Monthly Report
June 2013
July 3, 2013
OverviewAsset InformationAssets: 100 shares of LTC-GLOBAL
Shares Outstanding: 1000
NAV (per share): 0.82953 (based on the LTC-GLOBAL 7 day average price of 260.86 LTC)
Dividend InformationDividend (paid 2013-7-3): 2.51453 BTC
Dividend per share: .00251453 BTC
Monthly Yield (based on NAV): 0.30%
Annualized Yield: 3.64%
Management FeeNormal Fee (0.08333% of asset value): 21.74 LTC
Waived: 0
Fee Paid: 21.74 LTC
Detailed information can be found here:
https://docs.google.com/spreadsheet/ccc?key=0Am3m7aRNI-JbdElvTTc5Vmg3bUh2WDAwc2tsLU1JcEECommentaryThe price of LTC-GLOBAL shares has nearly doubled in the last month. I believe this is due to the fact that the exchange has grown a lot both in terms of the number of assets, the total value of all assets, and the transaction volume. The 7-day average price rose from 155.81 LTC to 260.86 LTC. Trading volumes of both LTC-GLOBAL and BTC-TRADING-PT continue to be low, but higher than before.
LTC-GLOBAL paid a monthly dividend of 98.32 LTC. After subtracting the management fee and converting to BTC, the fund earned an income of 2.51453 BTC (0.00251453 BTC per share) that was distributed on July 3, 2013.
Please note that the NAV is only an estimation of the value of the shares. The trading volumes of both LTC-GLOBAL and BTC-TRADING-PT are low and the bid-ask spreads are very high, so the actual price of a share can vary quite a bit.
VotingMotions must pass by a margin of 100 shares to be approved (a YES vote), or fail by a margin of 100 shares to not be approved (a NO vote). Votes with a margin of less than 100 shares receive an ABSTAIN vote. The results of motions that receive less than 200 votes will not be considered valid. At this time, voting for approval is only done for IPOs due to the lack of shares publicly held. Please vote. It is very important for the success of the exchanges and for the value of your shares.
Please note the earlier deadlines for IPOs. Voting on IPOs ends sooner than established securities because trading on a security cannot begin until the security is approved.
Voting for approval of assets has been temporarily suspended due to lack of participation. However, in the next few days we will be voting to find out how many people would like to resume voting for asset approval. If a sufficient number vote to resume, then I will resume weekly voting on assets.
Other Important InformationI act as a market-maker in BTC-TRADING-PT. The goal to to ensure that there are always shares to buy and always someone to sell to, both at reasonable prices. Normally, I set the bid and ask prices to match the bid and ask prices of LTC-GLOBAL, but in the past few weeks I have been pricing bids and asks aggressively, attempting to narrow the spread and increase liquidity of the shares. I have also been acting as a market-maker in LTC-GLOBAL shares, but to a lesser extent. I believe that both these activities have increased the trading volume for both shares and also have contributed to the rise in values of both shares. I plan to continue this activity for the foreseeable future.
A few weeks ago, I proposed splitting BTC-TRADING-PT shares 100:1 as a way to increase liquidity and make it easier for people to buy and sell shares. The response was 100% positive so I am going ahead with the plan. I don't have a schedule at this time. Doing the split will take some coordination with burnside, and some effort on his part. When there is a date, I will make an announcement.