World Stock Exchange News
Latest News - May 05, 2007
Date: June 06, 2007Firstly I'd like to let you all know that due to the large number of members in the World Stock Exchange group the Second Life Group system is having technical difficulties.
We are unable to post group notices and therefore will no longer be using the group to make announcements. At least until Linden Lab have fixed the technical issues.
All future announcements regarding the World Stock Exchange will be posted on the front page of the website at www.wselive.com
The World Stock Exchange website has moved to new high-speed dedicated servers based in Sydney, Australia.
Two weeks ago I commissioned an experienced Ruby on Rails web developer to complete the new features of the website. These features include a sophisticated web-based voting system that will allow CEO's to post proposals to their shareholders on decisions in which they would like shareholder involvement.
Additional features include a Company Profile page that will provide key operational data that is separate to the initial prospectus that a company first created when it held an IPO along with detailed historical charts that will allow traders the ability to track share price patterns and movements over 7 days/30 days or more. The new system will also include detailed information where applicable such as Price to Earnings Ratio, Net Tangibale Assets etc on the Company Profile page.
We will also provide an index that will also allow you to track historical and current market trends.
CEO's (Company Founders) will not be allowed to buy or sell shares in a company under their control without approval by the WSE. The web application will not allow such trades without admin approval. This will prevent CEO's from rasing money in an IPO and then selling their shares within a short time to then leave Second Life. It's very important that CEO's own shares in the company they manage otherwise there is no leverage for them to remain in Second Life and operating their business for shareholders.
We are not saying that a CEO can't sell their shares to realise a return on their hard work. We are saying that a CEO will now require a submission to the WSE requesting approval of the trades to better protect all stakeholders.
The top 5 shareholders in every company on the WSE will be available on the website under each company profile. The most recent trades by any of the top 5 shareholders will also be available to see on the profile page therefore providing better disclosure to the market of insider deals.
These are just some of the many new features to be made available over the next 14 days on the WSE.
Now for the most important and important new feature of all. This new feature is going to have a major impact on the World Stock Exchange and the overall Second Life economy.
We all love Second Life and in order to encourage growth in the virtual economy, we need to provide the majority of internet users who don't have Second Life with the ability to invest in its future along with being able to trade on the WSE without the need for the Second Life software.
This new feature will not only allow the majority of Internet users to trade on the WSE without the need for Second Life software, but it will also provide all of us with another avenue to trade without being limited by the number of lindens we can buy.
Today I announce the World Internet Currency (WIC). The WIC offers more flexibility and freedom. Using the WIC allows you to use the WSE without limits on the amount of currency you can purchase while also paying less fees.
The World Internet Currency will act as one fictional currency in both the real and virtual worlds.
Creating an account to use the WIC is free and provides users with an additional avenue to buy and sell shares on the WSE along with many other third party merchant services being developed for use with the WIC.
We will provide more details on how the WIC will be integrated with the WSE over the next 2 weeks and there is no doubt service will provide all users with more flexibility and freedom than being limited to just one virtual currency.
You can create your free account in anticipation of some major Merchants coming online soon by visiting www.wicexchange.com
The WIC is not related to Hope Capital Ltd in Second Life.
WIC Exchange will provide a service to the WSE allowing internet users to trade on the WSE.
Over the coming days we will be releasing the report on companies in a Trading Halt
I can confirm now that SEX has met our disclosure requirements and will resume trading today.
PCL and WED are both no longer operational and the avatar accounts controlling those companies have not responding to any IM's over a large time frame. TLS will remain in a trading halt pending news from the CEO regarding their RL situation that involves a family member.
TSF will also remain in a trading halt until the CEO is willing to replace funds that were not used for the promised purpose.
Overall the World Stock Exchange has been a huge success and has exceeded all expectations over the past two months.
If a company didn't sell all the shares in their IPO (Under-subscribed) within the allocated time frame, they automatically get removed from the list
We are currently in discussions with CEO's of Under-subscribed IPO's to decide the future of those IPO's.
Under-subscribed IPO's will either be rolled back (which means a refund) or they will be moved to the official list on the basis that the business plan can be scaled down and operations can continue for that business.
I appreciate your ongoing support of the WSE and would like to remind all members that its important in this emerging market to hold a diversified portfolio.
Kind Regards,
LukeConnell Vandeverre,
Chairman & CEO
World Stock Exchange
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