Ann: Received ASX letter of 18 December 2019, page-95

For more information on ICO's (Initial Coin Offering) check out the following article:

https://www.investopedia.com/terms/i/initial-coin-offering-ico.asp

ICO's were an alternative vehicle to raise money for projects and investors got a stake in the project via coins. I think the height of their popularity was 2017, at one stage more money was raised via ICO's than venture capital globally. There were a lot of scams that gave ICO's a bad reputation.

Most ICO coins ended up being worthless but that was a result of projects that were not commercially viable or just outright scams.

An Animoca coin would be backed by a real company with a growing suit of mobile games on Android and iOS earning tens of millions of dollars annually. The Sandbox Evolution 3D looks like it will be released on consoles (PS4, XBox One and Switch) in addition to the mobile platforms. Then there's the NFT space Animoca has entered with a lot of zeal and this new space is generating revenue (crypto that can be converted into fiat currency) in a short space of time. Don't forget Zeroth the start up incubator, one of the companies in their incubator program Seoul Robotics just raised $5 million USD from venture capital.

The Animoca coin would be available GLOBALLY for trading and the price would fluctuate just like shares. If the company keeps getting traction and Sandbox Evolution 3D turns out to be a lucrative move then the valuation of the company should rise. With upcoming titles like MasterChef, Beast Quest, F1 DeltaTime and Rollercoaster Tycoon to be released it stands to reason that their revenues will continue to grow.

Dividends you ask? Animoca could implement dividends by allocating additional coins to existing holders somewhat like a dividend reinvestment plan.

The more I think about this option the more I prefer it over the alternative options but I also appreciate this is a scary proposition for most shareholders.