I feel that it is very unfair to the overseas shareholders.
1. Overseas shareholders cannot convert the XDC shares to ASSOB shares, so they are left with only the Buy Back option.
2. The last closing price is 0.001 BTC, a drop of 92% within 1 week! Overseas shareholders are left with only a miserly amount of BTC.
I believe IPO investors suffer greater loss since the IPO price was very much higher then.
Announcement from CEO Stephen Rowlison:
Diamond Circle Buy Back or Conversion of XDC to DCL - Notice to Shareholders - XDC closing 30th June 2014
Dear Shareholder,
Owing to the significant growth of our company and the desire to be an international recognised brand, Diamond Circle are seeking to raise additional capital to expand.Diamond Circle and advises that the XDC Cryptostocks listing for our ordinary shares will close on the 15th of June 2014. Diamond Circle will initiate a buy back for shareholders that are not eligible for conversion to the Australian Small Scale offer board (ASSOB). Ineligible shareholders are Retail investors who are not classed as sophisticated or overseas investors. Eligible investors also include all investor who hold Diamond Circle paper share certificates issued prior to 5th of June 2014.
Option 1 - Buy Back
The buyback scheme is open to all investors and once approval has been granted by ASSOB for the listing of our stock. Subject to a successful listing (minimum raise of $100,000 AUD) XDC Cryptostocks shareholders will be offered a btc payment at the closing price of XDC shares as at the 15th of June 2014, payable by the company within 90 days. As of this time XDC trading will be halted on Cryptostocks.
Option 2 – Conversion
Diamond Circle is offering 30% of its 1,000,000 shares of issued capital in three rounds as follows:
Round 1 – 25,000,000 Shares at 1 cent each.
Round 2 – 12,500,000 shares at 2 cents each
Round 3 – 50,000,000 shares at 4 cents each.
Under this new capital structure, Diamond Circle market capitalisation will be $8,333,333 AUD.
Eligible investors may elect to convert the XDC shares to ASSOB shares as follows:
1 (one) “XDC” Cryptostocks Share for 450 (four hundred and fifty) “DCL” (proposed) Diamond Circle ASSOB shares. The company anticipates that the minimum raise will be met however cannot provide a guarantee until such time as all orders for stock are processed. Orders a processed on a first in first served basis.
Anonymous XDC shareholders
Anonymous XDC shareholders must advise Diamond Circle whether they wish to be included in the buyback or conversion option. Failure to notify Diamond Circle will result in forfeiture of XDC shares and all rights.
I am very grateful for the support that many of you have given us since we first listed and trust that you will take to time to review our new offer document and transfer your holdings into our new capital model.
Kindly contact me via email with your decision prior to the 30th of June 2014.
Kind regards,
Stephen Rowlison
CEO Diamond Circle
[email protected]