20/03/2013
Dear VA Members,
As you know, we have been experiencing some problems with the implementation of the new portfolio system. At the same time, we have decided to change the way shares are delivered to you. The reason for this is that we believe we would like to provide you with a more "direct" experience in terms of obtaining your shares in your own custody. Therefore we have as per today implemented an improve system where we will allocate in the following manner:
Publicly Trade Stock
In your account settings, you can now add the details of your existing bank/brokerage account. If you don't have one, you can chose that VA automatically opens one for you with SwissQuote in Switzerland or Avanza in Sweden free of charge. We will supply your recent KYC documents to them and handle the process. Should the KYC document have expired, we may ask you for updates ones.
Once the details are there, we will transfer all your public stock into that account, allowing you to trade openly on the exchange and handle your stock in any way you chose to.
New members will from now on be asked to enter this upon signup.
Non-Publicly Traded Stock
We will from now on provide the companies with full individual shareholder information. When we do so, you will receive an email confirming that the company has registered you as a shareholder.
The company will then maintain the shareholder's registrar and doing so enables members to trade share directly between each other in an almost automatic fashion, where the company is notified of share sales transactions and can update their shareholder registry accordingly.
We kindly ask you to save the receipts of share allocations to keep track of your holdings.
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We are certain that this will make the value that VA brings to you much more tangible and facilitates trades and transactions. You have a more direct control over your own holdings.
The "old" share holdings page will now reflect a log over all share allocations that have been executed in VA regardless of your account status, showing what has been allocated at what date and how much.
Following this email, an announcement of a free share allocation in IQMoney Plc will be made. This marks the start of the new direct-delivery system with shares being delivered in the new manner. Kindly update your account setting in order to take deliver as soon as possible.
Also, in the following couple of weeks, we will implement a routine to provide you with news updates in your local language and we will also create simple user guides explaining how the user-to-user share trading and other functions work.
Sincerely yours,
Viral Angels Backoffice