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I plan to do a check for disapeared shareholders and ask cocky to sell their shares at the lowest ask price.
Offcourse checking all shareholders is unneeded so I plan to limit to those with more then 1% of the shares and define disapearance as not having logged in for more then a year.
Do you agree with this plan?
CEO Flying Kitten Holding.
While i hold no stake in FKH, i generally agree with the plan, but one part:
"I plan to do a check for disapeared shareholders and ask cocky to sell their shares at the lowest ask price."
I think the market interest to buy those shares should be tested first, and then after it is defined what maximum price the market is willing to pay for those shares they should be put on sale at that price. In other words i think the auction should be based on maximum BID price rather than minimum ASK price.
Yeah it'd have to calculate out to similar like a SPO would, at discount of the spread but not market orders sold.
I'm all for clearing out dead shares, (especially something with a large cap like RDX, 3 of 4 mil is held by FinanceBeck), BUT theres the morals issue, even after a year if it wasn't in policies when they purchased (such as the Prospectus) or part of the exchange rules, I don't think if we're to make secondlife exchanges be above the previous scums, we'll have to go about it very carefully. It might provide a lower price stock which would increase earnings per share, having more open floating shares would create supply rather than the upward push of demand.
It is a controversial topic, but one in need of a "sane" solution.
I just looked at FKH's stats, and actually propably the easiest and least controversial solution is to simply liquidate all public shareholders with the balance of 909usd that should be very doable if the CEO shares are not taken into account.
Thereafter the company could apply for a new ipo, and the active FKH investors could reinvest.
an alternative would be for the company itself to buy back the shares. given this issue touches on the reputation of the ISE, i am pretty sure that if we all come up with some sort of workable and fair solution then we would all vote it through.
by fair, i mean that if one of the "dead" shareholders suddenly reappeared and saw that their shares had been bought off them, then they would consider the process and price fair.
by workable, i mean that we dont really wont Cocky to sit down for hours going through each account to put sell orders on or cancel shares etc.
what do you all consider dead shares is my question, some of us atm aren't able to access Secondlife itself, so
does that mean I'm a dead shareholder even thou I post?
Last edited by AtreyuFrequency (2010-02-11 08:20:28)
You're certainly alive without a doubt
The way i view it is as i posted in my RA "investor rights thread", to quote:
5a. Common stock holders (or public investors) Have full voting rights, and from insiders point of view are in many ways a "creditor". Due to the popular "i quit sl before selling my shares" trend we will hold once a year a mandatory refreshment of shareholders, that is; i will send an instant message, an email and a notecard to all shareholders, asking a simple question if they still want to continue to be shareholders of RA, this will happen in end of Q3, and any shareholder who does not respond before end of Q4 (giving everyone a fair 90 days to respond) or who responds with a simple NO will be bought back by companys account at the most current NAV per share.
Link to the entire thing: http://www.intlstockexchange.com/punbb/ … 004#p13004
So basically, in my opinion if someone becomes totally uneachable through all possible channels (im,email,forum) for a period of 90 days, then that person is considered gone.
Edited to add: there may be some very, very rare cases such as someone serving for military, off-shore appoitment, or a mission into space (or whatever the case making it impossible to get on interenet at all for a longer period of time). In such cases i would make an exception if i get a message in advance, however i would personally recommend anyone who plans to dissapear from interent/sl for that long period of time to sell any stocks and cashout, you never know the exchanges may get banned, or simply dissapear, same goes with LL.
Last edited by AndyGrant (2010-02-11 12:14:37)
Thanks all for the feedback so far, currently 10 people have voted with 6 for the proposal, offcourse this is not enough to go ahead yet so for now I will keep this poll open till either a clear yes or no vote can be concluded.
Fair price is offcourse always debatable, is that the current lowest sell order? the original IPO level? or the highest price the shares ever sold for?
I just did a count and at current there 6 investors that hold more then 1 % so in this case that would not take an extraordanary amount of time for cocky, but offcourse it is up to cocky himself to decide if it is to much time or not, there would be 3 actions needed by cocky, first check if any of the checked investors that have not been in SL in the past year have been on the website, seccond cancel any open orders from them and finaly create an order to sell the shares at what the general concenses decides is a fair price or in case the concenses is the those stocks should be bought back by me then swap the stocks to me for the needed funds.