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Zolcan
Amarr Sovereign Enterprises
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Posted - 2007.08.26 18:10:00 -
[1]
Edited by: Zolcan on 26/08/2007 18:10:55
SOVEREIGN ENTERPRISES OFFICIAL PRESS RELEASE
Greetings fellow Eve market people. Today I am sad to announce that Sovereign Enterprises will shortly be closing its doors. When I started this corporation a year ago it brought a new focus to me and my Eve gameplay and sustained me through some boring periods of RP with my main character Archbishop. I've enjoyed the friendships I've developed here and the activity of the truly passionate Eve Market community.
Real life obligations are however becoming more demanding and I feel I am unable to put the time into Sovereign I need to in order to continue as the profitable and growth oriented corporation it has been. Thus I have decided the time is right to announce closure of our corporation.
Sovereign will close in accordance with provisions in our corporate charter.
Section 009.111 - Exit Plan Option Number Two In the event the CEO of Sovereign Enterprises must take unexpected leave of the Company (or game) and is unable to run the company he will have the option to buyout all company shareholders. This option may be exercised in place of the exit plan described in Section 009.10 at the CEO's discretion. In the event this occurs and the 60 day liquidation procedure outlined in 009.10 is not possible or desired by the CEO the following procedure will be authorized.
The CEO will issue a dividend to all shareholders in the amount of value of all public company shares in existence. This means if there are 200,000 shares of stock valued at $20,000 isk each at time of purchase the dividend would be $4b isk. This will ensure all shareholders receive full reimbursement for their initial investment. Note any previous dividends paid are not figured into this equation and do not count toward the $4b (or other) starting number as dividends are profit. This payment may be made from any funds the Corporation has possession of as well as private funds of the CEO and Chairman.
In the event the Corporation and CEO do not have the funds required to payout these amounts every effort will be made to return as much as possible to the shareholders. In addition if this occurs ships and mineral resources owned by the Corporation will be placed on the market for sale under the guidance of a trustee to be appointed by the CEO and all returns from those sales will be used to pay shareholders. Remaining assets in the Corporation will become the property of the CEO and he has the option of "restarting" the Corporation at a later date.
Using this option the value of the Corporation may be over the amount of shares issued as determined by a complete inventory and the Corporate Value figure located on each balance sheet every period. In this event the CEO at the time of buyout has the option of issuing a second dividend to reflect this additional "value" of corporate wealth. If the CEO is able to and desires to this the payout will be made immediately after the initial payment. In the event the CEO does not have to available funds for this additional payment yet still desires to make it yet is constrained by time he may at his option place corporate items on the market for sale with the intention of taking proceeds and paying them as additional dividends when he returns to the game. Likewise the CEO has the option of retaining remaining corporate property in full or in part at his discretion as payment for services rendered.
As we have a current bond as well that needs to be taken into account. I have selected the date of 09/15/2007 as the closing date of operations which means we will finish this current period (023) and the next period (024) and cease operations on 09/15/2007 at 23:59 evetime.
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Zolcan
Amarr Sovereign Enterprises
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Posted - 2007.08.26 18:10:00 -
[2]
Edited by: Zolcan on 26/08/2007 18:13:26
After closing on a day between 09/16/2007 and 09/20/2007 I will do the following:
- Pay off the remaining bond balance which should be around 980m isk.
- Pay the remainder of interest on the bond so it equals the overall promised rate of return.
- Pay the first "bonus" for the bond payment on period 0024 returns (specified in the first bond thread).
This will satisfy the bond obligations.
After this it is estimated the corporation will have a remaining value of approximately 5.5b isk. Per the provisions of the charter section quoted above I will then do the following.
- First all shareholders will recieve a payment of $20,000 isk per share which was the original purchase price of the shares.
While the charter provision above allows me to keep any amount over the $4b isk initial startup as payment for services rendered I will be instead distributing it as a dividend payment to the shareholders.
- I will pay whatever is left over (value wise) as a dividend to the shareholders in an amount divided by the 200,000 shares in our company.
I have adequate isk to do this without selling any corp assets. My plan is to "park" everything for the time being and at a later date when I have more playing time and maybe some new ideas to return and restart the corporation under a new name. In the meanwhile I'll be taking a break from building and hauling minerals and ships (it is alot of work) and I'll be focusing on a bit of RP and some RL stuff that demands my attention.
In the future I will eventually open a new public corporation, perhaps an RP shipyard, and I'll seek new shareholders then (but you'll have to be Amarrian). I may go into more T2 production and invention I'm not sure. There are alot of new things to try out and my subscription is paid for a year.
I have really enjoyed running this corporation and giving Eve shareholders a good return on their isk (it'll be about 115% total return in a year I'm guessing). I've been humbled by the trust people have shown in me and the help offered from many including but not limited to Dark Shikari, Treelox, Kaisa, Moppeux, Hexx, Shar, Aeaea and Efhram among others. You've all been great.
I'll be back eventually so keep my seat at the boardroom table open.
Zolcan (Calladen Nimitz, Archbishop, Spruance and all the rest)
SOVEREIGN WEBPAGE
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Shar Tegral
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Posted - 2007.08.26 22:24:00 -
[3]
Originally by: Zolcan - First all shareholders will recieve a payment of $20,000 isk per share which was the original purchase price of the shares.
Everything sounds good except for this part here. If you wish to recompense shareholders for their original purchase set up a buy back process after liquidation. The field would be clear of any lingering issues and it would allow you to regain complete share control of Sovereign Enterprises. Complete control would be ideal so that you would not have to remake another corporation should you once again go public. Mind you it leaves you the option even if you later should choose to not take it. Ideally, due to your time constraints, I'd handle all but this first step. Then setup an ESGE buy order for all outstanding shares.
It's A GIRL!!!!! |
Zolcan
Amarr Sovereign Enterprises
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Posted - 2007.08.26 23:47:00 -
[4]
Quote: Everything sounds good except for this part here. If you wish to recompense shareholders for their original purchase set up a buy back process after liquidation. The field would be clear of any lingering issues and it would allow you to regain complete share control of Sovereign Enterprises. Complete control would be ideal so that you would not have to remake another corporation should you once again go public. Mind you it leaves you the option even if you later should choose to not take it.
Because of the difficulty involved in getting a full share buy back (realistically) and the time constraints involved I've decided to just do it the way I described. Using the new CEO features I know who our shareholders are and how many shares each owns thus it's an easy manner to just send people the isk they are owed in two payments. I have no problem closing the corporation and starting a new one under a different name because I anticipate a new corporation being focused on other things versus solely T1 ship building.
The danger is always there that I get every share back but 1000 or something and likewise that shareholders either don't sell them back despite the closure or aren't in the game anymore. Thus a pure "corp closure" seems the best route. Indeed when I started Sovereign this corp like the bond corp was designed specifically to hold shares and nothing else. I think this system works the best.
Zolcan
SOVEREIGN WEBPAGE
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Tharrn
Amarr Epitoth Fleetyards Vigilia Valeria
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Posted - 2007.08.27 10:53:00 -
[5]
It has been a pleasure (and profitable :P) - I'll surely invest in a future endeavour :)
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Havok Pierce
Gallente Black Lance oooh Shiny
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Posted - 2007.08.28 00:42:00 -
[6]
You've been good to this pilot; I hope to see you once again in the market.
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Khan Rodak
Amarr Manu Dei Vigilia Valeria
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Posted - 2007.09.17 14:45:00 -
[7]
I just hope you find something asap for me to put my money in.
This was a good venture and I need solid investments.
Contact me when you have a new investment proposal.
Be blessed, New Seminarium open
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