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Now if you had said Russians instead of the Irish.
Fair!
I must admit when GB abandoned his glasses and, in my view, suddenly looked ‘younger’, I had subconscious ‘worryings’. Botox, the scalpel, young goat injections, obviously don’t know but I managed to resist my urges to sell. Unfortunately.
Well it's not Russia:
Modern Water collaborated with a team on an ongoing water monitoring project in Chernobyl, Ukraine, to improve the measurement of total Fe in groundwater samples. To measure total Fe in water samples, samples must be stabilized by acidifying or by adding an adequate complexing agent. The addition of acid is more practical to stabilize the sample.
Professor Yoko Fujikawa of Kyoto University recently presented at the Japan Society on Water Environment 2023 conference in Matsuyama, outlining the 2022 fall sampling campaign in Chernobyl and developing a highly sensitive method for Fe analysis using portable MicroTrace PDV equipment supplied by Modern Water.
https://www.modernwater.com/2023/06/13/improving-water-analysis-in-chernobyl-improved-fe-analysis-methodology-using-modern-water-microtrace-technology/
Which is a timely story.... Otherwise I might say mean things about the Japanese.
Perhaps somebody at the company would like to secure Modern Water website. Domain search restricted to last month should make things obvious...
It is certainly not Russia but fittingly radioactive nonetheless. Almost the same geiger counter measurement from the post where Gerard Brandon moved from Deepverge over to Microsaic!!! And Nigel Burton (wait he actually shares both companies now) and does the list go on here: https://www.microsaic.com/about/#team in-fact it does, Alex Chapman seems to be an ex DVRG management team member also, strange times.
Some pressing questions for existing shareholders should be:
- Who is the next Auditor for DVRG and why has this not been announced with the end of June fast approaching and the previous Auditor's parting company. Considering the current DVRG Group Financial Controller Shiv Rawal worked as the assistant manager of the ex Auditors Jeffreys Henry LLP Group FCO before switching over to Deepverge as a direct employee, you would think Mr. Rawal would be cozy with another Auditor and could put us all at ease. We assumed Andrew Waters FCA was going to provide clarity over financial affairs in DVRG, more fool us, at this point he has been abysmal https://www.lse.co.uk/rns/DVRG/board-appointment-o6z1euhaena10vq.html
- Secondly is a de-list inevitable at this point? And one would assume there are regulatory guidelines in place that in the event of a de-list and utter failure to investors (zero updates on the audited accounts and running very close to a forced de-list from AIM) that the board at DVRG who very very oddly mirror the board at MSYS are not simply avoiding updating us in order to create a cheap buying opportunity. Let's hope Nigel Burton is doing things in the best interests of DVRG and not MSYS at the present time. But maybe just maybe Nigel wants to buy Nigel's company from Nigel. Anything is possible considering the behavior of DVRG handling of accounts in the last 6 months and the amount of DRVG staff looking for work on LinkedIn. I digress..
These are more important talking points than a radioactive post frankly, albeit a fitting post before a de-list from AIM at this pressing time-frame. Anyone care to share their thoughts on who the Auditor is, why the silence on it even from the new Andrew Waters hire, why the lack of transparency?
Yankee_d1000 is asking all the right questions. Everything else is sleight of hand and deception.
Has anyone contacted Prof. Fujikawa for a comment? By the image quality of that graph it is possible they are just using it without authorization.
DVRG MCAP £1.7M, unbelievable, totalclusterf**k
Yankee 5th June RNS. LLP was subsequently appointed as the Company's auditor, however there is significant risk of there being insufficient time to ensure that the audit is completed by 30 June 2023." It is possible DVRG will be suspended pending results of audit!
Davde some might suggest there is another agenda being played out for dvrg going private and bod can claim it wasn't down to them....hmmm
NU nothing would surprise me! The investors who funded the last placing who are now well down may have something to say. DVRG is still generating revenues and possibly profits after restructuring it is all down to whether auditors and BoD agree or not it is still a going concern, cash is the issue!
Frightening how they raised £10m only last year and now need to go begging for more money again.
USE OF PROCEEDS
The gross proceeds receivable by the Company pursuant to the Placing and the Subscription (and assuming no Broker Offer Shares are issued) are expected to be £10 million. The Company intends to use the net proceeds, after expenses, of approximately £9.35 million for the following purposes:
· Investment in Labskin and Skin Trust Club £2.30 million
· Repayment of March 2022 Loan £4.37 million
· Working capital £2.68 million
Fighting for it life
The initial drawdown of £4 million will be used for;
1. the Glanaco acquisition;
2. expansion of manufacturing capacity and laboratory space in the US for the Skin Trust Club; and
3. maintaining the growth trajectory of equipment production and build on the increasing demand the Group is experiencing for its products and services across all divisions.
The Facility provides flexible draw down facilities at an interest rate of 1% per month on the outstanding funds drawn down.
£14m raised in a year, and still in debt to MSYS for £1.4M for 2022, still looking for more funds, something seriously dodgy here.
£650,000 in expenses to £10m meant £9.35M, then there was £370,000 racked up in interest on the £4M loan.
So that over £1M just gone via the so called "expenses and interest"....it's just a sheer financial fantasy and then £1.2M still owed to MSYS
Sad to see that Ratty is back to posting about utter irrelevancies here.
There is such a clear and obvious conflict of interest for those Directors sitting on the Boards of DVRG and MSYS, surely they should resign from one or the other (or both)? Without resolving this it is difficult to that there will be any resolution.
NU from RNS . "Further to commentary in the Company's 17 April 2023 notification, at present the working capital position of DeepVerge is such that the sum total of its trade receivables (net of impairments) and cash balances together exceed the sum total of its trade creditors and other payable balances (with the amounts owing to Microsaic set out above included in this). In addition, the Company has agreed payment plans, or payment phasings, with substantially all its creditors."
Cash is the issue, or lack of, they maybe down but not out yet, it is all down to getting audit done and reducing cost base. Revenues are there to be had but lack of working capital hampering progress.
RNS June 5th states "If the Company is unable to publish its Annual Report and Accounts by 30 June 2023 in accordance with AIM Rule 19, then the trading in the Company's ordinary shares on AIM would be suspended from 7.30am on Monday 3 July 2023 until such Annual Report is published. Any such delay would be likely to be limited to a matter of weeks." Seems an interesting scenario to warn us all about ahead of time...
Now I would assume from the same RNS that auditors "Haysmacintyre LLP" are paid up and working on the audited accounts as we speak and DVRG board are not just letting DVRG de-list without having auditors actively work on the accounts. If the new auditors have NOT been paid and are NOT working on the audit right now, well this warning quoted above seems a bit like using AIM Rule 19 against the share holders of DVRG, because if DVRG does de-list and does go into administration well it creates a buying opportunity for Nigel Burton CEO of DVRG to buy up DVRG (after all he is a board member with Gerard Brandon on MSYS) cheaper than he would otherwise need to pay for it. Seems an interesting scenario to be concerned about....
? is DVRG really fighting for its life?
… not much evidence of any meaningful footwork, work rate, or punches being thrown, let alone landed. …just looks like the towel has been thrown in but ref hasn’t noticed yet.
still, on the plus side, PB78 wiped out by this, karma.