Quote from: icohdcoin on March 14, 2018, 10:36:51 PM

Thanks for the questions @A56-7W and apologies for the delayed response. Here goes:

1. What is the timing of the process? Per year on some date, per quarter on some date?
HD Groups financial year ends 31 March each year. 10% of its annual profit will be paid tax franked to HD Coin Ltd who will use these funds to buy back the HDCoin by means of the burn function. Consequently, it will be an annual burn.

2. Along with token price impacting news, how will token holders be informed of the buyback? Email? A website announcement? Other?
We will publish the buyback announcement on ICOEx and HDCoin websites and social media. We will also send out email notifications to our KYC database. But tokens could have changed hands. Hence, token holders should be on the lookout for such announcements.

2. How will the buyback work in practice?
The publication of the announcement will precede HD Coin Ltd putting a buy order to ICOEx to buy HDCoin tokens in the open market. Using dividend funds, it will identify the most liquid market and use a conservative buying strategy in order to maximize the number of HDCoin tokens it can obtain and afterwards burn.

4. How are investors able to verify the accounting for dividends used for the buyback?
HD Group are required to prepare annual financial statements and return their income to the New Zealand Tax Authority (Inland Revenue Department). The dividend will form part of the income returned to the IRD. Because HD Groups accounts are not published, they will have them independently audited so that HD Coin Ltd as a minority shareholder knows with certainty that they are true and correct. HDcoin Trust, as the owner of HD Coin Ltd, can appoint the auditor and that auditor can with responsibility certify HD Groups accounts as being true and correct.

5. Is there KYC? If so, who's handling it, and what is the process?
Yes, all token investors will have to complete the KYC process before the purchase of the token.
Investors will have to fill an online form providing their name and address and upload a copy of a government-issued photo ID showing the country of issue, photograph of the investor and other details. In addition to this, the investor will also have to upload a residential address verified utility invoice and a selfie/photograph with the government-issued photo ID.

Thanks for your reply.

Do you have details of the party actually dealing with the KYC? I know that some ICOs usually employ another company to handle it.

On the matter of any tokens that are unsold at the end of the ICO, will they be burned?