Monday, October 20, 2008

EMFI Dividends for July 08 to September 08

The current report shows a surplus of: 1,529,685,004 isk which resulted in a dividend of:
1, 338,474,379
after retained capital for growth and management and staff costs…it has been slow and hard work dealing with all the liquidating funds and looking for more investable corps, but a fun experience.

This is a 5.5bn turn around from the last statement when the previous report stated there was -3,967,094,215 in excess capital. This large reduction reduction in share NAVs due to the following reasons:
  • The Eve stock market was in free fall, as most EVE shares would be considered to be 'Toxic' debt in the real world, many have defaulted;
  • There were numerous investments closed, closing or were considered to be losses including: CRDE; C-P-H; FIN; FIN-U; LVM; PCT2; SHMEC; T2AHL, and TCCS.
  • Ionia’s disappearance of over seven months means that the following stocks have been reduced to zero NAV: 6LTD, FRPB and LMTA. EMFI has reduced them loosing approx. 6bn;
  • Almost half of the stocks did not pay dividends;
  • Some stocks do not seem to be paying out the agreed public closing prices, we are still awaiting CRDEs 3,250,000,000 reimbursement; and
Losses:
  • EMFI have reduced FRPB and 6LTD by the final quarter to taking a 2.75 billion hit; and
  • SHMEC did not make their final closure payment which hit EMFI for 1.2 billion.

Trading News:

The general market news stories underline what a hard month this has been

AATP: The Bad and the Good

CRDE No reply to my requests yet…I will try to contact other parties there

FIN & FIN-U closing down procedure

Zero. update

Trading Alerts:
Dividend income should have increased this month but dividends have not been paid by: 6LTD; CRDE; FIN; FIN-U; FRPB; and Zero.

This is an income shortfall of approximately 9.4 billion lost dividend income for the last six months…basically the shares system is not very effective in EVE as there is a limited securitisation, enforcement and liquidation system. EMFI have chased some isk due accounts just to find the characters have been sold, there should be a mechanism for market bounties/bans to be placed on characters to deter buyers if the characters have been market abusers etc.

EMFI are sorry that dividends had not been paid for a while and EMFI are considering a policy of paying a minimum of 1 billion a month from dividend income to ensure a level of return for investors not dependent upon NAV. This will be put to the vote when some new trustees have been appointed.

All the best, Ghost Emperor.

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