Update: LABCOIN asset is now open for voting on BTCT.CO (issuer lock removed). More updates and info coming soon to the top post in this thread.
Exciting. 
Topic: [LABCOIN] IPO [BTCT.CO] - Details/FAQ and Discussion (ASIC dev/sales/mining) - page 911. (Read 1079974 times)
July 29, 2013, 01:07:39 PM
July 29, 2013, 12:29:41 PM
I am monitoring this thread.
July 29, 2013, 12:23:11 PM
Update: LABCOIN asset is now open for voting on BTCT.CO (issuer lock removed). More updates and info coming soon to the top post in this thread.
July 29, 2013, 12:10:07 PM
Edit: As a possible instrument of direct influence from a share holder perspective we are considering two main options. A: a form of "board seat" share sales (ASICMINER does this and the board seat owners work as an advisory panel from what I understand) or B: a form of "trustee" system where we bring outside knowledge in through share holder votes on BTCT.CO and all share holders can approve or deny suggestions of new 'voting members' that would represent the share holders.
Usually how it works in public companies is that the Board of Directors are consist of insider directors and independent directors. Insider directors own shares of the company while independent directors don't.
But for the sake of the current stage that Labcoin is in(Start-up), i think less people making decisions is better. We don't want to slow things down.
http://www.investopedia.com/terms/b/boardofdirectors.asp
July 29, 2013, 12:05:14 PM
Now that Burnside has removed the admin lock on this asset, do you have a timeline for when you think you'll remove the issuer lock so this security can be voted upon?
I am simply waiting for a few very minor questions to be answered by a few team members and the issuer lock will be removed for voting. This will happen in the next few hours.
July 29, 2013, 12:04:17 PM
So what happens if the management wants to sell some shares?
In my understanding, the structure of this IPO is Class A shares with voting power and Class B shares without voting power. If anyone wants to sell Class A shares, then the shares should have voting power, don't you think?
In my understanding, the structure of this IPO is Class A shares with voting power and Class B shares without voting power. If anyone wants to sell Class A shares, then the shares should have voting power, don't you think?
All 10.000.000 shares are of the same type and gives owners rights to dividends of 100% from the proceeds of Labcoin (don't confuse this with our 70% dividend estimate since the reinvestment fund is not money that leaves the project but are reinvested in development and production for future growth and profits). From a management perspective, Labcoin is controlled by iTec Pro LTD and no shares carry a set voting value.
Exciting new IPO! One question though;
Both Asicminer and ActiveMining had in their IPO to first pay back the public investors in full before taking any cut of the profits themselves. Is this something Labcoin is considering also?
In short. no. In the case of ASICMINER I believe this was a necessity due to the large amount of shares held by very large owners and how the ownership was decided between the different "business units" and I really have nothing negative to say about this approach. In the case of AMC I can honestly say that I believe this was a must due to the initially VERY high amount of "future shares" that they made themselves able to place after all IPO shares were already sold.
We place all available IPO shares on the market initially and retain a far lower percentage of ownership, we also have no plans of selling any secondary offering and will not dilute ownership with additional shares post IPO. Because of this, we do not feel that any dividend incentive is needed for investors.
July 29, 2013, 11:56:42 AM
Now that Burnside has removed the admin lock on this asset, do you have a timeline for when you think you'll remove the issuer lock so this security can be voted upon?
July 29, 2013, 11:56:07 AM
So what happens if the management wants to sell some shares?
In my understanding, the structure of this IPO is Class A shares with voting power and Class B shares without voting power. If anyone wants to sell Class A shares, then the shares should have voting power, don't you think?
In my understanding, the structure of this IPO is Class A shares with voting power and Class B shares without voting power. If anyone wants to sell Class A shares, then the shares should have voting power, don't you think?
All 10.000.000 shares are of the same type and gives owners rights to dividends of 100% from the proceeds of Labcoin (don't confuse this with our 70% dividend estimate since the reinvestment fund is not money that leaves the project but are reinvested in development and production for future growth and profits). From a management perspective, Labcoin is controlled by iTec Pro LTD and no shares carry a set voting value.
Exciting new IPO! One question though;
Both Asicminer and ActiveMining had in their IPO to first pay back the public investors in full before taking any cut of the profits themselves. Is this something Labcoin is considering also?
July 29, 2013, 11:44:34 AM
So what happens if the management wants to sell some shares?
In my understanding, the structure of this IPO is Class A shares with voting power and Class B shares without voting power. If anyone wants to sell Class A shares, then the shares should have voting power, don't you think?
In my understanding, the structure of this IPO is Class A shares with voting power and Class B shares without voting power. If anyone wants to sell Class A shares, then the shares should have voting power, don't you think?
All 10.000.000 shares are of the same type and gives owners rights to dividends of 100% from the proceeds of Labcoin (don't confuse this with our 70% dividend estimate since the reinvestment fund is not money that leaves the project but are reinvested in development and production for future growth and profits). From a management perspective, Labcoin is controlled by iTec Pro LTD and no shares carry a set voting value.
Edit: As a possible instrument of direct influence from a share holder perspective we are considering two main options. A: a form of "board seat" share sales (ASICMINER does this and the board seat owners work as an advisory panel from what I understand) or B: a form of "trustee" system where we bring outside knowledge in through share holder votes on BTCT.CO and all share holders can approve or deny suggestions of new 'voting members' that would represent the share holders.
July 29, 2013, 11:42:05 AM
I can assure you that everyone involved in Labcoin is 100% dedicated to what we believe is Labcoins very bright future. The reasoning behind the high percentage of ownership diversification is simply that we believe that quick access to funds for development and production is important.
We did discuss placing a smaller percentage in the IPO but in doing so we would increase initial valuation very sharply and to ensure success of the IPO we chose to price the project attractively and accept smaller ownership.
We are also of the opinion that since all ASIC development and hardware projects, no matter how well managed carry a fair risk to investors (such is the nature of Bitcoin mining, hardware development etc.).
And while many of the latest IPO's have been introduced at exceptionally high initial valuations, We would rather quickly fill a fairly priced offering and reward early investors then deal with a potentially drawn out introduction at a very high initial valuation.
I hope this answers your question.
We did discuss placing a smaller percentage in the IPO but in doing so we would increase initial valuation very sharply and to ensure success of the IPO we chose to price the project attractively and accept smaller ownership.
We are also of the opinion that since all ASIC development and hardware projects, no matter how well managed carry a fair risk to investors (such is the nature of Bitcoin mining, hardware development etc.).
And while many of the latest IPO's have been introduced at exceptionally high initial valuations, We would rather quickly fill a fairly priced offering and reward early investors then deal with a potentially drawn out introduction at a very high initial valuation.
I hope this answers your question.
That's a good answer.
July 29, 2013, 11:38:18 AM
Hey! Just read you revised business plan. Well done! I have one questions that hope you could answer:
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
depends on bylaws... in some way it can impossible to kick out somebody even with all 70% shares...
Yeah for sure. I just worry about if this means the management doubt its profitability and just want to liquidate their shares ASAP. You know, if it gonna be huge, only want to keep 30% profits is a little bit strange.
I can assure you that everyone involved in Labcoin is 100% dedicated to what we believe is Labcoins very bright future. The reasoning behind the high percentage of ownership diversification is simply that we believe that quick access to funds for development and production is important.
We did discuss placing a smaller percentage in the IPO but in doing so we would increase initial valuation very sharply and to ensure success of the IPO we chose to price the project attractively and accept smaller ownership.
We are also of the opinion that since all ASIC development and hardware projects, no matter how well managed carry a fair risk to investors (such is the nature of Bitcoin mining, hardware development etc.).
And while many of the latest IPO's have been introduced at exceptionally high initial valuations, We would rather quickly fill a fairly priced offering and reward early investors then deal with a potentially drawn out introduction at a very high initial valuation.
I hope this answers your question.
July 29, 2013, 11:35:16 AM
So what happens if the management wants to sell some shares?
In my understanding, the structure of this IPO is Class A shares with voting power and Class B shares without voting power. If anyone wants to sell Class A shares, then the shares should have voting power, don't you think?
http://www.autoblog.com/2013/05/10/ford-family-keeps-special-voting-rights/
In my understanding, the structure of this IPO is Class A shares with voting power and Class B shares without voting power. If anyone wants to sell Class A shares, then the shares should have voting power, don't you think?
http://www.autoblog.com/2013/05/10/ford-family-keeps-special-voting-rights/
July 29, 2013, 11:27:40 AM
Hey! Just read you revised business plan. Well done! I have one questions that hope you could answer:
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
depends on bylaws... in some way it can impossible to kick out somebody even with all 70% shares...
Technically the shares in the IPO are non-voting shares and represent a percentage of profit and assets. The company itself is still managed by the founders and developers with community and share-owner input.
We also do not believe it would be in any shareholders best interest to attempt a "hostile takeover" since if an investor believe that they through a 3.000 BTC+ investment could better run a ASIC development and mining operation, an investor with access to over $250.000 in capital likely would just start their own company to do so instead.
July 29, 2013, 11:26:12 AM
Hey! Just read you revised business plan. Well done! I have one questions that hope you could answer:
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
depends on bylaws... in some way it can impossible to kick out somebody even with all 70% shares...
Yeah for sure. I just worry about if this means the management doubt its profitability and just want to liquidate their shares ASAP. You know, if it gonna be huge, only want to keep 30% profits is a little bit strange.
well, with a good accountant, 30% profit could be some way more than 60%
July 29, 2013, 11:24:50 AM
Hey! Just read you revised business plan. Well done! I have one questions that hope you could answer:
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
It's shares without voting power. The voting power is what controls the company. So the answer would be no.
http://www.investopedia.com/terms/v/votingright.asp
The reason they owns 30% of the company is the matter of valuation of Labcoin management. They are valuing their time, efforts, and already invested money as $300,000 while rasing $1,000,000. I think it's an honest valuation, not like others who value themselves over millions of dollars.
July 29, 2013, 11:23:09 AM
Hey! Just read you revised business plan. Well done! I have one questions that hope you could answer:
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
depends on bylaws... in some way it can impossible to kick out somebody even with all 70% shares...
Yeah for sure. I just worry about if this means the management doubt its profitability and just want to liquidate their shares ASAP. You know, if it gonna be huge, only want to keep 30% profits is a little bit strange.
July 29, 2013, 11:18:33 AM
Hey! Just read you revised business plan. Well done! I have one questions that hope you could answer:
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
depends on bylaws... in some way it can impossible to kick out somebody even with all 70% shares...
July 29, 2013, 11:11:26 AM
Hey! Just read you revised business plan. Well done! I have one questions that hope you could answer:
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
Per your plan, you will sell 70% shares in IPO and you management will only keep 30%. Don't you worry about if someone buy 31% or more and kick you guys out? What make you think that you don't want to ensure an absolute control.
Thanks!
July 29, 2013, 10:44:10 AM
Question:
1. So how much percentage of profits is LabCoin planning to pay as a dividend?
"All shares are entitled to an equal percentage of dividends"
"Pay regular dividends amounting to a percentual share of ownership in the company on a bi-weekly basis."
There is no mention of the percentage of profits but only dividends.
2. To clarify, the shareholders have the ownership of LabCoin without voting right. Is that correct?
Thanks!
1. So how much percentage of profits is LabCoin planning to pay as a dividend?
"All shares are entitled to an equal percentage of dividends"
"Pay regular dividends amounting to a percentual share of ownership in the company on a bi-weekly basis."
There is no mention of the percentage of profits but only dividends.
2. To clarify, the shareholders have the ownership of LabCoin without voting right. Is that correct?
Thanks!
1. This will be clarified shortly but what we are working with is between 30-40% reinvestment fund at least in the short term and 60-70% directly towards dividend paid by-weekly or weekly.
2. We are defining this as well as we speak. We have gotten some requests for the possibility of selling "board seats" (ASICMINER style) where x amount of shares owned by a single share holder would equal a % of voting rights. It is a little complicated since we do not want to make decision making a long and complicated process, while still ensuring that share holders feel secure that we are developing in a direction that the majority is comfortable with.
Thanks
The profits are equally decided among all available shares. So 10.000.000 (ten million). It is also entirely possible that we will choose to pay a higher dividend then 70% based on whether or not reinvestment is a wise financial choice at the time. I can for example see a situation where mining and sales produce income faster then production and sales can be reinvested in. In which case dividends could go up significantly.
Important to remember is that the entire Labcoin team has a vested interest in the success of the company through their ownership and have every reason to maximize profitability and longevity of the company.
July 29, 2013, 10:43:25 AM
where did sam go? he was the front and now he's disappeared?
Sam is very much still part of leading the project. I am assisting in communication, marketing and the IPO while Sam works on getting everything ready for first-run, production and component procurement for the first generation mining equipment.
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