Share issue in LBPL and related considerations.
Dean Cameron
Public
Seen by 135
Now we have ruled a line under the old google ownership tracking spreadsheet. i have tidied it up and removed extraneous stuff and sheets for people who are not likely to be members. Please check over the sheet as there are some important changes to bring it in line with what we have agreed to as a group . in particular the 40-hour membership contribution, the $50 membership fee (deducted off contributions) the claiming of a proportion of rent representing the amount of AUD capital that has been paid down to 30 Jan 19. I have spent hours this morning reconciling the Bank statements with payments received into the account and checking over expenses claimed. i think all is in order. Sun had missed a few payments for equipment and repairs so i have included these. - please all check over for a final time as tomorrow is the cut off date for any changed. the sheet will be locked as a PDF record of the past tomorrow and this will be the basis for issuing shares in LBPL. before the shares can be issued you will all have to agree to the LBPL constitution I'm going to attach here. share transfer date will be early April. Unless we get advice from our accountant otherwise, One share will be issued for each $100 in calculated equity so there should not be any real issues with Transfer duty. I think its only an issue for capital gains when shares are sold not for issuing them.
Sun Thu 14 Feb 2019 11:42AM
Thanks Dean,
I'll take a look tomorrow.
Regards,
Sun
Dean Cameron Thu 14 Feb 2019 9:17PM
Just want to draw everyones attention to the fact that today Is the 15th. Which was set at the cut off day for getting the tokenised ownerships spread sheet up to date so we can register the shares in lbpl with ASIC. Yesterday I did a big 7 hour clean up and reconciled with bank statements as there were a lot of errors. People had also ignored our decision to allow capital paid down on loans using rents as equity transfers. Everyone had claimed the full amount of rent paid as equity which made me feel pretty shitty for obvious reasons and even more so when I saw that the utilities portion was also claimed as equity. Anyway I thought I would avoid a protracted and potentially unpleasant situation by just cleaning it up myself so it is in line with what we have voted on and agreed to implement. The only other changes I made were to include some hours Sam had missed from his dads work and some equipment and maintenance payments of about 1900 sun had missed that were in the bank records. As far as I’m concerned it is now an accurate record of what people have contributed give or take some hours records that don’t have any notes or comments as to what they were actually for. If anyone feels strongly about something today is the day to get in and change it because a new spreadsheet is being created today to reflect the new way of recording project work for only approved projects on the new project spreadsheets and accommodation of the new class of shares ie Social Enterprise Shares. Tomorrow I will be putting up a vote that we accept the spreadsheet record that will be locked as a protected PDF and archived after the vote. That record will be the basis of initial Capital shares issued in LBPL. In the future Capital Shares will only be issued for cash or approved work or expenditure on Capital projects as we have agreed. That vote should pass tomorrow. The LBPL constitution changes need to be agreed. I have flagged a couple of concerns with it so far. To make sure we can make all the changes to the constitution and share records together by early April we all need to engage with the process and vote accordingly. This has gone on unresolved for far too long I think so I’m just going to push on and get all we need to voted on. We need a clear cut well documented structure and ground rules for future members to consider and buy in to.
Sun Thu 14 Feb 2019 9:41PM
Hi Dean,
I forgot there was a deadline of cleaning up the spreadsheet but new we'd be doing that soon as we issue shares through ASIC. Regarding rent etc as the field input was labelled rent I was placing that value in there. I'll be cleaning my sheet up today with the monthly principle contribution amounts referenced from your mortgage sheet.
Regards,
Sun
Dean Cameron Thu 14 Feb 2019 9:46PM
Sun i have already done the work of cleaning it up and reconciling with bank statements as mentioned. you should just check it over and if satisfied its a correct representation of your inputs vote on its adoption. im just putting up the editable file now.
Poll Created Thu 14 Feb 2019 9:33PM
That the initial Capital shares issued in LBPL are based in the ELF/LBPL.ownership tracking register file that will close for editing at close of business today. Closed Sun 24 Feb 2019 9:02PM
This has passed unanimously under the agreed voting rules. The impact of this is that this locks in how much you will receive as a payout on the forced sale of the property by June. At this stage there is an offer of 580k on the table from me - ie 40 k more than we paid. Sun is of the view that in a forced sale situation we could get as low as 480K in which case there will be zero payout for equity stakeholders and in fact we won't even be able to repay all of the loans fully. I still haven't had replies from Sam, Tom or Nicole accepting or rejecting my offer. The default will be a forced sale that must be settled in 3 months. I hope this knowledge is sufficient incentive to stimulate some participation in the outstanding votes on the property sale options.
It was flagged weeks ago that the spreshould be updated. Most members did so but there were many errors which have now been corrected. Today is the last chance to update this record before it is locked for editing and archived. The shares will be registered in the LBPL share register. All members will have to fill out the LBPL membership form and sign an ASIC share transfer form before shares can be issued and recorded in the company register. Links to all forms are in the LBPL constitution document
Results
| Results | Option | % of points | Voters | |
|---|---|---|---|---|
|
|
Agree | 100.0% | 4 |
|
| Abstain | 0.0% | 0 | ||
| Disagree | 0.0% | 0 | ||
| Block | 0.0% | 0 | ||
| Undecided | 0% | 4 |
|
4 of 8 people have participated (50%)
Dean Cameron
Sun 17 Feb 2019 10:26PM
There were some significant errors in this spreadsheet (biggest one was i removed the loans Tom had listed as part of the equity chart because they are not eligible for Equity in LBPL) I have put them all including Luciano's in a seperate loan table so we know they have to be paid out before any distrubution to shareholders. We haven't really dealt with the issue of what happens to the tools & equipment so i want to restart this vote and another to resolve this.
Dean Cameron
Sun 17 Feb 2019 10:27PM
There were some significant errors in this spreadsheet (biggest one was i removed the loans Tom had listed as part of the equity chart because they are not eligible for Equity in LBPL) I have put them all including Luciano's in a seperate loan table so we know they have to be paid out before any distrubution to shareholders. We haven't really dealt with the issue of what happens to the tools & equipment so i want to restart this vote and another to resolve this.
Sun Fri 15 Feb 2019 4:39AM
I have reviewed the sheet, there are SES and capital contributions mixed in for all members except for Monique. It seems easiest to accept this imperfection and go with what we have to date to move on with things.
Sun Fri 15 Feb 2019 4:47AM
@deancameron where in Drive is the form? The link is asking me for permission so am unable to access via link.
Rodney Whitman · Thu 14 Feb 2019 4:17AM
I'm going to proxy my vote to you on this. I trust you. Keep moving forward