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blankseplocked [AATP] - New Holding Corporation - Share Swap Initiated
 
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Ray McCormack
Nordar Innovations.
Posted - 2010.01.31 10:38:00 - [1]
 

Dear Shareholders,

it's with great excitement for our future prospects that I announce the formation of a new holding corporation for AATP: AATP Holdings [AATPH]. This corporation will be responsible for dividend distribution.

Reasons

The reasons for the creation of the holding corporation and the subsequent share swap are twofold:
  1. To prevent dividends from being deposited into dormant or banned accounts.
  2. To utilise the dividends from these accounts to grow the business.


Share Swap Process

A share swap scheme to change existing AATP shares into the new AATPH shares has begun and will continue until all shares haven been swapped out. To swap your shares over, initiate a conversation with Ray McCormack in-game, transfer your shares over only after being given the go-ahead. Your new shares will then be transferred to you.

It is important that you DO NOT send shares without explicitly being told to do so.

Should you not be able to contact Ray McCormack directly due to time zone differences, please send him an in-game EVEmail and alternative arrangements will be made for you.

  1. Contact Ray McCormack.
  2. Do not send shares until explicitly told to.
  3. Transfer your AATP shares to Ray McCormack (or another nominated character) only after being instructed to.
  4. Your new AATPH shares will then be transferred to you.


NB: AATP and its employees will not be held responsible if these procedures are not adhered to.

Missed Dividends

Should your swap occur after a dividend cycle(s), your right to those missed dividends will still exist and they will be paid out to you in full. If AATP, for whatever reason, is unable to meet this obligation immediately, they will be paid out of dividend funds at the next cycle. If this still cannot satisfy the payment of missed dividends, a loan will be obtained from one of the financial entities within EVE. Failure to obtain such a loan will lead to the liquidation of current and then fixed assets to accommodate this obligation.

  • Missed dividends are still rightfully yours.
  • They will be paid out to you during the share swap process.
  • Should AATP be unable to meet this obligation:
    • They will be paid from proceeds earmarked for distribution at the next cycle.
    • A loan will be obtained.
    • Assets will be liquidated.


Withheld Dividends

Any dividends from unclaimed shares will be kept in the AATP wallet. Use of these funds to cover operational shortfalls will be restricted to no more than one month's profit. Use of these funds to purchase additional fixed assets will be restricted to no more than 50% of the available fund. Use of the additional 50% to procure fixed assets will be subject to the financial approval by AATP employees and tentative acceptance of a loan with one of the financial entities in EVE.

  • Dividends from unclaimed shares kept in AATP wallet.
  • Use of funds for operational processes restricted to an amount equal to one month's profit.
  • Use of funds for fixed asset procurement restricted to 50% of the fund.
  • Use of the additional 50% subject to financial approval by employees and the tentative acceptance of a loan.


Estimate of Unclaimed Shares

Utilising an unfounded, untested method of measuring atrophy, AATP estimates that at least 2.1m shares could remain unclaimed indefinitely, 22% of the 9.5m distributed shares. At current dividend amounts that would result in a 1.1b monthly increase for the withheld dividend fund.

Future Share Swaps

The potential exists for new holding corporations to be created in the future, for much the same reasons as this one. No definite interval between swaps has been set yet, most will be done opportunistically when there appears to be a measured benefit for the corporation.

Regards
Ray McCormack
CEO - AATP

Ray McCormack
Nordar Innovations.
Posted - 2010.01.31 10:49:00 - [2]
 

You will be able to swap shares out from tomorrow evening once the vote in the holding corporation goes through to create a further 9.499m shares.

Vaerah Vahrokha
Minmatar
Vahrokh Consulting
Posted - 2010.01.31 11:18:00 - [3]
 

Spring cleaning?

herot
Fortunis - Redux
Posted - 2010.01.31 11:58:00 - [4]
 

Will you create a ATTPHH next year? Laughing


Ray McCormack
Nordar Innovations.
Posted - 2010.02.01 16:54:00 - [5]
 

I am online now and available for share transfers.

Kalrand
GoonWaffe
Goonswarm Federation
Posted - 2010.02.01 17:30:00 - [6]
 

Originally by: herot
Will you create a ATTPHH next year? Laughing




This is why some people use a ledger system for shares, you have more control.

I know early on with my bond offering one person had their bonds canceled. My private offering had a "Don't get kicked out of Goonswarm" clause. One guy did.


Personally, I would put a clause in this exchange that your reserve the right to do this again in xyz many months.

Ray McCormack
Nordar Innovations.
Posted - 2010.02.01 19:49:00 - [7]
 

Why would I need a clause for something I can just go ahead and do anyway?

443,543 shares swapped this evening; 9,056,457 outstanding.

RAW23
Posted - 2010.02.01 20:02:00 - [8]
 

Originally by: Ray McCormack
Why would I need a clause for something I can just go ahead and do anyway?



Oh the pain!

To make your actions legitimate, perhaps?

Proton Power
Amarr
Retirement Retreat
Posted - 2010.02.01 20:34:00 - [9]
 

I am guessing Ray and TS talked about this a month back when TS raised this question up on the forums. (This is a guess).

Anyway, when TS brought it up, I mentioned that I was against this do to people not realizing/noticing/being afk would not get isk they are entitled to.

Now IMO Ray has come up with a good way around this argument, lets say I was afk right now, and would be for 4 months. When I get back, long as I know to do so, I can trade my shares in for his new ones, still get all dividends that should have been paid to me. I think that is fair.

--

The bad part of this is, only those that realize you did this will know to contact you and trade the shares. I am not sure if you created some sort of vote or not to inform your share holders of this, but at the least some sort of vote should be created to inform the share holders, not to say yes or no, just so they get informed.

The other thing I would ask to be done would be that in 4-6mths time you send out eve mails to those that have not claimed the shares back so that again they are aware of what was done if they just didnt notice this for some reason.

--

I understand not having this as a "Clause" in older IPO's that have been running for a long time now, the fact remains nobody really thought about it back then. But now that IPO's are growing older, it may be a good thing for many of them to do, and for new ones to make sure they include this "Clause" in there plan.

Azrel
Posted - 2010.02.01 20:51:00 - [10]
 

Originally by: Ray McCormack
Why would I need a clause for something I can just go ahead and do anyway?

443,543 shares swapped this evening; 9,056,457 outstanding.


I have a question, I maybe missed something, I maybe getting this messed up. But AATP had only 1 million shares, but the new holding company has 9.5 million surely this is going to affect the dividends negatively given your swapping 1 share in AATP for 1 in AATPH them paying dividends from there?

Erialor Godsent
Gallente
Federal Navy Support Divison
Posted - 2010.02.01 20:53:00 - [11]
 

I'm pretty sure the reoprts I've seen said that AATP had/has 9.500.000 shares

Azrel
Posted - 2010.02.01 21:02:00 - [12]
 

Originally by: Erialor Godsent
I'm pretty sure the reoprts I've seen said that AATP had/has 9.500.000 shares
Well if you look at the shares listed on the attributes tab for AATP Corp from show info, it lists it as 1 million.

Pretty sure my eye sight hasn't failed yet...

Show Info for AATP


CornerStoner
Posted - 2010.02.01 21:08:00 - [13]
 

Noted. Will contact as soonas I see you.

Got the mail from EMFIhauler1. Does that mean that EMFI shares are worth something now? Rolling Eyes

LaVista Vista
Conservative Shenanigans Party
Posted - 2010.02.01 21:08:00 - [14]
 

Originally by: Azrel
Originally by: Erialor Godsent
I'm pretty sure the reoprts I've seen said that AATP had/has 9.500.000 shares
Well if you look at the shares listed on the attributes tab for AATP Corp from show info, it lists it as 1 million.

Pretty sure my eye sight hasn't failed yet...

Show Info for AATP



The show info attribute doesn't show the TOTAL amount of shares. It shows the amount of shares created in the last share creation vote.

Erialor Godsent
Gallente
Federal Navy Support Divison
Posted - 2010.02.01 21:09:00 - [15]
 

Edited by: Erialor Godsent on 01/02/2010 21:10:25
Cba to check other corps - but maybe that's some sort of ingame cap on the show info?

The shareholder-reports here says 9.500.000 shares.

Or maybe someone posting above me knows the correct answer ;)

Azrel
Posted - 2010.02.01 21:15:00 - [16]
 

Originally by: LaVista Vista

The show info attribute doesn't show the TOTAL amount of shares. It shows the amount of shares created in the last share creation vote.
Ah that explains it.

At least I don't need to book a opticians appointment now..

Kalrand
GoonWaffe
Goonswarm Federation
Posted - 2010.02.02 01:14:00 - [17]
 

Originally by: Ray McCormack
Why would I need a clause for something I can just go ahead and do anyway?



Because then you don't get a reputation for being a *******?

Thoraemond
Minmatar
Far Ranger
Posted - 2010.02.02 01:50:00 - [18]
 

Originally by: Kalrand
Originally by: Ray McCormack
Why would I need a clause for something I can just go ahead and do anyway?


Because then you don't get a reputation for being a [bleep]?

Every offering could have a vague blanket clause that says something like 'management will change the terms as appropriate to address emergent synergies and other businessspeak words, blah, blah, blah...' but it seems silly to try (probably in vain anyhow) to anticipate all possible future circumstances and build specific terms for each contingency into all initial terms for all offerings.

Overall, the mechanism described in the OP seems well-reasoned, preserving the equitable rights of all shareholders, even if they don't notice the share swap for a while for whatever reason (absence, distraction, alcohol-induced-blindness), while at the same time gathering some empirical data about ongoing account/Pilot/investor activity rates and attrition.

One might suggest that shareholder approval should be sought for any changes to the basic terms of their participation in a venture, but here I don't see any impact on shareholder value that might convince any shareholder to vote 'no', so I'd say the breach (if any) is more technical than substantive.


I hope the attrition information will be made available on a regular basis, both so we can assess the reality against Ray McCormack's estimate, and so that it might help other business managers formulate their own practices.

Ray McCormack
Nordar Innovations.
Posted - 2010.02.02 04:41:00 - [19]
 

Originally by: Proton Power
I think that is fair.

It is also commonsensical, as whilst you are away your ISK can be used it grow your investment.

Originally by: Proton Power
I am not sure if you created some sort of vote or not to inform your share holders of this

There was a vote, and there will be an AATP vote issued every dividend cycle to remind shareholders to exchange shares.

Originally by: Thoraemond
I hope the attrition information will be made available on a regular basis

I will continue to update the exchanged and outstanding in this thread for the next month, and then it will become a permanent item in the Shareholder report going forward.

Quote:
share bug

Yeah, it doesn't display correctly, but there are 9.5m shares.

Dethmourne Silvermane
Gallente
Origin.
Black Legion.
Posted - 2010.02.02 05:21:00 - [20]
 

After the share swap is done can I have 1 share of AATP for collection purposes? Very Happy

Ray McCormack
Nordar Innovations.
Posted - 2010.02.02 16:31:00 - [21]
 

Online again to exchange shares.

I've replied to all EVEMails, if you didn't receive a reply it's because I don't like you or you have CSPA charges enabled (and I'm not made of money. Well, I am, but it's the principle).

Proton Power
Amarr
Retirement Retreat
Posted - 2010.02.02 17:28:00 - [22]
 

Originally by: Ray McCormack
Originally by: Proton Power
I think that is fair.

It is also commonsensical, as whilst you are away your ISK can be used it grow your investment.

Originally by: Proton Power
I am not sure if you created some sort of vote or not to inform your share holders of this

There was a vote, and there will be an AATP vote issued every dividend cycle to remind shareholders to exchange shares.

Originally by: Thoraemond
I hope the attrition information will be made available on a regular basis

I will continue to update the exchanged and outstanding in this thread for the next month, and then it will become a permanent item in the Shareholder report going forward.

Quote:
share bug

Yeah, it doesn't display correctly, but there are 9.5m shares.



Not that you need my approval but looks good with these additional aspects. Can understand the need for the share swap.

Ray McCormack
Nordar Innovations.
Posted - 2010.02.02 19:32:00 - [23]
 

There's a very annoying bug with the share transfer window that I'd forgotten about.

You enter the number of shares, type in the person's name, skip the Search button and hit Okay. If they have a name that needs confirmation a character selection window pops up. You select the correct character, and then if you press Okay again (there's a bit of lag that allows you to do so) the share transfer will go through twice.

The problem is exacerbated from the lag of taking screenshots at the same time.

Did that twice tonight, first person has sent the extra shares back and I don't see a problem getting the extra shares back from the second person.

Proton Power
Amarr
Retirement Retreat
Posted - 2010.02.02 19:42:00 - [24]
 

Originally by: Ray McCormack
There's a very annoying bug with the share transfer window that I'd forgotten about.

You enter the number of shares, type in the person's name, skip the Search button and hit Okay. If they have a name that needs confirmation a character selection window pops up. You select the correct character, and then if you press Okay again (there's a bit of lag that allows you to do so) the share transfer will go through twice.

The problem is exacerbated from the lag of taking screenshots at the same time.

Did that twice tonight, first person has sent the extra shares back and I don't see a problem getting the extra shares back from the second person.



Did this with LYII as well, bit different story, Someone's names started with a zero not O. But just my luck both had characters so sent a few free shares out. Was not worth the hassle of re-doing shares for 10mil isk.

Ray McCormack
Nordar Innovations.
Posted - 2010.02.02 20:18:00 - [25]
 

Originally by: Ray McCormack
443,543 shares swapped this evening; 9,056,457 outstanding.

1,925,143 shares exchanged this evening; 2,368,686 in total; 7,131,314 outstanding.

Erfnam
Offworld Miners and Fabricators Guild
Rising Orbit Free Trade League
Posted - 2010.02.03 17:44:00 - [26]
 

One major problem with share swapping is that if the venture has BPOs locked for collateral, then this collateral is removed in a non-obvious way. Opens the door for easier scamming.

Ray McCormack
Nordar Innovations.
Posted - 2010.02.06 12:01:00 - [27]
 

Originally by: Ray McCormack
1,925,143 shares exchanged this evening; 2,368,686 in total; 7,131,314 outstanding.

3,191,107 shares swapped to date; 6,308,893 outstanding.

XEONIK
Posted - 2010.02.09 21:56:00 - [28]
 

I know I owned some ATTP thru RESX at some point with my char XEONIK, but am unsure if I ended up selling them. If I still own them they are still locked away in RESX, what will happen to any shares still held by RESX?


Ray McCormack
Nordar Innovations.
Posted - 2010.02.10 05:02:00 - [29]
 

RESX has returned all shares to depositors.

RAW23
Posted - 2010.02.24 09:59:00 - [30]
 

Originally by: Ray McCormack
Originally by: Ray McCormack
1,925,143 shares exchanged this evening; 2,368,686 in total; 7,131,314 outstanding.

3,191,107 shares swapped to date; 6,308,893 outstanding.



Is this still the current state of play? If so, you have effectively written off 2/3 of the shares in your operation. That is quite a massive theft. Not quite up there with your EBANK plan but pretty close. Your scamming must put you close to the top in EVE history now. Congratulations!


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