VGMC - A Ponzi Scam? III

After locking out everyone's funds, now they convert almost all holdings into Options, and then require you to pay for converting Options to Shares?! OMG, what a brilliant way to secure even more funds from the unsuspecting masses!

Options Conversion Summary

Options can be converted to shares following the below procedures.
1. Login to your shareholder account.
2. Go to “Convert Options to Shares” and key in the number of Options that you intend to convert to shares.
3. Upon confirmation, a Client Trust account will be designated for you to execute your payment.
4. Make the payment to the designated Client Trust account as soon as possible. May sure to include 50 – 100 USD extra for bank charges.
5. Payment has to be received within 14 days from application date, or else application will be closed. Shareholder will need to make a new application (possibly at a different exercise price) once an application is closed.
6. Once payment received, we will convert your Options to AGMAC common shares.

Options Frequently Asked Questions:
1. What is an Option?
An Option in AGMAC is a result of Convertible Preferred Shares (CPS) – GOLD conversion. Each 1000 CPS-GOLD is been converted to become 1 AGMAC share plus 1,000 Options.
2. How can a shareholder exercise his/her Option?
By paying 50% of price difference between current AGMAC NAV per share minus USD1.70 (closing price for CPS-GOLD)
For example:
AGMAC NAV per share value = USD3.86
You want to exercise 1,000 Options.
You need to pay = 1,000 x 50% (USD3.86 – USD1.70)
= 1,000 x 50% (USD2.16)
= 1,000 x USD1.08
= USD1,080
3. Are Options and shares freely transferable among shareholders?
Yes, there is a window of 5-7 working days before the administrator will approve your request pending any objection.
4. Can I exercise partial of my allocated Options?
Yes, minimum Option conversion is 1000 units.
5. What will happen if I did not exercise all or part of my Options by the time AGMAC is listed?
A final decision has yet been made. Options may be extended post-listing or Options holders may be qualified for “Voluntary Asset Distribution” for non-listed asset of the company by the time AGMAC is listed.
6. Can Options and/or Share be sold to a 3rd party?
No, AGMAC is a Closed-End fund; therefore Shares and Options cannot be sold to any 3rd party but can be transferred to another shareholder.
7. When can I start to exercise my Options?
Options may be converted by shareholders to common AGMAC shares effective January 2013.