In an effort to keep up with the current buyback, I am making a few share changes and plan to reinstate dividends starting in January from December's revenue. If dividends can be reinstated sooner, I will update the market. I do expect it sooner but I am in the process of compiling accounting information more fluidly and will know once I have submitted this month's report for October.
*2 million shares currently held by Chairman will be retired bringing the sharefloat to 6 million. The chairman would have 2,357,166 shares after this is done.
*50,000 shares will be transferred to Devilin Eusebio as Executive Assistant in which her pay will be from dividends based on performance of the LLBT and the brand. The chairman would have 2,307,166 share after this is done.
*1,107,166 shares will be transferred to LNLBT Miles, the bank's alt. Dividends gained from these shares will be used to continue the buyback without hurting dividends as the dividends are above and beyond operational profit. The chairman would have 1,200,000 shares after this is done.
Shares held by LNLBT Miles are not true treasury shares as they do recieve a dividend. This is a step toward creating a true corporation with the L&L Brand in which the CEO does not control everything and alts are monitored by C-level executives. I have submitted the support ticket to have this done and it will reflect in the LNL research shortly.
The buyback will continue and dividends will begin again as soon as possible. The end result for share float is going to be 5 million up from the original 2.5 million. I fear that going that low may take longer and hurt the share price so 5 million is a safer bet meaning we only have 1 million more shares to go.
After the buyback is complete, funds recieved by those shares via dividends will be held and I will post a poll to decide what those funds should go to. I am thinking high yield investments but I will leave that to shareholders to decide.
Thank you very much for your support and I look forward to LLBT remaining on a steady incline.
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2 comments:
Do you have any idea why the share price tanked briefly? It had been solid at around .64 and upwards, and suddenly dropped to .52, which surprises me.
I see no reason in recent announcements to dump shares, though maybe some were expecting a larger share removal over time, and dividends to be paid? I ceased the opportunity to grab more shares for a good price :)
I have no idea why the share price dropped and I don't see a reason for the price drop either. The share removal was to go to 2.5 million but that would take longer than expected and i did state when dividends would be started again....
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