITALThe Company has 97,000,000 Class A shares on offer of which 590,127 (2020: 185,880)have been issued and 3,000,000 Class B Shares that have been issued to the foundingshareholders. Both Class A & Class B shares have no par value.
Info been looking at from the companies register: Shareholdings (companiesoffice.govt.nz) So I'm guessing the A class shares are being dribbled out as new investors buy in?
The Class A/B shares ties in with their constitution:
2.4 Rights attaching to Class A Shares and Class B Shares Unless otherwise provided by the terms of issue or by this Constitution:
(a) The Class A Shares confer on the holder each of the following rights:P a g e 5 | 34
(i) holders of Class A Shares are entitled to 97% of the total voting rights of all Shareholders in proportion to their Shareholding
(ii) Subject to clause 4 of this Constitution, holders of Class A Shares are entitled to not less than 97% of all Dividends authorised by the Board, to be distributed to the holders of Class A Shares in proportion to their Shareholding;
(iii) Upon the liquidation of the Company not less than 97% of the Surplus Assets shall be distributed to the holders of Class A Shares in proportion to their Shareholding.
(b) The Class B Shares confer on the holder each of the following rights:
(i) holders of Class B Shares are entitled to 3% of the total voting rights of all Shareholders in proportion to their Shareholding;
(ii) Subject to clause 4 of this Constitution, holders of Class B Shares are entitled to not less than 3% of all Dividends authorised by the Board, to be distributed to the holders of Class A Shares in proportion to their Shareholding;
(iii) Upon the liquidation of the Company not less than 3% of the Surplus Assets must be distributed to the holders of Class B Shares in proportion to their Shareholding.
My main query is how they value themselves at $3.99.
As an aside, NBR article behind the paywall: One-of-a-kind crypto offer fails to take off | NBR
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Originally Posted by Sideshow Bob
Info been looking at from the companies register: Shareholdings (companiesoffice.govt.nz) So I'm guessing the A class shares are being dribbled out as new investors buy in?
The Class A/B shares ties in with their constitution:
2.4 Rights attaching to Class A Shares and Class B Shares Unless otherwise provided by the terms of issue or by this Constitution:
(a) The Class A Shares confer on the holder each of the following rights:P a g e 5 | 34
(i) holders of Class A Shares are entitled to 97% of the total voting rights of all Shareholders in proportion to their Shareholding
(ii) Subject to clause 4 of this Constitution, holders of Class A Shares are entitled to not less than 97% of all Dividends authorised by the Board, to be distributed to the holders of Class A Shares in proportion to their Shareholding;
(iii) Upon the liquidation of the Company not less than 97% of the Surplus Assets shall be distributed to the holders of Class A Shares in proportion to their Shareholding.
(b) The Class B Shares confer on the holder each of the following rights:
(i) holders of Class B Shares are entitled to 3% of the total voting rights of all Shareholders in proportion to their Shareholding;
(ii) Subject to clause 4 of this Constitution, holders of Class B Shares are entitled to not less than 3% of all Dividends authorised by the Board, to be distributed to the holders of Class A Shares in proportion to their Shareholding;
(iii) Upon the liquidation of the Company not less than 3% of the Surplus Assets must be distributed to the holders of Class B Shares in proportion to their Shareholding.
My main query is how they value themselves at $3.99.
As an aside, NBR article behind the paywall: One-of-a-kind crypto offer fails to take off | NBR
Would it be if they had Crypto valued at $3.5M as at 31/3 divide by the 590,000 shares would equate to $5.93 which I believe was there SP around that date. Some of the coins they have are down around 50% from there highs so the SP at $3.99 would their Crypto value now be $2.3M? I really have no idea but the Company needs to clarify if they want to get some shares trading.
Last edited by Tony Two Gloves; 15-06-2021 at 09:20 AM.
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Their strategy seems very, very basic. Why not just buy BTC and ETH and hold it yourself? You are giving up a lot for exposure to crypto this way. Liquidity, control and security chiefly.
BTC went to $69K and now $16K. Good thing I’ve been warning you since it was $3K! I was right!
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Originally Posted by Entrep
Their strategy seems very, very basic. Why not just buy BTC and ETH and hold it yourself? You are giving up a lot for exposure to crypto this way. Liquidity, control and security chiefly.
Tend to agree not to mention the interest earnt by staking various coins. They seem to want to play on the fact that it is quite difficult to set up but in reality it is very simple and you won't lose anything o management fees etc.
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It's extremely simple and secure. You are far worse off in this investment IMO.
I could literally start the exact same fund tomorrow. What's the point or advantage to investors?
Liquidity, control and security.
BTC went to $69K and now $16K. Good thing I’ve been warning you since it was $3K! I was right!
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It's extremely simple and secure. You are far worse off in this investment IMO.
I could literally start the exact same fund tomorrow. What's the point or advantage to investors?
Liquidity, control and security.
BTC went to $69K and now $16K. Good thing I’ve been warning you since it was $3K! I was right!
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Originally Posted by Tony Two Gloves
Would it be if they had Crypto valued at $3.5M as at 31/3 divide by the 590,000 shares would equate to $5.93 which I believe was there SP around that date. Some of the coins they have are down around 50% from there highs so the SP at $3.99 would their Crypto value now be $2.3M? I really have no idea but the Company needs to clarify if they want to get some shares trading.
Yes, could be the answer.
But from the looks of it, no real difference between the Class A & B shares though......
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Originally Posted by Sideshow Bob
Yes, could be the answer.
But from the looks of it, no real difference between the Class A & B shares though......
The shares between A & B shares appear to be linked to 100 million shares - 3.0 mil issued "B"
and the rest 97.0 mil issued & unissued 'A's'.
As more than the 590,127 A's are issued of the 97.0 mil A's then value per share will likely move,
depending on movements in the underlying Crypto held & consideration for new more shares issued.
The value of the shares looks like it could be as wildly volatile as the basket of Crypto currencies
it holds .. it may be a case of picking an entry time - if any available on a favourable "Low" day
assuming one is still enthused & game enough to want to dive in & start swimming ..
Last edited by nztx; 20-06-2021 at 11:27 PM.
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