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All Labskin and STC staff are being let go, all. Not some, all.
I would suggest don't wonder too long on that one!! If MSYS comes in and picks up Modern Water or Deepverge in a de-listing situation for next to nothing due to past directors selling out their shares in DVRG well they will double their share holding in MSYS on that deal alone. So I would suggest this sudden drop in the last few days before a de-listing are large shareholders indeed.
… thing is, they’re not really in a position where they could issue an RNS saying that ‘they know of no reason’ for the share price collapse, are they?
I wonder if GB has sold out of his holding
Jesus Mary and Joseph!
I got this from an employee regarding labskin..
I would be surprised if labskin closes down but with the number of redundancies mentioned it would be difficult to continue under the deepverge umbrella.
-29% on the day, not a peep from the BoD.
Yankee_d1000. Unfortunately, yes, I know the score. I agree that it's most likely that both companies will be bought-up together and we'll get nothing. Only time will tell.
If the bid goes to 0.13 than the MCAP will be sub £1m
19.5M just sold for only 0.13, says it all really
Agreed, unfortunate but true. It is starting to look very very very dodgy to say the least. Might be a case to reach out to suppliers and see if they have been left high and dry like the shareholders and seemingly staff have also. Maybe everyone is receiving the silent treatment.
They are liars and crooks and should be behind bars…. GB the greatest con artist of recent times. He’s made some enemies I’m thinking of the £10m raise at 30p they will want blood….
I agree with you yankee. I don't have much faith in NB. I decided to give him a call just to get a feel his level of confidence in the proceeding and I might be wrong, nothing sounded positive.
The whole BOD should have been wiped cleaned when the lies surfaced.
No offensive to yourself tqhussain, but if only Nigel Burton had the professionalism to actually update share holders himself with this information directly. Silence is what we get. I wonder with staff leaving, have services and rent been paid, suppliers have they also been paid. Will the next RNS address the debt owed on these elements.
As soon as it de-lists no RNS is needed to the share holders as such, is this the tactic one wonders. Imagine if that is actually the path on this. Maybe today we will all be put at ease with an RNS update not that any of the previous ones have been accurate unfortunately.
I spoke to NB last week. He said the audit was ongoing but the auditor needs more time so, suspension is highly likely.
He did says its unlikely the company will issue a single liner saying it has been suspended. He suggested the rns will give a bit more detail on what's going on.
Time will tell if there is anymore detail!
ForrestGump , you understand the board of MSYS is the board of DVRG correct? Nigel Burton, Gerard Brandon and the other directors lurking in the background, it is one and the same unfortunately. So yes it is likely Nigel Burton CEO of DVRG will do a deal with Nigel Burton director of MSYS and Gerard Brandon ex CEO of DVRG will do a deal with Gerard Brandon CEO of MSYS, that is certainly likely and will unfortunately be a self enrichment scenario from an ownership perspective. As you say time will certainly paint the picture of Gerard Brandon conscience.....
Unfortunately, I can see the company being sold for a pittance. That said, I remember Mr. Brandon looking highly uncomfortable in the last few Proactive interviews he gave. It's just my opinion, but I get the sense that he doesn't like stealing other people's money and has a conscience.
So, my hope, and it's the slimmest of hopes, is that the BoD's of both companies can find a way through this.
I posted my earlier comment because there has to be some revenue coming into the company, enough to keep it afloat.
The deadline for the audit report is fast approaching, so we'll soon know.
GLA
It's 100% obvious that there are plans by the BoD from both DVRG and MSYS to let the AIM listings for both companies lapse so they can then take both businesses into their own private ownership after milking AIM Investors for many £Ms over the years. Shareholders may get some off market matched trading platform as others have done but in reality they are useless for 99% of shareholders to trade on. The companies will be able to still operate and make money for the "owners" or may indeed just be sold on to new owners. Classic AIM businesses that just took more and more and more of PIs cash. Will any of the authorities actually sanction the BoD or NOMADs? Of course not.
I believe the overarching concern here is not that the stock should be suspended, it's that are the board (Nigel Burton and co) purposefully letting the DVRG stock drift into a de-list situation because at that point it might present a cheap buying opportunity for guess who Nigel Burton and Gerard Brandon who happen to also share the board of MSYS. So is it a case of should the stock be suspended before the 30th or has the stock already purposefully been set on a path to suspension to create opportunities elsewhere. It is starting to look more and more like this as the days tick by unfortunately and worryingly.
Should be suspended as it's obvious the BoD cannot raise any new monies, has debt they cannot repay, and Annual Report will not be issued by 30 June after which Nomad will resign.
It's the only part that they think is worth anything, i.e. ditching stc, labskin, rhino just leaves MW?
Copied from RNS dated 1st August 2023.
"Modern Water secures £2.1m projects for chemical wastewater and water desalination
All Membrane Brine Concentration projects in Asia and North Africa
DeepVerge plc (AIM: DVRG) subsidiary Modern Water, announces new orders worth £2.1 million using All Membrane Brine Concentration (AMBC) technology to treat technically challenging wastewater for chemical plants in India and provide desalinisation services in water starved North Africa. These orders are expected to be delivered in the current financial year and in 2023.
The projects will be undertaken with Ion Exchange (India) Ltd (BSE:IONEXCHANG), having specialist divisions focused on water engineering in Asia and recently appointed partner Al Amaq Holding Co , an engineering firm focussed on the North African market”
Did DVRG/Modern Water actually sell any product to anyone?
MCAP now on a par (if not below) with MSYS. Looks like many have finally realised what's coming next.
I'd not paid that much attention to the history of the board prior to this, I will now, I doubt he's still watching, but the constant uplifting chat about the company followed by 'it's in the RNS' response to any questions at all, should have been a massive warning sign and often it was the absence of it in the RNS that was the key point, china in particular. He walked a very very fine line, not sure if he was always on the right side, can I prove he wasn't, no I can't.
Re: the MoU how do you know that there wasn't one? They don't mean a lot, could easily have been abandoned with no further action, China's view of human, animal and nature's rights is wobbly at best so would they really spend all that money? So a few million die due to poor quality water, so what, the gov won't get voted out, they'll deny it internally and externally, or blame the west. Again a sign I should have seen, don't expect business to come off with countries that don't care about what you are selling the solution for, or indeed that recognise patents, I was prepared for the copying risk though I expected that long term that business would die off as it was reverse engineered.
If you can't make a profit from ensuring that animal testing is not needed then the solution is wrong, you should have such a ready market for it, although the situation where if you have animal tested ever then you can't claim to be clean of testing does not help, there is literally no incentive for the big players to stop testing as they cannot be certified.
Current DVRG MCAP = value of debt owed to MSYS.
Combined MCAP of DVRG and MSYS now less than £3m.