Dx (group) Share Discussion Threads

[marktime1231] 06/2/2022 17:15

No, unaudited results, something expressly stated in the 8 Nov rns so your suggestion GT approved them even with a casual nod is another false baseless impression you are peddling. For all we know GT could have had material issues still to clear.

An rns results report which I note had absolutely nothing to say about a governance issue which has delayed the publication of audited AA beyond due date, led to shares being suspended, two non-execs quit and now the auditor not just resigning but citing reasons.

Shareholders with positions to defend rallying in support in the face of disquiet from independent officials doing what outsider shareholders pay them to do. Rotten.

You are a disgrace.

[stemis] 06/2/2022 12:40

If it doesn't affect the numbers, publish them and deal with other governance issues separately

They have published the numbers. They issued the finals on the 8th November when GT will have given them the nod that they were happy with the numbers...

[ls24] 05/2/2022 21:51

No severity

[kaffee] 05/2/2022 18:58

Still be clinging to the notion is seriously was a GT resource issue back then?

And even if it was, GT needed more resource because they were not happy with something fundamental to the the sign off. If it doesn't affect the numbers, publish them and deal with other governance issues separately (and no I don't know what that would be)

Misdirection on a large scale is my view. "Look.. our auditors are stretched...." meanwhile elsewhere in the company "Can someone help me lift this rug, and pass me the broom..."

Hope it comes good, I've got a little stake here but you cannot argue that the severity has been underplayed... whatever language you want to wrap it in.

[stemis] 05/2/2022 18:34

It's not about playing on anything.

The RNS was about the delay due to GT's resource issues. At that time there wasn't believed to be an 'issue' so saying the board said that it was insignificant is somewhat misleading. But everyone will have to take their own view and we'll see when it all comes out in the open...

[kaffee] 05/2/2022 16:26

RNS.. 6th October. All can be validated via the News links at the top of page.

Guess the stock bulls are going to play on the "to date" part of that statement.

But it was material enough to still be an issue 4 months later !!

[stemis] 05/2/2022 14:13

Sorry, I don't know what you are quoting from...

[kaffee] 05/2/2022 14:00

"There have been no material audit issues raised to date by Grant Thornton......."

Material enough to take the hit in the press by walking away.

Semantics.

[stemis] 05/2/2022 11:55

The board never said the issues were 'insignificant'.

[stemis] 04/2/2022 14:24

Since Gatemore Capital Management's founder and Managing Partner, Liad Meidar, is a director of DX. (and therefore knows what the issue is) I'd say that's a pretty significant contribution...

[qs99] 04/2/2022 13:53

AND you have the new Gatemore director.....he will want to get value "out"....maybe more of a clear-out needed, but if underlying business is OK, which the board have signed off on saying, INCLUDING the new Gatemore director, then why doubt that RNS? DYOR

[stemis] 04/2/2022 13:40

I think what's worth bearing in mind as well is that the management team was brought in, just over 4 years ago, specifically to turn this business around.

CEO Lloyd Dunn was, with Russell Black (currently one of the remaining non execs) a founding member of Nightfreight Plc, which was floated in 1994 and sold to private equity in 2001. In 2002, Mr Dunn joined Tuffnells Parcel Express Limited, leading the company through a significant turnaround and ultimately to a sale in 2014.

Chairman Ron Series was previously chairman of Tufnells from 2002-2005 and has extensive experience in business turnaround situations, and of the logistics and transportation sectors.

Dunn holds 62.8m shares in the company and Series 2.4m.

Whatever happens in the short term with the listing of the company, these guys did not buy there way into DX. to preside over a lifestyle sinecure in a private company.

[my retirement fund] 04/2/2022 13:18

They probably do after some of the recent FCA fines they have had ! I would be surprised to see this company re-list and wouldn't be surprised if it has been subjected to some sort of fraud, but who knows, you all have by best wishes.

[effortless cool] 04/2/2022 12:53

Grant Thornton = Patisserie Valerie, AssetCo, Interserve, Conviviality, Globo.

They do not have a history of being over-cautious.

[ls24] 04/2/2022 12:43

45p on day 1 is my punt on the back of results and nothing in the saga - hope it does drop to 15p as I will fill my boots

[stemis] 04/2/2022 12:42

Nobody is 'encouraging' anybody to do anything. Nobody can do anything. At the time that this matter initially came to light, there was all sorts of speculation about DX. being another Patisserie Valerie, about accounts mistatement, fraud, insolvency. Clearly that was all nonsense.

Until we know what the issue is, it's impossible to reach a judgement. That doesn't mean we should all just blindly assume it's all going up in smoke...

[marktime1231] 04/2/2022 12:23

14p

Those of you still putting a mitigating spin on this having dismissed all the warning signs, encouraged people to remain invested, should also be looking at yourselves in the mirror.

Extremely rare for a public company auditor to resign at such a stage. According to one report I saw this morning GT cite reasons which include allegations of potential criminal mis-conduct, giving false information, and obstructing the governance inquiry. This may become an external enquiry if GT have been obliged to report breaches.

Why would you believe the exec when they say this has nothing to do with and will not affect financial performance, they might be crooks! Have you not considered that the failure of DX or its directors to comply with legal and reporting requirements might invalidate contracts, might have big customers with a reputation to consider walking away? Can you imagine, for example, what government agencies which do business with DX think of all this ... they already lost the passport contract but aren't DX involved in the covid19 supply chain etc.

Why would you still want to find something positive to say about all this? Even if there are (were) reasonable underlying financials, that reason on its own is not enough. Not that it matters. You can't do anything.

[solarno lopez] 04/2/2022 12:07

Grant Thornton = Patisserie Valerie hence the reason they are over cautious

[solarno lopez] 04/2/2022 12:07

Grant Thornton = Patisserie Valerie hence the reason they are over cautious

[fenners66] 04/2/2022 12:00

Perhaps there was a lockdown party ?

[effortless cool] 04/2/2022 11:55

It's up to the big shareholders to make something happen now. Gatemore (18%) already have a Board position and are well-placed to lead. If they are to come back to market, I don't see how the Chairman can survive, having presided over this shambles. One or more Execs may need to be disposed off too, depending on guilt/innocence and role in any possible cover-up.

It seems that the auditors have evidence of possible criminal wrongdoing and a cover-up, which the remaining Board members dispute, but the departed NEDs were aligned with the auditors. I have to say, if the remaining Board are pure in all of this, they could hardly be doing a worse job of demonstrating it.

[wallywoo] 04/2/2022 11:37

So anyone care to guess what the opening share price will be when /if trading resumes?My guess is 18p again. IMO if the company survive at the very least all the BOD will be ousted. That disruption alone will hit DX hard.

[stemis] 04/2/2022 11:01

I think we've a pretty good idea of what GT letter is going to say; they haven't been provided with all the information they need and they/the audit committee have been obstructed in carrying out a proper investigation.

Like all things it's difficult to know the truth of that without knowing what the investigation is about and what they wanted to have. If I was an exec and they asked (for example, I'm not suggesting this is the case) to see my bank statements, I'd tell them to forget it.

I guess we aren't really going to know until they disclose the final results of the investigation and issue a set of audited accounts. In the meantime, the share price is going nowhere and the business continues to thrive.

I'd suggest the next possible news might be the resignation of the nomad, which might indeed lead to a cancellation of the listing (since they'd have only a month to find a replacement).

[qs99] 04/2/2022 10:56

SteMis indeed I'm with you. Disciplinary but not financial and NEDs had to go as not all information provided if I'm reading that right?

Roll on re-listing, it will go down as rumour mongers on here will sell or encourage others to see, and i'll be topping up! on the basis that this doesn't end up as a "financial" irregularity for instance or the disciplinary would involve a massive law suit or something....

GLA and DYOR