Official CaVirtex.com Thread

[Juzzers]

Joseph David: "Firstly I would like to assure everyone that there is no mal-intent in this decision.  I will be posting additional details about this decision and answers to many questions on the Havelock site early next week and before trading resumes.  Please feel free to e-mail me your questions directly to joseph@cavirtex.com. I will not respond individually, instead I will group questions together and post the questions and answers on the Havelock page for VTX.  I will also have further details and clarification about dividends.  In the Bitcoin landscape please try to understand that things change and I am doing my best to adapt to the change. Once my update is posted all Havelock shareholders will receive the e-mail."

Well it seems highly likely this is indeed a buy out and perhaps the communications could have been handled better since there was no indication of further announcements in the trading halt message.

I would point out that in the bitcoin landscape perhaps extra care should be taken to reassure investors.

[takagari]

Ack that's a bit of a ball breaker.

I love this site as I can in 2-3 days move $9k into BTc easily.

Fee's are still a bit high but thus far I've had great customer service. Waiting to try out my debit card.

You guys need to develop an Android app!

[_mr_e]

Would really like to know why wires were removed... Wires are supposed to be the one thing any exchange could accept safely from anywhere in the world, this is kind of a huge deal.

[takagari]

Wire is still there as an option, but yes I tried to do it at one point and never got any info on how they wanted it done?

Goto deposit CAD and in the drop down pick wire transfer.

[_mr_e]

Wire is still there as an option, but yes I tried to do it at one point and never got any info on how they wanted it done?

Goto deposit CAD and in the drop down pick wire transfer.

Dec. 13, 2013, 6:10 p.m. - VirtEx - No longer accepting wire transfers

Effective immediately, we will no longer accept wire transfers, do not attempt to send any wire transfers to VirtEx. We have no ETA on when they will be restored, but we are working on it. In the meantime, please use our other deposit methods.

[takagari]

Wire is still there as an option, but yes I tried to do it at one point and never got any info on how they wanted it done?

Goto deposit CAD and in the drop down pick wire transfer.

Dec. 13, 2013, 6:10 p.m. - VirtEx - No longer accepting wire transfers

Effective immediately, we will no longer accept wire transfers, do not attempt to send any wire transfers to VirtEx. We have no ETA on when they will be restored, but we are working on it. In the meantime, please use our other deposit methods.

That would explain why I never got a response when selected. Weird, maybe to much work for them?

[hacknoid]

Wire is still there as an option, but yes I tried to do it at one point and never got any info on how they wanted it done?

Goto deposit CAD and in the drop down pick wire transfer.

Dec. 13, 2013, 6:10 p.m. - VirtEx - No longer accepting wire transfers

Effective immediately, we will no longer accept wire transfers, do not attempt to send any wire transfers to VirtEx. We have no ETA on when they will be restored, but we are working on it. In the meantime, please use our other deposit methods.

That would explain why I never got a response when selected. Weird, maybe to much work for them?

My personal guess would be interference from the big banks.  But that is just a guess...  You can't do a wire transfer without directly involving a bank, can you?

[takagari]

Wire is still there as an option, but yes I tried to do it at one point and never got any info on how they wanted it done?

Goto deposit CAD and in the drop down pick wire transfer.

Dec. 13, 2013, 6:10 p.m. - VirtEx - No longer accepting wire transfers

Effective immediately, we will no longer accept wire transfers, do not attempt to send any wire transfers to VirtEx. We have no ETA on when they will be restored, but we are working on it. In the meantime, please use our other deposit methods.

That would explain why I never got a response when selected. Weird, maybe to much work for them?

My personal guess would be interference from the big banks.  But that is just a guess...  You can't do a wire transfer without directly involving a bank, can you?

True but $9,000 bill payments would raise flags eventually as well. Just hoping they reconsider the 1.5% fee for transfer's. all the other bigger exchanges are much less. Maybe they would grow more..

[moni3z]

Wire is still there as an option, but yes I tried to do it at one point and never got any info on how they wanted it done?

Goto deposit CAD and in the drop down pick wire transfer.

Dec. 13, 2013, 6:10 p.m. - VirtEx - No longer accepting wire transfers

Effective immediately, we will no longer accept wire transfers, do not attempt to send any wire transfers to VirtEx. We have no ETA on when they will be restored, but we are working on it. In the meantime, please use our other deposit methods.

That would explain why I never got a response when selected. Weird, maybe to much work for them?

My personal guess would be interference from the big banks.  But that is just a guess...  You can't do a wire transfer without directly involving a bank, can you?

True but $9,000 bill payments would raise flags eventually as well. Just hoping they reconsider the 1.5% fee for transfer's. all the other bigger exchanges are much less. Maybe they would grow more..

I just see a fee of $6-50 for wire transfers (withdraw) and $30 for deposit.
Problem with wire transfers is receive 1 fraud xfer and they seize/hold the account until it's cleared up and returned which can take a while.
They may just seize and hold anyways pending stupid AML rules as a suspicious transaction too. Banks are complete shit unless you're a megacorp receiving wires from another megacorp

[letunovskeye]

Since my question from 6 days ago about the verification backlog remains unanswered/ignored by the cavirtex rep, does anyone else know what their management team is planning to do to catch up in a big way?  It seems to me that if you have as much backlog as they claim they do with the minimal human resources they have, why don't they go ahead and hire the additional staff needed (does anyone know if they're hiring, who to contact and where their office is located...not their UPS store, but actual office?).  Otherwise if they want to save money, why not outsource the verification task to another firm that's capable of completing it and do so asap?  
Dec 13 update:
Total number of verifications outstanding: 1326
Date range we are working on:Nov 27 Dec 2 2013
Number of staff working: 12 fulltime, 9 part-time
Verifications completed today: 59
Verifications missing info and put into waiting: 42
Outbound Phone Verification calls made: 120
Customer service tickets outstanding: 1106

[JakeGold]

Does this mean anyone trading on cavirtex.com is at risk of losing their funds? It is down as of this writing.

[takagari]

Does this mean anyone trading on cavirtex.com is at risk of losing their funds? It is down as of this writing.

It's online? Just because a domain or site drop's offline doesn't mean the end. Hell google went down a few months back. It happens

Shouldn't be holding massive funds in an exchange anyway. use your own wallet. Offline is best, but blockchain is probably a safe bet.

[a343b343]

Time to finally say something with my lurker account...

I think Havelock CaVirtex (VTX) holders are about to see price collapse.  Why?

Exit price is fixed at $30 a share.  

Above, user freedomno1 linked to a copy of the original prospectus:
https://bitcointalk.org/index.php?topic=218435.msg3958831#msg3958831
From the prospectus on page 10:
" ⁵ The share price will be fixed at $30 CAD per share (due to our Canadian dollar valuation) but priced in BTC. At the time of this writing [March 18, 2013] using an exchange rate of $46.875 CAD/BTC one share will cost 0.64 BTC. The BTC price will change on Havelock every hour as the BTC/CAD exchange rate changes."

VTX will be converted into physical non-tradeable certificates,

The value of the securities which these will be converted into is fixed in the articles of incorporation at $30 CAD, and they are non-tradeable.  From Havelock:  "to enable holders at the Effective Time to receive physical share certificates... The shares represented by the share certificates are not, and will not be for the foreseeable future, listed on a stock exchange and are subject to transfer restrictions under applicable securities laws."
https://www.havelockinvestments.com/fund.php?symbol=VTX

Current price of VTX at Havelock?
BTC 0.14 (~$118.48)
"Adjusted" exit price?
BTC 0.032ish is 30 Canadian dollars in BTC per share...
An 80% loss instantly vacuuming up all the unprotected shareholder value.

Wow...

[Juzzers]

Joseph David: "Firstly I would like to assure everyone that there is no mal-intent in this decision.  I will be posting additional details about this decision and answers to many questions on the Havelock site early next week and before trading resumes.  Please feel free to e-mail me your questions directly to joseph@cavirtex.com. I will not respond individually, instead I will group questions together and post the questions and answers on the Havelock page for VTX.  I will also have further details and clarification about dividends.  In the Bitcoin landscape please try to understand that things change and I am doing my best to adapt to the change. Once my update is posted all Havelock shareholders will receive the e-mail."

May I suggest anyone who is posting questions to Joseph David also copy those questions here so that we can all see them and ensure they are being answered. Here is what I just posted:

1. When was the IPO document removed from Havelock?
2. What was the purpose of removing the IPO document from Havelock?

[acorcos]

Joseph David: "Firstly I would like to assure everyone that there is no mal-intent in this decision.  I will be posting additional details about this decision and answers to many questions on the Havelock site early next week and before trading resumes. 

Ok, it's Tuesday night and still no "additional details". "send me emails", right?

Prepare for the mother of all fire sales.

Sad.

Disappointing.

 

[bitcoin carpenter]

My questions Questions
Will you set a buyback policy on the untradeable securities?
Are you being bought?
Are you moving over to a venture exchange?
Will you finally put up a financial report so we can see what a 1/100000 share stock is worth?
Will you finally disclose WTF is going on over there?

[Vexatious]

Here is the email I got this morning:

De-Listing Questions:
Terms and Definitions:
Registered Shares: The share certificates to be issued represent non-voting common shares with rights to receive dividends in either Canadian Dollars or Bitcoin.
Virtual Shares: Shares of symbol VTX on havelockinvestments.com De-list Date:  Dec 31 2013 4:00pm(MST)
HVL: havelockinvestments.com

Dividends:
No promise was ever made to issue a dividend on a specific date. In my last announcement on Oct 1 2013 I indicated that the next dividend update will occur by March 31 2014(Q1 2014).  At this time I cannot give a specific date for when a dividend will be declared or paid.  Any registered shareholder of VirtEx will be able to accept dividend payments in Canadian dollars or Bitcoin. There are no special classes of dividend exempt shares.  If a dividend is declared or paid, the non-voting common shares as defined above and in this de-listing would qualify.

Questions:
1) Havelock stated the sale of 10,000 units was for 10% of the company. This should mean as a holder of 200 shares that these certificates will equate to ownership of exactly 0.2% of the company. Does this remain true?

Yes at the present moment, but the company may raise additional capital by issuing new shares in the future.

2) How do I become a registered Shareholder?

All shareholders as of the de-list date will be e-mailed on January 6, 2014 with instructions on how to become a registered shareholder. There will be no administration fee for this service.


3) Why should I become a registered shareholder?

To reflect your ownership interest in the company.

4) Why is your prospectus no longer posted and/or available?

We removed it as the first step in the de-list process.
 
5) What are the transfer rights of my registered shares, can I sell them to others?

Share transfers will be restricted in accordance with applicable law.

6) Will the de-list process require me to pay or report capital gains?

Consult your professional advisor. Generally however capital gains are not incurred until a disposition has occurred.

7) Can you give more detail as to why you decided to de-list?

The virtual shares are being traded in an uncertain regulatory framework as it pertains to an Alberta Corporation.  This uncertainty complicates and delays any additional investment and/or partnership. We intend to grow this company and pursue partnerships and investment offers and the conversion of virtual shares to registered shares is a necessary step to make that happen.

8 ) When will financials be issued and to who?

Annual financial statements will be issued to all registered shareholders and are planned to be released by March 31, 2014.


Thank you for investing with Havelock Investments!
https://www.havelockinvestments.com

[Bobsurplus]

Here is the email I got this morning:

De-Listing Questions:
Terms and Definitions:
Registered Shares: The share certificates to be issued represent non-voting common shares with rights to receive dividends in either Canadian Dollars or Bitcoin.
Virtual Shares: Shares of symbol VTX on havelockinvestments.com De-list Date:  Dec 31 2013 4:00pm(MST)
HVL: havelockinvestments.com

Dividends:
No promise was ever made to issue a dividend on a specific date. In my last announcement on Oct 1 2013 I indicated that the next dividend update will occur by March 31 2014(Q1 2014).  At this time I cannot give a specific date for when a dividend will be declared or paid.  Any registered shareholder of VirtEx will be able to accept dividend payments in Canadian dollars or Bitcoin. There are no special classes of dividend exempt shares.  If a dividend is declared or paid, the non-voting common shares as defined above and in this de-listing would qualify.

Questions:
1) Havelock stated the sale of 10,000 units was for 10% of the company. This should mean as a holder of 200 shares that these certificates will equate to ownership of exactly 0.2% of the company. Does this remain true?

Yes at the present moment, but the company may raise additional capital by issuing new shares in the future.

2) How do I become a registered Shareholder?

All shareholders as of the de-list date will be e-mailed on January 6, 2014 with instructions on how to become a registered shareholder. There will be no administration fee for this service.


3) Why should I become a registered shareholder?

To reflect your ownership interest in the company.

4) Why is your prospectus no longer posted and/or available?

We removed it as the first step in the de-list process.
 
5) What are the transfer rights of my registered shares, can I sell them to others?

Share transfers will be restricted in accordance with applicable law.

6) Will the de-list process require me to pay or report capital gains?

Consult your professional advisor. Generally however capital gains are not incurred until a disposition has occurred.

7) Can you give more detail as to why you decided to de-list?

The virtual shares are being traded in an uncertain regulatory framework as it pertains to an Alberta Corporation.  This uncertainty complicates and delays any additional investment and/or partnership. We intend to grow this company and pursue partnerships and investment offers and the conversion of virtual shares to registered shares is a necessary step to make that happen.

8 ) When will financials be issued and to who?

Annual financial statements will be issued to all registered shareholders and are planned to be released by March 31, 2014.


Thank you for investing with Havelock Investments!
https://www.havelockinvestments.com

All that bullshit, so many words and they all mean nothing!

[bitcoin carpenter]

So how will issuing more shares change the percentage of ownership that one share holds?
Unless you split shares that is.

[MrTeal]

So how will issuing more shares change the percentage of ownership that one share holds?
Unless you split shares that is.

http://www.investopedia.com/articles/stocks/11/dangers-of-stock-dilution.asp