LEM ended the third quarter 2012 with a net profit of 1’292’755 (321'937) $L. The overall value of our portfolio (NAV),evaluated at our new evaluation method – which is 10% of market price- is actually at 0.70 (0.98) $L/share. Dividend will be distributed on 5th October 2012.
Details are given under :
https://docs.google.com/spreadsheet/ccc?key=0AmsUoA28lTawdHFZekc2X3pneXhqM1R5V3VJUDRaSGc
Shareholder’s equity: 1’410’000 (1'976'474) $L (with new evaluation method of 10% of market price)
Net Profit: 1’292’755 (321'937) $L
Dividend: 120’000 (90’000+30’000) $L
2’000’000 shares, nominative value: 0.5 $L/share
NAV: 0.70 (0.98 $L
----------------------- Figures in ( ) of last month
There are two major events to reckon during the third quarter of 2012. First we had received not only an extraordinary consultancy revenue of 215’000 $L but even an ultra extra consultancy revenue of 1’000’000 $L. We have communicated this already before. Secondly, we changed the evaluation method of our assets as announced before. To be more precise with some adjustments.
Assets evaluation:
• Cash: 100% of equivalent in $L
• Portfolio: 10% of the latest market value
• Real estate in SL: 50% of what is market evaluation
• Scripts/objects in SL: 20% of sell price
• Goodwill in SL: No value unless prove is given
We know that the question about how assets should be evaluated is a dynamic process and a never ending story… but we think it is worth to have a more realistic approach to such.
As said before, the ultra extra consultancy revenue of 1 mio. $L is kept as cash reserve at Paypal in case SL and all related market platforms would go down the well. Some might complain now and tell us, you should distribute this amount as dividend. That might be correct in the short term but we think more long term, sorry bros and sis… ;-) .. In fact you could interpret this cash reserve as a kind of currency/value standard we set for LEM. If things would turn worse, our listed shareholders, properly identified by our ATM system, will have a share in this case position pro rata with how many shares they hold in LEM. If LEM would liquidate that would mean 1 mio $L plus what we can produce from our portfolio would be at the shareholder’s disposal. The only problem we still have, is to make this process more legal and put it in a related frame. Inputs from you are always welcome here.
On the other hand we reckon a problem as this cash reserve will also create some revenue. We are not aiming to take this revenue into SL. The question is how to make sure that our shareholder might profit. One idea is that we create a not listed sister company which is taking care of this reserve and all LEM shareholders are automatically shareholders in this one as well, with the same percentage. As this is not yet thought through we are open for your input here as well!
That also should remind you to register over our ATM system if you haven’t yet. It is only in your interest and we only can accept avatars which went through this procedure, I hope you understand. It only requests 10 sec of your valuable time. Some with old version viewers cannot use the text option in the menu which appears if they touch the ATM, so please update your viewer. For all the thick heads which refuse to visit our HQ, I have good news, as it might be possible that I can manually alter the e-mail if you request such from me. However, I don’t like such as you can imagine. The idea is that each avatar comes with his personal UUID and is then properly assigned. If we do it ourselves, we might manipulate the system and that is quite a bad idea. We can discuss about exceptions of course.
For all the rest it is things as normal and we hope that SL will develop nicely.
Btw, we are working on modifying our ATM again. That shouldn’t harm you or have any further consequences. It just helps us to use it more straight forward and easier. I would like to thank Glaznah for his support in this Bot/ATM business, also I still don’t know who Dr. Wallace is (an insider joke), I think he really does a great job with those robots and related matters.
Dividend will be distributed on 5th October 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
LEM, chairman
http://lemurinvest.blogspot.com
