Dear Karlacorn and all,
I would like to be very clear on this subject ---
Please note some of the shareholders here may gain a few hundred bucks in dividends and some in thousands ..But I will be the largest beneficiary of all with at least 44.44% dividends ploughing to my family group. And I would not delay any of cash payout as a substantial beneficiary of dividends. But there are multiple things that are in execution prior to this dividend payout and as an organizational leader I am working undisputedly into several actions that will solidly fortify out financial quantum to lead this business forward. There are four resources that confirm our funding -- Partial Disposal of one share we own (25.92 Million); withdrawal of transaction fee from an investment management holding ($26.67 Million) and $12.3 Million from a few strategic investors. Even not considering strategic investors money, we have 26.67 + 25.93 Million = $52.60 M which after taxes will leave us around 42 million. There is a matching commitment from FCG with 7 years 7% redemption commitment and an option to convert 40% of 50% of the redeemable value into shares if the company goes public. This all totals to around 84 - 85 million. Realization of the 12.3 million will leave us another 24 million money. The 42 Million additional money will need us to escrow 42 Million post tax money from the asset disposal and transaction money. I am supposed to see the credit tomorrow or Tuesday. IF the credit happens today, we are still fine to have dividends on the 22nd. If this does not happen today then the date goes post Christmas. If you read my previous mails, I have given 2 dates for dividends either on 12/22 or on or before 1/16/2022. With my 34 years plus experience in the financial industry no one date prevails. More than anyone, I myself am in need of this dividend distribution as I have been investing for almost 10 years now. But We cannot avoid these small changes. I am still hoping to see the money today.... And if it happens, we are still good for having distribution on the 22nd. If this does not happen today, then it will be before 1/16. But, having the money is confirmed and paying the dividend is confirmed. I will be able to advise our exact situation on Monday.
Lastly, on the comments that we have sought $0.01 .... I would like to explain, to have stocks issued, there should be some consideration charged to the investor and we have asked for this token (nominal) money so to offer ownership in each of the verticals for which the subscribers sent in their money. To have cash grant paid out, one should own these stock independent of what they own in ITUP as issuance of stock without consideration by itself will mean dividend distribution and we cannot do that to kill actual payout. We have closed this on the 5th. I can present books, we have hardly received any money on this. But it was a needed notice to all because those who are seeing value and merit have definitely put their small monies into owning these verticals. And trust me it is not a bad choice for them. The non-subscribers will realize their pain of not having contributed into this ownership... I would like to write i may not have received even $12,000 to $15,000 in total from the $0.01 subscription which means just a 1.2 to 1.5 million subscription taken of the 20 million shares around set aside for ITUP shareholders. As a company visionary, I wish lesser the shares subscribed because that builds a stronger NAV per share for the remaining.. But we have offered the shares generously though we limited the offer upto the 4th of December. I have put $0.5 per share post 12/5 and 1.00 per share post 1/15 but before 2/29 as non-subscribers do not deserve the same pricing and I am sure many will show their anxiety to subscribe after our cash payout. Placed the price at $1.00 as I am sure we will definitely make the payout before 1/16/24 even if we are delayed a bit on firming up our base.
Will update on this on Monday with clarity but either it will be 12/22/23 or on or before 1/16/2024. Non-payment situation is not there at all. We are certain to distribute. It is of course benefits everyone if dividends are paid out after Jan 1 as it does not fall into the category of qualified dividends and tax rate will be higher obviously. But this is not the measure we are adopting. If money gets into our account today we will still credit the money on 12/22. If not before 1/16 in all certainty.
I would like to hear that Guy VIka 1 donating his stock to any church or temple on christmas, and in turn I will pray for God to bless him with a lifetime change in his character from astute negativism to positivity after he hears the payout happening. May god bless him and we do not need to comment anything on these small minds...
