Hopefully everyone who emailed/PMed me now has a response if their mail needed one.  Took me longer than expected to clear the remainder of the back-log and am going out before long so may not get everything posted now that I planned to.  Will see how much I can get done anyway - and do rest tomorrow.

The big question on everyone's mind is, I assume, where (and when) DMS will relist.

The favoured option has been (and remains) the new exchange being developed/run by the Ciphermine team.  But we are NOT committed (in the sense of having promised to go there) to it - and, at present, I am not committed to being involved either as part of the operational team for it OR as an investor in it.  I should be clear that DMS listing there and me being involved in operating/investing in it are NOT tied together - it is possible we may list there without me being otherwise involved in it and it's possible (though unlikely) that DMS could list elsewhere despite me ivnesting in/being involved in operating it.  That's because the criteria for DMS listing there (that it provides the functionaility and enivorment DMS needs) aren't the same as the criteria for my involvement in the site (for me to be involved in operating it, the site needs to match my vision of how an exchange should be run and be something I'm happy to link my name to.  For me to invest in it requires me to be confident that I'll make a profit from my investment).

It IS also possible that if I invest in the exchange it could cause a conflict of interest with my role as a manager of DMS.  The reason for that isn't necessarily obvious - and I'm not going to expand on it - but that's one issue that I do need to sort out before I can make a final decision (if I believe such a conflict of interest is likely then I'd decline to invest - giving precedence to my existing commitment to DMS investors).

The code-base for the initial functionality of the exchange is, to my understanding, fairly complete - requiring just final testing, third-party penetration testing and final user interface implementation.  It's still likely to be a few weeks away.  Right up until it launches I'll be continuing dialogue with other exchanges - if somewhere else provides a better fit for DMS' requirements then I'm in no way averse to listing elsewhere.

Here's the main points I'm considering in respect of exchanges we could list on:

1.  Obviously it needs the basic functionality - ability to trade, pay dividends etc.
2.  The ability to transfer shares is essential for DMS - to split PURCHASE and to redeem pairs of MINING/SELLING (there's no other way of doing these functions).  This rules out a lot of exchanges immediately.
3.  I must have ability to obtain a list of investors (either by email address or by BTC address) - BTC-TC closed down very neatly (nice job by burnside), Bitfunder more messily (continuing excuses why people can't withdraw BTC - I got all mine out a while back luckily) and thoe who have been around for a while will remember GLBSE's shoddy closure where some assets never received lists of investors and many that did receive them had to wait months.  I'm not chancing that with any new place I list - this functionality has to be in place or be promised to be in place shortly.
4.  Accountability.  Kate who runs Ciphermine is based in the UK - as am I.  So if anything gos wrong I have immediate access to a variety of means of recourse.  Knowing the identity of someone in a different country doesn't overcome the practical issues involved in taking action (of whatever nature) should they defraud you.  There's also the linked issue of wanting an exchange operator to have a good reason not to defraud (of particular relevance with relatively new exchanges) - i.e. significant assets other than the exchange which they wouldn't want to jeopardise.  With most operators I have no knowledge sufficient to give me such confidence.
5.  Ciphermine.B1.  With these being a large part of DMS' current assets there is definitely a benefit initially in being on the same exchange as they're listed on.  Redemptions initially would have to be part cash, part bonds - which is far easier where the bonds can be sent back to the same account as sent in the MINING/SELLING/PURCHASE.  This isn't a critical requirement - but rather is something that tips the balance when all other factors are close.

I'm sorry that we aren't relisted yet - I'd expected the exchange to be up at the end of last month.  But lisitng somewhere where we couldn't operate effectively isn't an attractive option.  And do remember that I have probably more reason to want to be relisted than anyone else - all the time we're not listed I earn exactly zero in management fees whilst still havign to expend time and, on occasion, BTC (e.g. the 1/3 of times difficulty change is between 16:00 and 00:00).  Hopefully I'll have more information by the end of the weekend - if I don't have a firm date by middle of next week (when all current changes of BTC addresses will be finalised) then I'll consider doing a payment of existing MINING dividends and accept that there'll be extra hassle and delay when we do get to relist.

Will have to post the updated financials tomorrow - as heading out now.  Have now got exact times for recent difficulty changes so can give precise figures.