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Based on GB's and the rest of the curent and former BoD's rather sordid history (Alltracel, sale of shares etc etc) it must be expected that us PIs will get royally stuffed by them. How do posters think that this might happen? Will they simply put the whole thing into administration and pick off the cherries for next to nothing. Now that MSYS is also suspended perhaps they will do a deal that includes some of MYSYs assets? Perhaps a highly discounted take private with some of their city chums providing financing.
Would anyone care to speciulate what their plans might be?
Gerard Brandon, DeepVerge plc CEO commented:
"Today's AGM will of course discuss the outcome of 2020, which by itself was remarkable, but also focus on the future of each division within the Group. It is impossible to put in black and white what has, is, and will be achieved by the team at DeepVerge over the next 12-24 months, so I look forward, with Fin Murray, Chief of Operations, and Camillus Glover, Chief Financial Officer, to providing sufficient colour to allow you to see where the Company is heading."
Yes - it is everyone. This is from the RNS
'To avoid incurring additional costs, the Board has today decided to issue redundancy notices to all remaining staff to take effect on 31 July 2023.'
It is not just PIs who have lost everything - the staff are in a worse position. GB and the BoD have a lot to answer for.
Does anyone know, What the scope of the redundancy is please? Lab skin skin trust but not modern water glanaco?
Just to note:
Busy morning at Glanaco with a full load of GS Range Sweepers out for delivery to the UK.
#sweepers #roadcleaning #roadsweeper #attachment
https://m.facebook.com/photo.php/?fbid=764404332356970
I’ve lost almost 40k here as well. Hope there is something that can be done to bring those scammers to justice.
Shocking….I feel like I have been scammed by GB and the rest of the board and there isn’t anything that is going to bring some sort of justice to the perpetrators.
My worst ever loss by a long shot….more than £72k
I pray for some action from the FCA…or even the police if we can prove a crime!
Agreed. The way this is going suggests the possibility of fraudulent misrepresentation, which the directors could be personally liable for in court. If that’s not an incentive to remedy this situation for shareholders somehow I don’t know what is, but options look slim to none now. Enough of us have lost massive amounts of money down this drain that I suspect multiple parties would be prepared to take it to trial. All alleged at this stage yada yada.
Truly appalling that the plumber/fraudster and city mates are getting away with another one. Yet again PIs are the ones getting sh@fted. Clearly the rhetoric from GB and the rest of the BoD was a million miles away from what was actually going on with the company- overstating revenues by a 100% is a decent example, but far from an isolated one.
Also appalling that the rampers (I suspect paid) who were on here for years are not showing themselves to aplogise. I wonder how many people have lost their life savings as a result. Time for the financially illiterate Chesh and his merry band to apologise. They should also apologise to staff membedrs who clearly knoew exactly what was going on at the company but were bullied into silence.
it is shocking snd what’s more it was obvious they were on **** when gb didn’t do his usual proactive interview which he loved and did at fy and interim. when no video forthcoming alarm bells rang for some. it’d be interesting to know if he has selling without issuing rnss
This was from September last year. "The Company continues to expand across all divisions with record H1 half-year sales and expectations of £18m for the full year. Demand for Modern Water monitoring and membrane solutions grew, not least because of the impact of climate change and a severe global drought. Order values have moved from £50k to £100k equipment sales in 2020 to now include multiple £1m+ solutions in Middle East, North Africa, China and South Asia and the recent £2.4m project on the Savannah River in Georgia, USA. The Company has a substantial order book of £8.87m for H2 supply and expects to continue its year-on-year history of revenues weighted in H2 over H1 since 2018".
Shocking...........................
Okay fair enough.
Your research good but gave me the impression you still thought DVRG could survive. I hope you at least sold some and clawed some money back.
LovableLumax, my post is not about what investors here might get. How you arrived at that conclusion I do not know. The post is what others may get. Wasn't that clear? Presumably a 'Glanaco' will continue...
T-Rat FFS do you think shareholders wil get anything? Any monies recovered will go to debtors, redundancies institutions and then retail. GB either grossly incompetent or a fraudster. Interesting to know what his holding was before he left the business, it wouldn’t surprise me if he was selling on the way down without issuing RNSs.
Glanaco was profitable? And now winning business like never before? So let's shut that:
In the year ended 31 December 2020, the most recent year for which accounts have been filed, Glanaco Limited posted profits before tax of £214,731 on turnover of £1.101 million. At 31 December 2020 it had net assets of £339,978. Its unaudited accounts for the year ended 31 December 2021 show profits before tax of £218,315 on turnover of £1.362 million, and net assets at the year end of £524,255.
https://www.londonstockexchange.com/news-article/DVRG/acquisition-loan-facility-for-global-expansion/15371711
The order comprises a design licensed to the customer, the initial c£3.2m revenues for which were included in the £17.2m (unaudited) total for 2022 announced on 9 January 2023, and production of 100 units which are contracted to be delivered in 2023, starting in March 2023, with revenues of c£6.1m. The order for 100 units will be managed by Glanaco's plant in Cork, Ireland where all assembly and testing will be undertaken.
https://www.londonstockexchange.com/news-article/DVRG/significant-contract-win-and-board-change/15826308
So what are current value of assets?
Link below just further confirmation that PD is not patentable (note date):
06.07.2023
International Preliminary Report on Patentability Chapter I
https://patentscope.wipo.int/search/en/detail.jsf?docId=WO2022136585&_cid=P20-L868HR-33853-1
All fraudsters deserve slow, horrible, painful health issues, and there’s 2 more scumbags candidates just about to join the list.
If you don’t want him to get away with it… please email
aimregulation@londonstockexchange.com
And
market.abuse@fca.org.uk
I’m have!
Lies lies and lies! What a con. GB and BoD I hope you all can’t sleep at night with what you had done you lying sacks of xxxx
It appears that the Chinese know enough about the IP to do away with any staff. It would appear that the DVRG BoD couldn't let a little thing livelihoods get in the way of their ambitions! Lovely people!!!
Game over completely.
Let's hope noone held into suspension in the hope it would be resolved
The only way we can have any transparency is have the accounts published
The BOD wont want this as will leave them open to fraud for providing false information for us shareholders worse scenario is Deepverge gets carved up and sold for peanuts by this board it is preferable to me that this BOD and ex CEO should not be allowed profit from this sorry story.
It would be preferable for external auditors or liquidators to take over......it dosent wash that they havent had time to produce the accounts........will there be an EGM/AGM
For me i would settle for full dis-closure and seeing a copy of the accounts would be a start
Translations by Google:
Modern Water sincerely invites you to visit booth B161 at the 18th Qingdao International Water Conference in 2023
Modern Water will give a special report on the monitoring solutions of biological toxicity and heavy metals in water at 13:30 pm on July 12 at the European Best Environment and Water Treatment Service Provider Innovative Solutions Exchange , welcome to attend the exchange.
http://www.modernwater-china.com/News-1485292.html
http://www.cda-apdwr2009.com/conference.html
Https://www.annualreports.com/HostedData/AnnualReports/PDF/LSE_DVRG_2021.pdf p65 re acquisition
https://newsnreleases.com/2022/03/17/deepverge-plc-acquires-engineering-services-company-glanaco-limited/ Glanaco numbers
https://www.modernwater.com/2022/05/19/modern-water-co-cork-expansion/ Modern Water expansion via Glanaco
Hi Jez01- do you mind my asking where all this information came from? Can't see anything on the website.
Thanks
• Glanaco Ltd was acquired by Rinocloud Ltd – Not Deepverge, which seems a little unusual!
• Per last year’s restructuring: Modern Water will focus primarily on markets in China, South Asia and EMEA.
• The full integration of Glanaco into Modern Water will create two sub-divisions within Modern Water – a solutions division for integrated solution sales and an equipment, assembly and logistics division run by Glanaco. Modern Water will focus primarily on markets where there is regulatory driven need for clean water.
• Labskin and Skin Trust Club business units will transfer to Rinocloud Limited, the software and AI company acquired by DeepVerge in May 2019. Rinocloud is focused on the use of AI for analysis of aggregated microbiome data extracted from human skin and environmental water, soil, flora and fauna. Following the recently announced material wins with IARPA, NOAA and Georgia Ports, this business will primarily be focused on and in the North American market.
• Glanaco Ltd’s unaudited accounts for the year ended 31 December 2021 show profits before tax of £218,315 on turnover of £1.362 million, and net assets at the year-end of £524,255. Quite a tiny company, being turned into the European HQ for Moden Water?
• Modern Water’s website – inconsistent email addresses. US and UK -> info@modernwater.co.uk; China -> sales.china@modernwater.com
info@modernwater.com at top of website, but not in the Contact us section.