- Mar 4, 2007
- Avatar Name
- Sir Matt Copping
Land Area Collaboration Fund
For those who want to take their EU adventure to the next level and own a piece of Planet Calypso!
This fund is currently OPEN and looking for investors to commit PEDs (Any multiple of 100 ped, minimum 100 ped) for a proportional share of the future land area!
See post below
A key part of the fund is collaboration, as such all owners (shareholders) will get maximum say in the running of the land and would be encouraged to identify themselves as "co-owner of LA 'x'" regardless of the size of investment.
Shareholder Voting Rights
Day to day running of the LA will be conducted by the Fund Manager and elected individuals (for example an events manager). All major changes and major expenses (expenses over 1000 PED) will be subject to a discussion and a vote.
All shareholders will have equal voting rights (except regarding the exit strategy).
Shareholders with 10 or more shares may initiate a vote (with the exception of voting on who manages the fund).
Individuals may delegate to vote with the choice of another member of the fund. Individuals who do not vote will not be counted.
Share transactions and dividends
Shares will be issued at a rate of 1 = 100 PED invested. What percent of ownership 1 share entitles you too will depend on the final value of the land.
Once the purchase value of the land is known shares will be distributed to investors in the order of the preliminary capitalisation table until the purchase value is met. I will not take excess PEDs above the agreed value of the land so late committers might not qualify for shares.
Individual shares can be sold at any time to anyone. You own your shares as if it was any other item. However for any transaction to be officially recognised both parties must contact me, so that a capitalisation table can be maintained. Note that shares cannot be subdivided.
Dividends will be paid to the owner of the share at the time of the payment (monthly basis).
Once the land has been acquired additional shares will only ever be issued after a vote and only to fund direct improvements to the land (such as buying a teleporter or upgrading the DNA). Note that where possible the LA revenue will be used to make purchases and selling additional shares will only ever be a last resort.
After five years any individual with over 10000 PED invested may call a vote to sell the LA which would require 75% approval via proportional voting to pass. In this event a minimum sales value would be agreed and voted on and the LA would be sold as soon as possible. Once sold PEDs will be returned to investors based on the percentage owned.
Other Important Points
By joining the fund you agree that I (Sir Matt Copping) will be Fund Manager and deed holder and you entrust me in the ultimate management of the fund. As such any decisions taken by me are final and you entrust that I will manage the fund to the best of my ability with the best interests of all parties involved.
*No PEDs will be transferred to the fund manager until we reach enough committed PEDs and have jointly decided on a potential purchase target. At which point commitments will be called upon.
If you wish to commit funds to the land area please PM me or post below. You agree that your investment will be made public so that the ownership of the future LA is clear to everyone.
Further information will follow as questions arise.
Calling all Land owners thinking of selling - PM me! We are searching for potential acquisition targets.
Here is a great video made by Spawn on how a land area works, thanks to Loco for pointing this out to me.