Results of the the poll about future evaluation of assets and security of shareholder equity

The poll in which we asked you to vote whether LEM should implement a new approach for the evaluation of virtual assets and the security of sharehodler equity ended recently. 60% voted yes, among them our major shareholders. As a result we will bring this new evaluation in place and take measures to protect the shareholder equity in case of failure.

Only 10 persons participated in the vote what I think is an amazingly low ratio compared to the 70 shareholders we count. We could have expected a better participation. Does this means that a bigger part of the shareholder's community simply doesn't care about virtual company evaluation or protection of the shareholder equity? We cannot answer this question. For us the evaluation of the assets of LEM and the protection of the shareholder equity has a mere ethical dimension. It makes a difference for us whether you tell a potential investor, "you have to consider that if you give us money all can be lost" or we say, "you trust us money, so we take measures to protect the shareholder equity as best as we can and take a moral commitment if things would go wrong".

Such is exactly as we will proceed. In the future and the first time for the financial report of 2Q2012 we will proceed as follows:

Liquidation reserve

The most important measure is the protection of shareholder capital. We studied different possibilities. To keep things easy we will build up a cash position at PayPal till it reaches the nominative capital of LEM. As we have 2 mio shares with a nominative value of 0.5 $L per share that gives an equity captial of 1 mio $L. We hope to build up this liquidation reserve within the next two quarters. It looks as we won't have a bad next quarter which permits us to work straight forward in this direction. The liquidation reserve will find a seperate entry in our financial report, the first time for the 2Q2012.

In case of a liquidation that liquidation reserve would entirely be at disposal of the shareholders. You have to add to this the other assets like shares, participation, intangible assets etc which would be sold and would also contribute to the liquidation dividend.

You can criticize that a liquidation reserve is also not safe at Paypal and out of control of the ordinary shareholder. However, we think it makes an ethical difference whether we put the liquidation reserve in our financial report and show a commitment to it, or we just let the shareholders bear all the risks - "we have told you before that you might lose everything"... lol. Also, and this is an important point, the liquidation reserve will be outside CAPX and SL. RL is still a more stable environment then SL....

Portfolio evaluation

1. SL goods: 25% of the sale price in SL
2. Real estate in SL is estimated with 50% of current evaluations in world. Right now ca,. 125'000 $L per SIM.
3. Cash: 90% of the value in $L
4. Shares at virtual stock exchanges: 10% of market price
5. RL equipment: No value as not addressable in a liquidation
6. Intangible assets & goodwill: No value if no prove can be given

To summarize, LEM will become more cautious and restrictive towards company evaluations, and is trying to give more security to the shareholder capital what we think is an important step for happy trading in SL. There are simply too many rascals with greedy eyes crossing your way in virtual financial markets.... lol .. Lemurians included

The profitability of LEM might be harmed a bit by these measures, but on the benefit of more security. And be assured that we are not planning to liquidate LEM ...

Again, happy trading

Greetz
Casper Trebuchet
LEM, chairman

Evaluation of assets - a new approach to more security for the shareholder?

As virtual markets are quite unreliable LEM decided to adjust the way it evaluates its assets. A more cash oriented approach should give more stability without influencing future earnings in a negative way. Furthermore we try to preserve more security for our shareholder.

We all know the problem, and if not, just follow the latest developments at CAPX about RDX and RVI. Those two companies came into problems and in both cases the main question which came up is - how many assets will remain for the shareholders if a liquidation would follow.

In the case of RDX we talk about real estate which vanished over night... and in RVI plenty of goodwill and "pixeled material" which suddenly couldn't be found any more ...

How do you evaluate the value of a share in your portfolio for such companies? Either you are a very faithful person or you see things in a dimmer light... ;-).

To make the story short, we would like to apply for LEM the following new scheme to make our assets trustworthier for our shareholders, me included...lol:

1. Shares of listed titles in our portfolio are valued with max. 20% of the underlying purchase prices (before it was purchase prices), unless rule 2) or a similar guarantee is existing.
2. We expect from the companies in which we invest to have a locked cash position which equals 50% of the nominative captial of all outstanding shares. In the case of LEM that means 2'000'000 shares with a nominative value of 0.5 $L = 1'000'000 CHF, the cash position would be 500'000 $L.
3. Goodwill will not be considered to be an asset as long as no independent evaluation exist or an agreement which clarifies the conditions.

 To explain:

1. 20% permits to simulate the actual situation of liquidity at CAPX. if we have to sell the shares in a title, that value comes close to what we will probably get.
2. Those 500'000 $L in our example for LEM will stay at CAPX as a locked amount. We will not touch that money. As a consequence we will not have a return on this money, however, it will be conterbalanced with more security for the shareholders of LEM. You can ask CAPX at any time whether the money is still there. Unfortunately the CAPX system doesn't offer such a locking option in the actual system, but we will ask CAPX to freeze this sum manually. It will take 3-4 months to build this sum up for us. In our title selection we will favor companies which fulfill or come close to this rule, also we know that such will be difficult to apply.
3. As long as no real evaluation is possible, we see more risks in Goodwill creation for the shareholders as advantages. In cases where an evaluation is possible (agreements) an exception can be made.

LEM thinks that as in RL, the owner has to show at least some basic commitment to his company. The idea behind is in fact that we have a 50:50 risk sharing between owner and shareholders. We think that such is rather fair. Hypothetic assets cannot replace a "real" cash position. We will generate a little bit less profit but with the advantage of gaining more security.

So, dear shareholders, please vote in the Poll to the right side --- let's try to make virtual stock exchanges slightly safer places ...;-)

If you have questions then don't hesitate to ask me.

Happy trading, greetz
Casper Trebuchet

LEM, chairman

Financial report for LEM:CAPX: 2Q2012

LEM ended the second quarter 2012 with a net profit of 321'937 $L (149'760) . The overall value of our portfolio (NAV),evaluated at purchase prices, increased to 0.98 (0.64) $L/share. Dividend will be distributed on 3rd July 2012.

The detailed financial report is given here.

Shareholder’s equity: 1'976'474 (1'153'000) $L
Net Profit: 321'937 (149'760) $L
Dividend: 90'000 (50’000) $L + extra dividend 30'000 $L (0 $L)
2’000’000 shares, nominative value: 0.5 $L
NAV: 0.98 (0.64) $L
----------------------- Figures in ( ) of last month

LEM continued to build up its portfolio and but an emphasis on risk management. We started to limit our participation in EVO where no news are available. Also we still believe in the potential that this company might have. However, the way the company is communicating doesn't match to our standard Lemurian rules. We will follow their development during the last quarter and then take a decision. During the 2Q2012 EVO generated for us a loss of 17'000 $L which had an impact on our profit.

The SPO which we concluded successfully during the last quarter allowed us to invest in some interesting new projects, among them BOOT but also EARN. We hope that those investments will be benefically for LEM in the future. On the other hand we slightly reduced our participation in ADV. As long as the reason for the PSO to Anshe Chun over 2 mio shares is not clear and the deal which was made or will be made, or even a statement of Anshe herself exist about this investment, we will stay on the side line.

Our revenues experienced again an increase through the second quarter of 2012. However such was again related to extraordinary consultancy work in the field of business strategy management which continued an unexpected manner. We cannot guarantee that such will continue also we are looking actively for alternatives. To express the extraordinary character of those revenus we decided to distribute not only a dividend but an additional bonus of 30'000 $L. In other words a total dividend of 120'000 $L will be distributed for the 2Q12.

At the moment we don't see new investment we could do at CAPX and we are already exposed quite massivley in different positions. The next quarter will see us be more cautious, secure certain positions and continue to build up a safe cash position. Not used captial will be distributed as dividends. As a consequence you probably will see our pay out ratio for dividends increase during the next quarter. As long as no other investment opportunities would come up. 

Again we hope to see this consultancy business growing but if we say extraordinary revenu we mean extraordinary revenu … and yes, we are still dreaming of creating derivatives at CAPX... what last long... may be somebody can complete here...lol ...

Dividend will be distributed on 3nd July 2012.

Thank you again for your confidence….If you have further questions, don’t hesitate to contact us.

Happy trading to all of you at CAPX....

Greetz
Casper Trebuchet
http://lemurinvest.blogspot.com

Financial report 2Q2012 - forecast

Our financial report (LEM:CAPX) for 2Q2012 will appear on June 30, 2012. Dividends will be distributed on July 3, 2012

The 2Q was a bit out of the norm because of the SPO we finalized successfully. This had a direct influence on our reporting with all the interim financal reports we have published. The SPO affected the treasury as we paid back our liabilities to third parties. However, things should come back to normal again for the 3Q.

The forecasts in our financial report seem to be realistic.Assuming that no unexpected extra revenu would occur till end of June.

Dividends should also correspond to what is given in the link, assuming that no interesting new investment challenges would be brought to CAPX which could motivate us to alter the pay out ratio, so that more cash would be at disposal for investments.

Greetz
Casper Trebuchet
LEM, Chairman

New Office

Hello shareholders,

we have just moved our offices as you might have noticed.

HQ-LEM-Invest

The location is more convenient for us because of different reasons. The most important is that it has a track for bikes just starting next door. Whenever I get bored at CAPX I just can hop on my chopper and go for a ride.

Lately that happened more often, as we slowly come into an investment problem. It has to do with the market size of SL-economy and how it develops. I might be wrong, but I see a kind of stagnation since a longer time and such would be bad news.

If the economy within SL is not developing that means that companies can only grow on the back of their competitors. As an investment company - as we preted to be one - it means to become more cautious, build up cash positions and wait on the sideline till a clearer tendency can be seen. Or that new interesting IPO's would happen at CAPX which open new market segements in the virtual worlds.

If we no longer would accumulate cash that would probably result in a higher pay out ratio for our dividends. It is too early to say, and it will be a matter of future strategic decisions we take.

But let's come back to our new office. We have invested into a private bot from Smartbots . She is called Theokleia and is my assistent. As you can see in the pic she still needs some refinements... ;-)... but I'm not good in such things. I realized that it is quite a challenge for me to do so, selecting body shape, skin, hair, shoes, and all that little screws which you have to turn to make her look like as you want. And you know what, I realized that the perfect woman doesn't exist... lol ... either you love them as they are or you don't ... it's quite interesting ...

So please don't make fun of her, as she really can answer IM's in world in quite an intelligent matter. We also plan to use her as group inviter for new shareholders in LEM for our company group in SL "Lemur Invest (LEM)" but that still need some time because of technical reasons. If you have suggestions how to change her apperance then please tell me, I have open ears for such. She is protecting the ground floor of our new HQ, you will find her there when you enter.

During July we will try to invest some time to fully equip the office and expose our products, investments and projects we have. If you are curious then have a look. An open house will then follow as soon as things are realized.

Happy trading and greetz

Casper Trebuchet

LEM:CAPX ... SPO succeeded

LEM:CAPX has sold out its Second Public Offering (SPO) on 20th May 2012. Totally 500'000 new shares were created with a nominative value of 0.5 $L per share. The SPO filled our cash pockets with net 550'000 $L which will be used to pay back our liabilities (380'000 $L) we have towards third parties.

 The remaining amount will be used to strenghten our cash position and increase our strategic flexibility in regard of new interesting investment opportunities. 

Our financial report for the second quarter will appear on the 30th June 2012 and dividends will then be paid on the 2nd July 2011.

Happy trading and greetz

Casper Trebuchet

Chairman, LEM

LEM:CAPX - Second Public Offering

Dear all,

LEM is persuaded that there exist quite a few investment possibilities
right now at CAPX. However, our actual liquidity doesn’t allow us to
participate as we would like. To compensate this obstacle we pushed
the short loans we have with third parties up to 380’000 $L. Such
permitted us to buy into the IPO of BOOT, an investment we think has
some potential.

Short term loans are a good thing and help to bridge specific
situation in a company. On the other hand we don’t like to overstretch
those possibilities as they bear some financial risks.

There are two ways to see this, either wait 3 to 6 months till we have
generated enough profits to pay back the loans or trying to refinance
those loans with other matters.

We thought long about a solution. Recent reactions of avatars let us
believe that loans are not fully understood and is somehow
complicating the transparency of our financial report. Such should be
avoided.

LEM Lemur Investments

Status: Primary - Being considered by primary review staff

Stock Symbol
LEM

Company Name
Lemur Investments

Total Shares To Create
500000

Shares To SPO
500000

IPO Price
1.15

The other possibility is doing a limited SPO at CAPX. If I say limited
so I mean 500'000 shares. The advantage for us would be to be able to
fully pay back the loans and have again a certain cash position at
disposal what is making our liquidity much better as it is right now.
We are always looking to have a cash position of at least 10% of the
value of our assets as we are looking to have strategic partnerships
with other companies in a continuous way.

To explain to you the actual financial situation of LEM we have estimated our  figures for the second quarter 2012 

As you can see LEM has assets of about 1.6 mio, valued at purchase
prices. The market value of the portfolio is right now at 2.3 mio
$L, but you should better stick to the values given in our report. LEM
will generate a monthly net revenu of appr. 300'000 $L but which is exceptional,
because of an unexpected consultancy revenue. If those figures
could be reached a dividend of 100’000 $L would be justified.

However, we have to be more cautious for our assumptions in the future
as those consultancy revenues cannot be taken as granted. It makes
sense to exclude them of future expectations. In doing so we can
estimate that LEM will generate revenues of 40’000 $L per month. That
means 120'000 $L revenue per quarter. 40'000 $L would be used to cover
our expenses, depreciation of the portfolio and for to be reinvested.
80'000 $L would be paid out as dividend.

We set the SPO price at 1.15 $L what we think is a fair price. In other
words 500’000 shares with a nominative value of 0.5 $L would be
created. The equity capital for LEM would rise to 1 mio $L and 2 mio
shares would be outstanding.

80’000 $L dividends per quarter is 320’000 $L per annum. In
counterbalance investors participate at a portfolio of 1.55 mio $L
assets estimated with purchase prices and an expected annual dividend
of roughly 0.16 $L per share.

You have to consider that of the 575’000 $L generated by the SPO, only
380’000 $L will be used to pay back the loans. The rest will serve as
cash reserve as indicated or be invested into new ventures. LEM hopes
that such will also create an additional return.

It would be pleasure for us to welcome you as investor in LEM dear
reader and join us in our journey through the black waters of the
virtual market in secondlife...

And before I forget, shares can be bought at 

http://slcapex.com/ipo

Greetz and happy trading

Casper Trebuchet

http://lemurinvest.blogspot.com