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New contract win but the co still having to work hard to overcome the consequences of the mismanagement (to the point of swindling) by GB.
Had a significant holding here, not worth much now! But Modern Water does seem to have genuinely huge potential, so will 'average down' and see what happens.
GLAH
Going to be a long road to a recovery here but at least some tough action is being taken to get us there.
I am surprised they are still exploring the sale of one of the businesses.
There's got to be some interest in the "unicorn" STC or "unprecedented demand" labskin.
worst **** sandwich ever. nearly entirely made of ****. things are clearly dire here.
Tg - I expect that STC in particular was not much more than a figment of GB’s over active imagination. Seems like they cannot even give it away but instead have to close it down and invite all redundancy and other costs.
It is becoming increasingly clear that GB was not much more than, at best, a snake oil salesmen, but entirely possibly worse. He should be in jail but how likely is that when most of the current Board were involved previously.
Perhaps it’s time to sell to the cartel. I’m sure they’d love some in-house purification sensors.
While GB was ramping DVRG here and on Twitter he and MrsGB were busy making share sales (and not reporting the sales in a timely manner). Perhaps they could give the money back?
Misspenny
I'm sick of averaging down. Despite doing this several times my holding albeit not huge is 93% down. Might be time to consign it to the ex girlfriend pile and think what could have even.
At least I've learnt and will avoid anything associated with gb in the future. I never believed his bs, but did believe there was a place and market for modern waters technologies/services.
Shocking update, but i think it was expected.
Pretty clear that STC, Labskin and Rhinocloud are nowhere near profitable despite all the hype. STC seems to be overly hyped based on free samples and there is not much behind it. Labskin has been used for a number of years by a number of big beauty companies so surely there must be some value there?
If the auditors left just before starting the audit i strongly suspect they did so as they hadn't been paid for the previous year.
Can DVRG survive? Who knows
It is an interesting point on the Auditors if they were paid or not, considering the cash position seemingly is horrifying. Also it must have been awkward between both parties considering the current DVRG Group Financial Controller Shiv Rawal worked as the assistant manager of Jeffreys Henry LLP Group FCO before switching over to Deepverge as a direct employee, awkward at best! Shiv Rawal probably did a few DVRG audits in his time so maybe he can help out with the new Auditors also, therefore avoiding that July timeline constraint!!
Brave to remain in DVRG at this point considering Modern Water staff and Delaware base is gone, Labskin and Rinocloud now gone in July, what is actually left for investors, Glanaco? Other than stay well away it seems?
Can you explain the potential in Modern Water? I can only see that was downsized also? Delaware facility still open or not?
Yankee, I "believed" there was potential in modern water back when I made my first purchase of mw. I was convinced that desalination plants were the future and mw would be part of that.
More lately I thought that some of their live water testing would be very popular too, but alas no. Despite the hype I now feel that most of the products dv sell are like farming. The farmer does lots of good work to bring everything together, from calving his cows, feeding them and looking after them etc, but he still only gets pennies for his milk.
I am of a similar belief to yourself Glenogle, desalination plants indeed are extremely interesting from a future need perspective. However we somehow ended up with city sweepers, so from a Modern Water point of view I am afraid to say the expectations of the investment have changed dramatically and now the only good here to warn others of not only Deepverge but also the myth of Modern Water. Shame really but lessons learned the hard way. The only piece of your farmer analogy I agree with is plenty of milking of us investors for sure ;)
A number of STC and labskin employees have open to work on their LinkedIn profiles.
GB didn’t just ruin our investment but employees livelihood.
Elizabeth Holmes of Theranos sentenced to 11 years in prison for multiple frauds, G Brandon, teller of multiple fables, walking free. What about the requirement for statements to be truthful? Hello, regulators!
Tq - that is a very fair point. It is all too easy to focus on the shareholders losses and forget that he has ruined the lifes of dozens of others. When he got rid of a number of staff at Modern Water they received nothing as their employer went bust. Hard to think of anything more unsavoury.
Did the crook manage to offload any of his shares before all lies became public. Can’t find any info
TIA
The crook did indeed manage to sell shares. He sold £123k. Remarkably, he sold these to the company on the basis that DVRG had sufficient funds. How wrong was that! This was at the same time as GB was misleading the market claiming that turnover would be double the actualite.
Mrs GB also sold shares and failed to disclose this to the market in a timely manner. Mrs GB also received remuneration for unknown services Again this was not disclosed in a timely manner and only after an investigation by the company.
Notice a pattern?
It really is time that the authorities started a full investigation. Not least as he is, extraordinarily, running another AIM company.
Thanks for replying, much appreciated
Muggins you have called this from day 1 ( total respect to you ) sadly because of those pumping false information many here were in a position of not knowing which way to turn and had more than their fingers burnt by a redundant Plumber , I agree that this should be taken further with AIM being taken into account also , maybe G Woods could make a reappearance?
Thank you CC.
G Woods did indeed call this exactly right. He was broadly derided by the GB fanboyz at the time but he has proven to be exactly right. I would welcome GWs thoughts.