Monday, May 12, 2008

Dividend and Buyback Complete

As of yesterday, May 11, 2008, the dividend and buyback transactions for April are complete. In total, I disbursed 841,103L to shareholders (including 443,244L in dividends). Details can be found on the new DDE webpage (ok it's pretty rudimentary - but I have never done it before! lol). Links to all past announcements, transaction details, and other information will be available there.

So... It was the middle of the night, and I made an error while doing some of the payouts... fortunately, I started at the bottom of the list - but as I was doing the first dozen payouts, I was reading from the wrong column in my handy spreadsheet...sigh. So, instead of paying the first dozen shareholders the correct amount, I paid them Lindens equivalent to the number of shares that they owned - which was a far higher amount.

Rather than contact each of them individually, I decided to reduce their shares at 2.50L per share for the amount overpaid. I have made a note of these transactions in the list of buybacks, and if anyone that was overpaid wishes to correct the error (rather than keep the Lindens), they can contact me inworld and I will make the correction. Otherwise I will assume that they are content with taking the cash.

I felt quite stupid when I realized (thanks to Andy Grant for contacting me right away and pointing out the error!). But it is one of the hazards of trying to do all this manually - I am learning as I go and am subject to some serious blond moments. however, rest assured that errors on my part are not malicious - just the pitfalls of being a relative noob at this. As time goes on, I will streamline the process and hopefully there won't be any more mistakes. My apologies to the people that got too many Lindens (lol). As I say, if you want to have the error corrected, simply send me an IM to that effect.

One other item - since SL is such a transient place, I checked into each user's status before I made the payments, and decided that for anyone that has not logged into SL in 60 days, I would withhold payment at this time. My reasoning is that I have no desire to distribute Lindens to an account that is no longer active. Some accounts appear to have been deleted, and others have had no activity - some for up to six months. These are listed as "Pending" in the details of the dividend buyback. I am keeping track of all payments due to any of these individuals, and will make good on them if I am contacted inworld by any of them. So, if any of you know of the whereabouts of any of the individuals listed, please let them know. I will not make payments to a third party on their behalf. Eventually, I will reclaim the shares of anyone whose account is in defauly, or has shown no activity in a significant amount of time (I am thinking 6 months).

I wanted to provide an update on the business. As I mentioned in my previous post, I have expanded somewhat recently, but the last couple of weeks have been a bit difficult. A number of large renters have left, and occupancy has dropped to about 87% accross all the sims. DDE is still very profitable, and I will be working hard to get everything rented out as soon as possible, but having empty parcels for a few weeks WILL have an impact on profitability for May. I will keep you all posted as things develop.

Finally, I wanted to say a word of thanks to all of you - your continued expressions of support mean the world to me and I could not have achieved anything in DDE without your support, advice, encouragement, and motivation. RL has been incredibly busy the last month or so, and at times it has been difficult to find the time (and the motivation) to get onto SL and take care of business. But when I receive a quick note of encouragement from one of you, it makes it much easier - I realize that I am working for all of us, and as you know that is a responsibility that I take very seriously.

As always, comments, concerns, questions are all encouraged - leave them here or contact me inworld.



Red D. said...

Well i say Keep up the "BAD" work :)) just dont to to well or i will be expecting more from you :)) like a accasional hello (ohh i did get that well not a hello but a nice little message) and dont forget
"waht you do know you dont always know but what you dont know you do!"
i know a little stange statment but i think you will understand it well

The Dutton's

sevenseals said...

Hello, I would like to reduce my shares to the half (140000 to sell). Is anybody interested in? Del, is it possible to manage that? Regards, Eric Yerd

Delicious Demar said...

Hey Eric :)

For something this large, I will try to figure something out for you Eric - but I am NOT interested in starting to become a de facto exchange. So (everyone else), pleeeeease don't start sending me requests to broker deals between individual shareholders. If you want to sell off shares - contact me inworld, and I will either buy them myself or try to find a buyer for them, without making any promises. All I have guaranteed is the gradual buyback of shares as outlined in my announcement of the final plan. Everything above that is done on an "as possible" basis.

I also have to ask that people don't do side deals - and then IM to ask me to transfer shares from one person to another. I know this seems restrictive - but I simply can't start running an exchange - I don't have the time or the expertise.

As cool a name as it would be, this is not the Delicious Stock Exchange... I have to be firm in this because one or two exceptions will start to lead to an expectation that I can be a broker for DDE shares.

Sorry to be a bitch about it - but I am stretched to the limit already - any more and i might.... simply..... SNAP!




Anonymous said...

I might be interrested in some of the float eric got to sell (but that ofcourse depends on the price and such)...

Also, Del, to avoid this from becoming The Most Delicious Exchange in sl, just charge a fee for the service, thats fair.

Btw. /rant on/ i've lost over 90% of my portfolio since last summer, the only company wich has done it properly is DDE, the rest should just find a better hobby than screwing investors over. /rant off/

Best Regards

Andy Grant