A letter to the Telegram Open Network to investors. 2 options available

A letter to the Telegram Open Network to investors.
There are 2 options available:
– or a 72% refund of expenses this year
— orconversion of investments into shares of the Telegram messenger itself with + 10% to the amount of investments

The company of Pavel Durov Telegram is ready to return 72% to its investors, or 110% of the initial investment, if they wait another year, until April 30, 2021.

Funds for the second optionTelegram intends to receive the sale of a stake in the company if it is not possible to launch the project.

If investors agree to wait, the company will issue a loan, the documents for which they are ready to send next week.

It is obvious that if neither the SEC, nor the Fed, nor the Central Bank of Russiaother regulators do not take such an obvious step as equating crypto and digital wallets with depositary and current accounts, which means there is a big opinion to leave everything that is there in a gray area. Which units are secondary. And it is significant that neither FB nor Telegram’s emission plans were allowed to officially capitalize operations on crypto and digital wallets - because there may be too many questions about why they are. Perhaps, when the PRC is the first to equate digital and crypto wallets with settlement and depository accounts and officially introduce capitalization and accounting into this business, the rest will be forced to do the same.

The letter itself:
Unfortunately, in light of the recent USdistrict court decision, we are unable to issue Grams to you by the 30 April Deadline Date. Accordingly, under the terms of the Purchase Agreement, we owe you the Termination Amount. We are hereby honoring our plan communicated to you in October 2019 to repay 72% of your original investment.

As a token of gratitude for your trust in TON, weare also offering you an alternative option to receive 110% of your original investment by April 30, 2021, which is 53% higher than the Termination Amount. Detailed documents describing this option, including a loan agreement, will be provided shortly to those who express interest.

We are continuing to engage in discussions withthe relevant authorities in connection with TON and the issuance of tokens to the original purchasers. If we obtain the relevant permissions prior to April 30, 2021, purchasers who opted for the loan will have the further option to receive Grams or potentially another cryptocurrency on the same terms as those in their original Purchase Agreements (to the extent allowed by applicable regulatory restrictions).

In case the relevant permissions are not obtainedby April 30, 2021, Telegram intends to repay the debt using the proceeds from the sale of equity in the company, which is currently owned by its founder. With 400 million monthly users and an organic growth of 1.5 million sign-ups each day, Telegram is the # 1 most downloaded social media application in 27 countries, including India, Indonesia, Turkey, Russia, Egypt and Brazil (as reflected in the App Store rankings as of April 29, 2020). Based on the valuation of messaging services at similar stages of their growth, we believe Telegram’s equity value will exceed the aggregate amount of its potential debt resulting from this offer by at least several times.

By the end of the week, please let us know byreply email whether you elect to proceed with the repayment of the Termination Amount, or whether you are interested in reviewing the loan option. If you prefer the former, please find attached a Repayment Form which you should complete and return to us at your soonest convenience. If you elect the latter, we will send you the legal documents for the loan by early next week for your review, with closing expected shortly thereafter (or repayment of your Termination Amount if you ultimately decide not to proceed with the loan).

We are thankful for your trust and support over the last two years. We are very proud of the technology we built for TON, and regret that the project has not yet been permitted to launch.

P.S. What do you think will continue to develop TON?

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