Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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cant* see that being legal
surly you cannot suspend a share at a low price and hold it there to allow for a lower buyout price ... i just can see that being legal ?
If they make an offer it legally has to be at the highest price paid in the 12 months before the offer was announced:
Now: 165p
Sep: 141p
Oct: 103p
Nov: 53p
Dec: 53p
Jan: 48p
to Apr: 35p
Operationally, the company is in a mess. Both recent Board appointments are accountants who aren't going to fix the operations.
Best thing that could happen here if BV Tech make a low ball offer , take the software and scrap dfx . What a shambles
I just engaged in a live chat with Defenx support in the context of what you have advised. This is how it went:
Marco: Hi, need help? Feel free to ask :)
Me: Hi
Marco: how can I help you?
Me: Your website is taking ages to respond
Marco: we'll check. thanks for your feedback
Marco: do you have a specific need?
Me: I am trying to research your products but it takes at least 30 seconds to move to the next page. Your web pages are also a mix of English and Italian.
Marco: we are performing an extraordinary maintenance to it
Marco: if you have a specific need I can help you with information
Me: When should I come back?
Marco: end of the month
Me: Really!?
Marco: yes
Me: I'm astonished. I'll go somewhere else instead.
Marco: ok. Have a nice day
A quick look at the Defenx web page designed to take personal and corporate orders for their software suites demonstrates clearly to anyone still unaware of the trading problems that this is not a company to trust with your mobile phone safety - page takes at least 30 seconds to deliver any details, and then provides a page in a mixture of Italian and English. Given the prices quoted, no individual is likely to wish to order their software for personal use, however at this point, confidence in any focus they are giving to technical delivery, irrespective of financial failings has to be at rock bottom.
at this stage id be happy with 25pps
DEFENX (and Baccardi Breath) this is what we expect from the next RNS "We expect to be in a position to publish our 2017 year end results by DD/MM/YYYY" "We expect to appoint a new CEO on DD/MM/YYYY" "We aim to raise operational funding by *insert method here* ITS NOT ROCKET SCIENCE..... GET IT SORTED
It's all bullshit with RNS's without any substance. So what they're paying people £1000 per day to "pretend" to be on the BOD with everybody in a "stand in" non executive (non accountable) role. How long before the news "defenx has been unsuccessful in their attempts to secure a new permanent CEO". I think Baccardi Breath should cough up and make us an offer for our stake..... I would be happy for £1 a share.... anyone else?
September is just around the corner .....and still nothing :( amazing how things can go so wrong so quickly eh
Board appointments of any kind are welcome. Pelatro are a stable marketing software specialist that will help DFX target their products more effectively and better understand what their customers do with their software to enable upselling and cross-selling. This is a much-needed strategic and tactical move - previously they were just moving into the already-crowded cloud backup field.
Three RNSs in four weeks, new Board appointments with relevant contacts and experience to better understand DFX's market. All immeasurably better than calling in the administrators.
I agree that part timers are not ideal, however why would they appoint anyone if they weren't in it for the medium to long term? There would be no point otherwise.
So they have got a load of part time non accountable people added to the board... there is no excuse why last year's figures are not reported this is another smoke and mirrors with no meat in the bone. Why are they stalling?..... they have stated they are appointing and expert in investor communications, which can only mean one thing.... polishing a turd to make it glitter like gold! F U defenx! Give me my money back you b!tch!
Very encouraging news to me. Recovering the business is the strategy. Commitment to publishing the accounts so lifting of the suspension. All in the right direction.
Seem like experienced non execs (Pelatro looks like a stable outfit), but I’d like to see them make some decent permanent appointment, Especially full timers who can run the business. Still no CEO....
I think the last Whitewash Resolution waiver was reasonable at the time but things have now changed. Not sure how things work now with BVT owning the majority of voting shares - presumably they can vote themselves another waiver to not do a buyout.
Accounts do not take this long to publish. As I've said before, some scheming is going on here. But it's all following procedure so no credible complaint can yet be made to the FCA.
I suppose shareholders essentially voted away their say in the last white wash agreement.
But raising our concerns now to the FCA would allow us to challenge it at a later date if baccardi breath wants to dupe us put of the share price...?
Exactly, just a case of sitting by and waiting to see how good, or bad, the deal is for shareholders.
I sold a bunch on the spike, holding at 10p average now and will sit on that until the end.
If there is another open offer it will be interesting to see the price, in light of the last being just 8p. And who would invest given the current crisis? BVT would also need another Whitewash Resolution to avoid it having to make an offer for all remaining shares.
Perhaps an offer is more likely. DFX depends entirely on BVT now, BVT is majority shareholder, Boccardo effectively owns the company already, he is calling the shots, BVT volunteered to buy all unsold shares last time and will end up taking the bulk of a further issue. We may have reached the tipping point where a further share issue is pointless and BVT ending the pain and making an offer for the shares it does not already own, timed to suit.
Pretty confident they won't go insolvent, the last placing kept the lights on through the transition and they said at the time it was only funding until September. As the last RNS said, they are in discussions with BVT who are 'supportive', last time they said this BVT bought a chunk of the business and there's nothing stopping them doing it again. I doubt we will see a loan, theres not many shares in issue so a placing is almost certain, with BVT taking on a large proportion IMO>
Yes, it will be nett book value taking into account current value of all assets - liabilities. And at current values, not from past years.
If the company goes into administration the shareholders are at the back of the queue: https://www.begbies-traynorgroup.com/articles/insolvency/who-gets-paid-first-when-a-company-goes-into-liquidation
i calculated assets after debt of £10mil
That was 2017 report on the 2016/17 financial year performance.
All we can do is wait and see, I wouldn't be surprised that BVT are waiting for the final audited results so that they can appropriately value the company, or just to draw a line on the last year and start with a clean slate.
So... having a spare moment. I have looked at the financials for the company and feel more at ease. As of september 2017, the company had 16 millions pounds worth of assets. If the company goes into administration those assets SHOULD be divided by equity holders. As there are 28 millions shares in issue, therefore would expect 50p per share with money left over for insolvency costs egg... However, if BV tech decide to **** us over, then probably dissolve one company into another and cheat investors out of everything leaving us with nowt. What we need is some stable comms, not dishy washy updates..... Clive eplett newly appointed is not executive nor permanent. He can basically do what he wants without being accountable. Seems everyone Has jumped ship. Now is Rafael boccardo going to be out hero or our villain? I think we should consider contacting the FCA at this point to raise our concerns.... it could be that BVT has paid 3 million and could take assets worth 16 million
The working capital runs out.