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That's the big dawg, FJ!!!
Not sure if he's feeling like a right chump, but I've certainly ended up like one.
Don't and would never point the finger of blame at the likes of Mr English.
However, what this experience has taught me is to tread extremely cautiously on the AIM and to rely on no one other than one's self and research.
"I vividly recall a link being posted on here a year or so ago with a pundit unequivocally preaching that he expected DX to be trading at £1.00!" Wasn't it some guy called Stephen English of Stellar Asset Management? I bet he feels a right chump now.
Ports, I learned that lesson, but unfortunately a tad too late.
I vividly recall a link being posted on here a year or so ago with a pundit unequivocally preaching that he expected DX to be trading at £1.00!
I couldn't have been more delighted and then of course...
Sister, I feel and totally understand your angst. How the directors are getting away with everything simply beggars belief.
Sheer incompetence is an understatement, but as Ports put it, "we are where we are".
Let's see what the next week brings.
Probably true Sister, but we are where we are. !
Hopefully the opportunity to liquidate our investment will exist in some form in the not to distant future so those that want to can.
That's putting it mildly Ports. These directors have presided over a 6 months share suspension, been accused of possible breaches of law, provided no clarity to shareholders with the threat of a forced delist hanging over them. Are they fit to run a company? I can't understand how anybody can trust them now.
Unfortunately Deep it's something you'll have to get used to in your investing interest especially on the AIM. Things can change in an instant, things are very rarely better than they seem and often worse and it's in every company's interest to portray things in a positive light.It has been a difficult experience for us all so far but there has been far worse on the AIM. Ultimately you invest in the directors of a company as it is their actions/decisions that generally will determine the value the of our investment moving forward. I think we can all agree that that the directors of DX haven't acted in the manner we would expect.
Evening Ports
Perfectly summed up when you wrote "choreographed", particularly as we've been led on a merry dance!
I deliberately did not mention delisting in the hope that it never comes about as it would probably be the worst possible outcome.
The radio silence over the previous months has made me feel that any kind of meaningful disclosure from the Board would put me out of my misery!
The DX board has given new meaning of the word speculation!
Deep.. You've summed it up pretty well......None of us have a clue !!
I share Pianista's view and concern over the delisting. There is still that possibility.
The conspiracy theorist in me thinks the late appointment of the auditor and the application for aim extension right at the death is all bit convenient and choreographed. At least we'll know something within the week.
Hi all
Despite not having posted anything for months, I have been following opinions of seasoned posters with great interest.
Meant with great respect, there has never been a dull moment.
To summarise. We have a new auditor, radio silence continues on part of DX, conjecture on new depot openings continues, M&A on the cards and without stating the obvious, what choice do we have!
We continue to show 'faith' in the Board despite a show of disdain by the Board towards PIs.
Seasoned investors will ride out the storm but daft novices like yours truly continue to keep their fingers (and toes) crossed in the hope that they can recover some of their dosh.
I hasten to add the above is not to say that seasoned investors are not concerned about their hard earned cash being lost!
How much impact will the predicted recession (allegedly) have on the balance sheet?!
The top and bottom is that the uncertain and bumpy ride continues and we are in it for the long haul.
Relative to other posters on this Board I have absolutely very little to contribute here, so sincere for repeating what others have already stated.
Roll on October, or whenever, when hopefully DX will recommence trading.
FJ: there is a limit of course to the number of depots it's economic to have, but they obviously don’t think they’ve reached it yet. The proof of the pudding will be in the Express profit margins which they achieve, and eventually report.
Meanwhile, I'm more concerned about the threat of delisting, which is still hanging over us. I’d expect to hear by the end of next week, though I suppose we could be kept waiting till Monday 4th. The problem with hearing so late in the day, assuming the decision is unfavourable, is that there’d be no time before the 5th for the company/shareholders to seek a judicial review on the grounds of procedural unfairness/irrationality by the LSE (though this could still be done after the event with a view to the listing being reinstated).
I think you have to trust the DX directors. Their strategy since I have been a shareholder is to increase the number of depots in both express and freight so we have to assume they know what they are doing. It is a low margin business so stem miles ( distances to and from depots/customers) is important. There are vast swathes of the country that don't have great depot coverage.. ie South West, Parts of Eastern England, etc, etc. You've either got to have a good margin which they don't or a high volume of business to make low margins workable. To be a nationwide carrier they need the infrastructure and in addition there is the high percentage of self employed in express affecting the margin. Sub Contracting again just eats into the margin.
Only a few days to wait now till we know of depot openings, extension etc. Hopefully we get over the bump in the road of the auditor and suspension but the value of our investment will ultimately depend on the strategy moving forward and I'm looking forward to some clarity on that. Still M&A for me.!
Pianista, I didn't say they were doing it for fun, I just suggested that they might have too many express depots. What you've found in the annual report might make sense, particularly for freight depots, but there is a limit to how many depots it's economic to have. One factor is that if you have more depots you have more sites from which to collect and to which to deliver with your trunking operation, increasing congestion at your hubs etc.
I don’t think they are opening depots for fun. I trust what they are doing. They know their business.
As they say in the latest annual report, extending the network of depots has several beneficial effects: “it reduces stem miles; improves our ability to sell new business into the local area; enhances service levels by being closer to our customers; and increases vehicle productivity by enabling double delivery runs on certain routes.”
DX's depot footprint is hardly comprehensive in comparison to what? Their website says they have 83 depots, which seems a lot to me. The map on the website shows a particularly high concentration of express depots north of London. I'd suggest they should be closing depots rather than opening them on a nett basis.
That may be true but Dx's depot footprint in the UK and Ireland is hardly comprehensive so increasing that footprint is integral to substantial growth whether that be organically or through M&A so my view is that additional depots are important.. I made the point in the context that DX had signposted these openings by year end in next week or so and I wondered if Gatemore's expansion review will have had any effect.
I wouldn't attach much importance to new depot openings. It's what transport companies do all the time when their leases expire or their needs change. It's BAU stuff.
That's True. The picture surrounding DX is still very uncertain. All that's changed in the last six months is that we now have an auditor. We have had no updates on trading the second half of the year, one depot and we know that inflationary and economic pressures are huge.We know that Gatemore are committed to DX or so they said... are the other II's. I can't imagine they will be particularly pleased with a 6 month share suspension and they will be looking at any future plans in great detail. On the assumption we get the extension I think we'll know a lot more in the next three months but the DX picture is still as murky as ever.
I don't think the suspension price has any relevance at all. No-one could liquidate their investment. It will be where we open if we do trade again that counts and that will depend on demand, trading, any news Dx give us and sentiment.
It seems that DX's strategy at the moment is not to take the company private although that could change I suppose but like other people on here I don't see the point. DX are meant to be announcing the opening of a few new depots by the beginning of July. I wonder if we will get that. If not I think we can safely assume Gatemore have finished their review and stuck their oar in. !
Lucky we got suspended at 30p... Otherwise we'd be now threading water at 11-12 p
Yes P.. !. As a general point it worth checking the filing history for all companies anyone may hold shares in. You generally find out more than what may/maynot be released in a RNS. eg K Leatherland who left DX as Head of Human Resources last year that didn't require an RNS.
Companies House
How do you know Deards has resigned/gone?
I agree with that Piansta. There is no guarantee they'll get the extension although it's looking more favourable and we assume that Littlejohn do actually sign off the accounts.
If we do get a three/four month extension is does give more time to consider strategic alternatives ( Gatemore's words.. not mine).If there are moves in that direction It may well be the that DX is not listed on AIM in the form we all know. Any number of possibilities still exist.
It's too soon to speculate about the opening SP. Let's secure the AIM extension first.
Ah - got it. I should have used the word 'sharpish'