Share Repurchase v2.0
Share Repurchase v2.0
What is a share repurchase?
A share repurchase is a process of returning the value of the investment portfolio directly to shareholders who seek to realise their profit or cash out by allowing shareholders to sell a portion of their TM (the TaupeMist asset) back to the taupemist1 account.
How does it work?
The M.A.P will be replaced by a new 24-hour average settlement price and each shareholder will now have the convenience to request a repurchase at any time of the day they wish and have their request processed within 24 hours.
To prevent inadvertent price manipulation or dumping and provide price stability and investment protection to TaupeMist and it's shareholders, we will introduce a low level of illiquidity to the asset via the establishment of an upper limit to the amount of TM that a shareholder can sell to the repurchase, during a given timeframe. This allows TaupeMist to more effectively determine the size of repurchase pool and provides the shareholders with the assurance that liquidity is readily available.
Per each shareholder:
Upper Limit: 1TM
Timeframe: 1 month
Where can I see the investment portfolio's 1-day chart and average value?
Navigate here: https://www.cryptocompare.com/portfolio-public/?id=195849
Select "ADVANCED CHART"
Select "1 Day" (located immediately below the chart)
Divide the "Avg" value (located immediately above the chart) by 100 to determine the current settlement price.
Am I required to participate in this share repurchase?
No. Shareholders are not obligated to participate.
If I sell my TM now, will I get the opportunity to buy more in future?
Yes. Shareholders and white-listed users will be able to purchase more TM from the TaupeMist:bitUSD market or in a manner to be confirmed in the share distribution v2.0.
When can I send the TM I wish to sell, to taupemist1?
Anytime between the now (20/01/2018) until explicitly closed or amended.
How can I participate?
Any shareholders who wish to sell their TM can send an amount below the current upper limit of 1TM, to the taupemist1 account.
Depending on the amount of bitUSD currently available, some investment positions may be closed to ensure that sufficient bitUSD exists within the repurchase pool, however, the objective is to ensure that sufficient bitUSD exists at any point of time.
Within 24 hours, I will process the repurchase order based on the settlement price at the time of the transaction, and bitUSD will be paid to the shareholder.
How can I send TM to taupemist1?
Log on to you Bitshares wallet and select "Send" from the top menu and enter the details as follows:
TO: taupemist1
QUANTITY: (insert the amount of TM that you wish to sell)
Remeber to select the asset type "TaupeMist" via the drop-down on the right
MEMO/MESSAGE: (empty/default)
FEE: (determined by Bitshares/default)
Terms and Conditions:
If the taupemist1 account receives an amount of TM from a shareholder that exceeds the upper limit during that timeframe, it will be considered accidental and the TM will be returned to the shareholder.
If you have any questions or uncertainties, then please ask via a reply to this post.
Thanks!