Dx (group) Share Discussion Threads

[podgyted] 04/5/2022 17:32

Who would want to audit this? That is one of the main problems I suspect they are struggling with.

[lombriz] 04/5/2022 16:46

Lloyd Dunn also has 43m share options outstanding, which potentially gives him an extra 7.5% (subject to continued employment). The other directors also have substantial outstanding options. Plenty of incentive there to get the suspension lifted.

[fenners66] 04/5/2022 14:00

Reporting a downplayed update was useless already.
I don't care about companies reporting something when they have nothing to say.
Its all this time and still clearly having nothing to say - the time its taken to find a solution.
A solution to what it appears some board members thought was a non-issue.

If it was as easy as getting an audit done - I'm sure any one of us could have organised that by now.
Much larger quoted companies than this , report their numbers to audit within days of a year end.
Audit finished within weeks
These figures were already done.
The audit pack already prepared.
So IF there were "minor" issues the audit could have been done by Joe Bloggs auditors by now.

Question is are the issues therefore much larger than reported - in which case I'm back to my previous points.

[lombriz] 04/5/2022 13:57

They do have accounts, just not audited ones. But that’s true of any target for the period since its last audited accounts. So if a bidder can see a golden opportunity here, that won’t stop it. It may just want to do a bit more due diligence though.

[my retirement fund] 04/5/2022 13:13

I don't think they would have much hope of selling the company with non existent accounts

[lombriz] 04/5/2022 13:04

A sale of the company, maybe. It’s not the best timing, i.e. it’s before they’ve had a chance to fully turn the business round, but it may be the least bad option in the circumstances, depending on the price. The purchaser’s auditor could take on the outstanding audit.

[stemis] 04/5/2022 12:41

With regard to what's happening, there is another possibility which would solve all their problems at a stroke; they could be negotiating a sale of the business*.

[* For the avoidance of doubt, I have no evidence that this is true, it's just one of many possibilities]

[stemis] 04/5/2022 12:39

With regard to an action against the board, it's worth bearing in mind that the CEO, Lloyd Dunn owns 11% (which at 30p a share would be worth £17m) and Gatemore (who have their own man fairly recently appointed at director) own 18%.

[lombriz] 04/5/2022 11:25

As regards the removal of culprits, that may have already happened (two NEDs and HR director?).

[lombriz] 04/5/2022 11:20

I’m not talking about reporting on specific discussions. I’m talking about the inadvisability of issuing a general update, however bland, that may compromise those discussions.

[fenners66] 04/5/2022 11:08

Its not about the reporting of discussions - its about finding and enacting a solution.
As they previously downplayed the issues (they would, wouldn't they!) then 4 months go by and nothing.
This is not a corner shop, this is a large quoted plc.
So quit the spin , get on with addressing the issues and if they cannot be resolved quickly (arguably its already too long) do the honourable thing and resign.

IF the issues are larger than they made out then someone wants to get hold of the BOD and remove those that created the issues.

[lombriz] 04/5/2022 11:01

On the face of it the lack of communication is appalling, but if you put yourself in their shoes and imagine you’re in the middle of complex and delicate discussions, potentially involving GT and their lawyers, the Institute of Chartered Accountants, replacement auditor(s), Companies House, AIM, law enforcement, ex-employees, replacement NEDs…you can understand why their hands may be tied at the moment. I’m sure they’ll update us as soon as they can do so without compromising those discussions.

[lombriz] 26/4/2022 14:36

If anything does come out, it'll be RNS'd straightaway anyway.

[swiss paul] 25/4/2022 14:31

I spoke to a young lady in KTZ Communications and asked about an update. She said we should expect a TU soon and that it was hoped that a situation update may also be provided. I gave her my contact details and she said she would email me any comms that would come out.
If I get anything then I will post it.

Good luck all

[lombriz] 22/4/2022 13:02

Clause 41 does indeed say “will”. However:


Clause 45 says “Any decision of the Exchange in relation to these rules may be appealed in accordance with the Disciplinary Procedures and Appeals Handbook (DPAH)”.


DPAH, clause B5 says “Timescales may be varied in exceptional circumstances” (eg sudden resignation of the auditor at a critical time?)

[solarno lopez] 20/4/2022 13:51

Spot on SteMis.

Its a problem when you have amateurs posting misinformation

[stemis] 20/4/2022 13:13

Just to correct a bit of the usual nonsense from marktime; if delisting did come to pass then you would not have your shares cancelled and you would not become a 'former' shareholder. You would simply be a shareholder in an unlisted company.

[marktime1231] 20/4/2022 12:46

According to the London Stock Exchange 2010 Rules for AIM Companies, clause 41 ...

"The Exchange will cancel the admission of AIM securities where these have been
suspended from trading for six months."

Note this says "will" not "may".

Worry less about getting an update. The way this is heading be resolved to have your shares cancelled c. 4 July. It is inconceivable that DX will be able to appoint a replacement auditor, resolve its governance problems and satisfy whomever is dealing with reports by its former auditor of potentially criminal misconduct, and submit FY21 AA by then in order to lift suspension.

As a private shareholder (former shareholder) there is nothing obvious you can do, sulk and find someone to blame maybe, learn your lessons, wonder why you listened to the guys on here saying everything was fundamantally fine and despite all the concerns were confidently encouraging you to invest or remain invested, and why you chose to listen to them and ignored all the many official warning signs.

[qs99] 19/4/2022 09:42

Agree with all the above, no news now for yonks, would have thought at the v. least a little RNS update would be good for shareholders or have the board forgotten about them?

[bostonborn] 19/4/2022 08:45

Another company, Venture Life VLG had their results delayed because of a staff shortage in their accountants / auditors (possibly Covid related); but today have put out a statement that the results will be announced in early May. DX need to follow this lead and communicate with their shareholders / stakeholders ASAP.

[fenners66] 19/4/2022 08:19

That's what the ex-auditors wanted to know....

[qs99] 19/4/2022 07:50

Totally agree

WTF is the board up to?

[everton448] 19/4/2022 07:48

I couldn't agree more. This silence is extraordinary