Hi Eqz & Carnival I think CT1 intend to sell the Penta tokens,...

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retiredyoung

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09/08/18

15:36

Post #: 34836312
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Originally posted by Eqz ↑

Penta tokens obviously took a hit with the rest of the crypto scene during the bitcoin decline, though the positive note here is that the uptrend for Penta is something to look forward to.

If Penta does return to its former glory the .5M investment would be worth tens of millions, significantly increasing CCP's enterprise value

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Originally posted by Carnival ↑

Think we’re talking about exactly the same thing. They say no broker fees, but they also said the amount raised was before costs.
As ASX asked in their query. What are the costs?
Is there a fee to convert tokens into cash for instance?

Also, what happens if the tokens become worthless over the next year? Not considered cash until it’s in the bank in my opinion.

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Hi Eqz & Carnival

I think CT1 intend to sell the Penta tokens, not hold on to them. They could also get more tokens if applicable:

The agreement has been structured so as to ensure that CT1 receives the number of Penta tokens necessary to receive the equivalent of A$561,247. The $561,247 equivalent in Penta token has not been ‘calculated’ as such. Penta’s obligation is to deliver tokens based on the volume weighted average price of Penta tokens traded in the 30 days prior to completion. CT1 shall sell the tokens on market. In the event that there are price decreases in the value of the tokens, Penta is obliged to deliver additional tokens to ensure that the total sum of $561,247 is received by CT1.

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The amount invested by Penta Global Chain Foundation Ltd is A$561,247 equivalent in Penta tokens that the Company is able to convert to cash in twelve equal monthly drawdowns.

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“Penta” tokens, used as consideration for the CT1 shares subscribed have a deemed value calculated by reference to the VWAP of “Penta” tokens on www.coinmarketcap.com for the 1-month period preceding the date on which new shares are issued.

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New shares issued to Penta Global will be subject to escrow on the same terms as Appendix 9A of the ASX Listing Rules and will be released pro-rata as each tranche of “Penta” tokens are sold by the Company.

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CT1 Price at posting: 1.8¢ Sentiment: None Disclosure: Held
2 Upvote

0 Great analysis

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Hi Eqz & Carnival I think CT1 intend to sell the Penta tokens,...

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