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But what sense to discuss the past of the company which will not exist in the future?? These results will have NO impact to the performance of the new merged company. Bought in MWG at 0.45 in March 16, so already have a 10-bagger. And I'm confident that this will be a 100-bagger in the future, or maybe even more. Good luck all LTHs :)
Retireby40 good luck with that, I don't think Muggins is the type to let it go and just move on, he likes the limelight too much. Shame people want to waste their time being naysayers on a PBB where no one know or care who they are and why they post. I prefer to think of them as annoying wasps buzzing around trying to spoil others day, nothing more.
Retire you have made a series of factually incorrect statements. Rather than addressing these and acknowledging your errors you are trying to create a smokescreen. It really is about time that you retired.
I know what’s going on thanks. You were implying the CEO was keen to buy MWG to receive 20m more shares which is rude as ****.
You said -
A more interesting question is why SKIN wants to be saddled to this perpetually lose making company. Surely nothing to do with the 20m MW shares (and to be converted into SKIN shares) that are triggered for GB by the takeover.
Do not patronise me.
You said sales for H1 should have been up 48% but they were down and you accused them or false reporting and I corrected you.
The above indicates you either cannot understand RNSs or you do and you have an agenda.
I think that people have made some very interesting points on here although I find the lack of concern about the cash position and falling sales rather surprising. I suspect that we are merging with another organisation is making us rather more relaxed. There are a couple of points that Retire has made that I would like to correct.
Regarding shares the takeover triggered GB receiving 20m shares in MW. Eventually these will be converted into DV shares on a 1 to 1 basis (or 10 to 1 following DV consolidation) in the same way as other shareholders. This is not made up but is a matter of public record see merger notice ‘Under the terms of Gerard Brandon's service contract with Modern Water, he is entitled to receive his salary of £50,000 per annum for the two years from 4 March 2020 in Modern Water Shares at an issue price of 0.5 pence per Modern Water Share. Upon a change of control, these amounts fall due to be settled, to the extend not already settled, by the issue of 20,000,000 Modern Water Shares at an issue price of 0.5 pence per Modern Water Share.’ These share will convert into DeepVerge shares. Retire – you seem to have very little idea what is going on in the company and I suggest that you do some basic research before slinging accusations around.
Similarly we were promised that orders of reagents had increased by 40%. As this is, apparently the largest past of the business, it is not unreasonable to expect that sales overall would show a similar increase. The fact is that sales have collapsed by 62% and the cash outflow has widened. Retire seems to think that is acceptable and in line with expectations. It is not.
Let us hope that progress on Covid detection is rather better than sales or cash.
Personally and IMHO I think people are missing the point here. Whatever the product to be announced is, it is blatantly obvious that MWG is a key piece of the SKIN puzzle. Assuming success and no merger, amongst other collaborating partners, we would be splitting revenues between the two companies and who knows how that split would fall ? If successful, the whole deal could be undone by a bigger predator coming in and buying up MWG and all their patents for themselves.
As it is, SKIN (aka Deepverge) just assimilated a totally necessary and core part of the total solution in what I would say was a good deal.
Ultimately and together, we have just secured a bigger slice in GB's so called big pie. I think it's very good news. but that's just me
Paul, I couldn’t agree more than a balanced board with opposing views is healthy and so much better than a board full of happy clappers. That said I think some of the posts this morning were inaccurate and one accusatory so I felt obliged to call them out. I’m sure muggins has posted many valuable posts but I had to correct this morning’s inaccurate posts.
Anyway, a big week ahead and am looking forward to Thursday. The deal will go through for sure and the combined group with the synergies, saving on listing and other admin costs makes sense. An exciting time for both and even more so when DeepVerge is confirmed and trading hopefully end of October.
Maybe, I do not see MWG as a company anymore, the merger will go through and Deepverge will emerge a bigger force. Highlighting on the past is simply pointless, I trust GB's vision and business model (no reason not to) ....
That said Muggins has over the last few months given me reasons to challenge my faith/judgement in MWG and that is useful.. That I completely ignored his comments is incidental..
All the best for the next few days, should be interesting, could get messy (in a good way)
I think you’re being generous, Paul as muggins posts aren’t always accurate. See below.
Muggins wrote - We were promised that orders and sale were up by 40%+. They are actually DOWN 62%.
My reply - On 30 March We were told ORDERS of reagents were up 48% in Q1 so we were not told that sales were up at all. Also in today’s RNS we were told - The increased order levels, seen in H1, are currently being prepared for shipping in H2 2020.
Therefore The above means the increased reagent orders will be invoiced shortly so in H2 and and the revenue will be realised in H2. Therefore his post is highly inaccurate.
Now this really annoyed me, a sly accusation which is inaccurate and bang out of order. Muggins on SKIN BB said - A more interesting question is why SKIN wants to be saddled to this perpetually lose making company. Surely nothing to do with the 20m MW shares (and to be converted into SKIN shares) that are triggered for GB by the takeover.
I replied - No he will receive shares in DeepVerge that will have acquired MWG. If it’s such a bad deal the motivation isn’t to receive shares that won’t be worth a lot and will in fact by your reckoning reduce the value of his current holding. Again, you seem to be making stuff up.
I agree the results are poor but he’s been in place 3 months of H1 so the turnaround is embryonic and the merger should do well for all IMO.