Nov 14th 2008, 12:55 system announcement
by Bogart Beck
A Message from Yanik Lytton - Chairman DCTY - 11/14/2008
11/14/2008, 12:43PM SLT
From:Yanik Lytton
IMPORTANT - shareholders PLEASE READ
Dear shareholders,
DCTY has come a long way since it started about a year ago. Different CEOs and management teams have all put lots of energy, time, and money in the project. We've gone through ups and downs, surfing on LL's change of policies, and trying different approaches to make it profit and expand. We obviously didn't quite achieve what we were hoping for. The recent rules on Openspace sims will require us to remodel our estate (again). This will have a direct impact on profit, and will delay furthermore the day that a dividend can be issued.
Another expense for us is the current decision about financials non-conformity, strangely applied on my account by Bogart Beck. The financials posted by Scott Nestler, have been done the same way they always have been, and they suddenly became not acceptable. I wish to note here that none of the management team holds treasury shares, and that all shares we own were bought with our personal money, at market value.
After lots of pondering and discussion, the management team of DCTY has decided to take the company private. It doesn't make sense to spend more time providing Mr. Beck financials, paying fines when they are not to his taste, and having to figure out what new twist to the CapEx ToS he will play on us the next month, when we keep engulfing tons of money in tier to LL to runs the 2 sims DCTY owns.
Let me be very clear here: WE ARE NOT GOING BANKRUPT ON YOU!
We will be buying up all shares before de-listing from CapEx. We will not re-list the company elsewhere. We do sincerely hope that CapEx will cooperate and facilitate the transition.
Current management's shares will be excluded, and not bought back. They are our shares, and we are buying the company. People from the management team are: Kaffe McMahon, Sarwat Miles, Lalwende Leaky, and myself, Yanik Lytton. All other shareholders will be paid for their shares.
In order to protect the shareholders, ourselves, and to make sure that everything is done according to the basic rules of transparency, we have hired iVentures Group to verify the shareholders list, and make sure that every shareholders are accounted for and compensated. Posts will be made on the DCTY forum as it progress. The buying of shares should be done in a very short time frame. We have the money, and we will pay you (if CapEx un-halts my account, of course).
+ A trading halt will be executed on DCTY by CapEx.
+ A shareholders list will be pulled out by us, and iVentures Volitant.
+ All non-management shares will be bought back at 1.25L/shares.
+ After all shares are compensated for, DCTY will de-list from CapEx.
Thanks for investing in DCTY, and we wish you the best of time in SL. Remember that this is a game, so have fun.
Yanik Lytton
Kaffe McMahon
Sarwat Miles
Lalwende Leaky