1. All shareholders with 5000 or fewer shares are being bought out tomorrow for 3L per share. This amounts to a total of 135,086 shares, to be bought out for 405,258L
2. All shareholders with more that 5000 shares were given the offer to sell the first 5000 shares at 3L per share and their remaining shares immediately at 2.50L per share. A number of shareholders contacted me, and in total, there are 5 shareholders that are selling a total of 383,926 shares (25,000 @ 3L per share, the rest at 2.50L per share), for a total buyout price of 972,315L.
3. So, in total, 519,012 shares are being bought back for 1,377,573L. This will happen tomorrow, Sunday, March 30, 2008 (the delisting happened on March 20 - I apologize for taking so long to get this ironed out)
4. I was able to raise personal cash to cover 877,573L of this total. I contacted three major shareholders who had exhibited an interest in providing capital for this buyback, and they will provide the other 600,000 Lindens, and be given the proportional amount of shares.
5. After this initial buyout - I will institute the following procedure:
A. I will collect a monthly salary of 250k Lindens.
B. All remaining profits will be distributed as dividends monthly. My expectation is that this will result in a monthly dividend of between 0.1L and 0.15L.
C. With my share of the dividends, and my salary, I will do a mandatory buy back of shares at rates on the following schedule (the new fiscal year for DDE starts on April 1, 2008):
- First quarter: 2.50L per share
- Second quarter: 2.75L per share
- Third quarter: 3.00L per share
- Fourth and subsequent quarters: 3.25 per share
All shareholders will have a proportion of their shares bought back each month, in order to be fair. The one exception to this is the shares bought by the three investors today - that are providing the cash to make this possible. They will have the option to keep these shares until all other shares have been bought back, before they are subject to the mandatory buyback.
I cannot guarantee being able to buy any more shares than the monthly dividends and salary allow. However, if at any time, a shareholder wants to liquidate their shares, i will do whatever I can to make this possible, and would be willing to try to broker a deal with another shareholder for a transfer of shares. I am confident that if shareholders need to sell their shares quickly I can find a way to make it possible - so please contact me.
I will post details of all of this tomorrow, including which shareholders sold how many shares, and for how much, and will provide an up-to-date list of shareholders. I am having to learn how to put up web pages - so some patience may be needed with format and so on, but the information will be available tomorrow.
Again, I just want to thank the DDE shareholders for your support and good wishes - I have been overwhelmed by how positive and just plain amazing you have all been. It is humbling, to be sure, and it of course just makes me want to work that much harder to make DDE successful and profitable for you in the next year so that you can all maximize your investment returns.
As always, I am open to comments, questions, thoughts, advice, etc... Please feel free to contact me inworld by IM or notecard, or leave a comment on the blog here.