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What a sh it show.
How GB can still hold any director positions is beyond me.
Pipelines are meaning ATM as the lack of funds means no company will do business with us and even if they did MSYS would need to spend money upfront in order to fulfil the order.
MSYS need funding in Q3 - that starts next week BTW.
Essentially MSYS has one customer, DVRG, and they've gone bust.
Roleybirkin I think you will find that Nigel Burton CEO of DVRG is a director of MSYS and he cannot transfer assets to cover some made up 1.4million contract with DVRG. I am sure he would love to transfer DVRG from himself to himself over at MSYS but that is why he is allowing DVRG to drift into administration. In order to get DVRG and whatever is left of Modern Water for as cheap as possible he would need administraton to materialize, however I am sure the administrator will decide on this part not Gerard Brandon or Nigel Burton.
Why do you think Modern Water business is valuable by the way?
For example:
https://www.youtube.com/watch?app=desktop&v=i7Jx5-k0chI&t=951s
Notice at 17.10 in that video supplied on the DVRG forums that Fin Murray a director at DVRG, states that this MW device was deployed, can anyone point to one single installation of this? Just 1 installation of this? The quote from Fin Murray is "That product is now deployed and its working", where is it deployed? Is everything about Modern Water a lie? Who is their head of engineering, or instrumentation? Do they even have engineers?
I cannot see why MSYS would want Labskin etc., but I do get a sense that the Modern Water business would be valuable...
I would maybe expect NB and unfortunately GB to negotiate a transfer of the MW asset to MSYS against the outstanding invoices?
Thats it folks
That's what GB will go for, ensuring the right people get helpful information at the right time, thus producing loverrly jubberly for those on the merry go round.
MSYS doesn't have the cash, Sol, and DVRG may still have other skeletons in its closet.
Best solution is for someone big to buy MW's business soon, DVRG's administrators to start repaying MSYS debt, and MW to continue in business.
If deepverge are struggling (which they are) and microsaic is having to raise funds to cover the 1.4m loss. Wouldn't it be ideal for both businesses to merge into one whole business? Nigel is already on the BOD at dvrg and msys. I know GB would be part this, but not much can be done about that. There would be no loss of shares, as these would be transferred over. Do we think this is a likely outcome or they will stay independently?
My dear sol001 nobody is being negative today and this last week I might add. It is referred to as reality. Gerard Brandon and Nigel Burton have run DVRG over the last year and resided over a 98.39% collapse and de-listing from the AIM market. They have also resided over MSYS the last year and achieved a 86.50% collapse. This is not negativity my positive friend, it is a factual statement.
At the end of this week DVRG will be in administration, by design as both boards are but one and the same. Again not negativity but reality.
A positive outcome would court proceedings are swift and all suppliers and staff are made whole again. Obviously a positive outcome for AIM is that this type of management is removed from AIM permanently also but of course that will take time. Of course a positive outcome for shareholders would be to remove all positions with MSYS and DVRG and cut all loses also.
Yankee I find the positives in most things, that's the person I am. Better to live life this way than drowning yourself with negativity; but each to their own. Everyone who is on the stock market is gambling and you can't predict the outcome ;-)
Markets will not give MSYS any serious money with a huge discount. On the basis that could be say 50% below current prices that could another 10bn shares at £0.0005 to raise £500,000 before expenses.
10,000,000,000
£500,000
£0.00005
I think you will find Sol001 that DVRG is MSYS and MSYS is DVRG, after all Nigel Burton and Gerard Brandon share the boards and created this mess you speak of. The ideas was to let DVRG slide into administration so they could buy it as an opportunity from themselves after all, which is now plain to see and the question for all us shareholders is, is it worth the risk to do business with such deception.
Also you mentioned this is positive, can you explain in a lot more detail as you are sounding like a deranged gambler. When the dust settles you will see that a street washing company is all that is left and Modern Water was nothing more than lies. For example:
https://www.youtube.com/watch?app=desktop&v=i7Jx5-k0chI&t=951s
Notice at 17.10 in that video supplied on the DVRG forums that Fin Murray a director at DVRG, states that this MW device was deployed, can anyone point to one single installation of this? Just 1 installation of this? The quote from Fin Murray is "That product is now deployed and its working", where is it deployed?
No doubt that msys could struggle on for 2023 with very limited cash resources and monthly cash burn of £100k per month that could give them another 6 months but clearly they cannot risk not raising monies well ahead of 6 months from here, hence today's confirmation they will need fresh capital in Q3. But having effectively bank rolled DVRG to the tune £1.4m why on earth would anyone feel comfortable giving them even more money now? Even if they did, the mcap of MSYS is now so small any fund raising would wipe out PIs.
NU
This will take some time to replace what deepverge hasn't paid to us. Unless of course dvrg can raise the funds to pay back or arrange an alternative solution to microsaic. We just have to wait and see; but we aren't being suspended from Aim at least
NU,
The RNS qualifies the "need to raise funds", they assume the worst case scenario i.e. no sale of DVRG's businesses.
It's quite reasonable though to consider that DVRG has been trying to find a buyer for Labskin since February and MW from April; given the right price, a buyer could yet emerge.
Sol,
MW/Glanaco have various long term contracts out there, and to deliver on these MSYS' services will be required (on 30 day terms). We have to see if Niger and Gerry can negotiate a decent repayment deal IF someone buys MW's business.
For me, the most important thing is that the Auditors will issue unqualified (on going concern basis) Fin. Statements for 2022 and also going forward to early 2024; it means that MSYS can cover it s running costs on a month-to-month basis.
But as they say, the devil is in the details so let's see by the end of this week.
Sol,
But MSYS have already stated today they will need to raise more funds in Q3.
From today's RNS:
In the event of no further reduction in the debtor balance owed to the Company by Deepverge, which seems likely given their announcement made today, Microsaic will need to raise further working capital during Q3, 2023.
Dvrg has really put us in a mess. No news of Microsaic being suspended from the market as people said last week? If Microsaic doesn't go bust from this, they need to offer their services to whoever takes over modern water and glanaco when deepverge sell either one?
We still have business in other areas; this is a positive and when the dust settles things will pick up. As long the company can survive from this, the only way is up from this crash.
R&D credits were reported as £0.5M in April, now it's £0.2M?
True, a sales pipeline just a list of potential opportunities that could be converted into real sales. Fact is that MSYS have not realised any of it to date and even if they do, the values will no doubt be small in real incomes ie they could be valued at £2M overall but delivery could be £xx per month over xx years.
they keep bigging up the pipeline growth but it’s worth absolutely zero unless it’s converted into contracts, and to my knowledge there hasn’t been a new contract in months! looks like more bull**** to me!
How on earth can MSYS raise funds from here?
MSYS Shares in Issue 6,361,000,000
MSYS Market Cap £636,100
MSYS Share Price £0.00010
Given GB's record at DVRG, you've got to wonder whether MSYS's sales to DVRG are just another one of his fabrications.
As a minimum, GJB and NBurton should waive their Directors' fees for 2023.
From mid-April to end May, MSYS has used up 150k cash, i.e. 100k per month. Assuming we will get the 200k R&D refund by September, this gives us about 8 months of cash (excluding cash inflows from "the pipeline having grown substantially since update on 18 April 2023, excluding any prospective revenue from current DeepVerge contracts.").
Also, very importantly, MSYS "expects to notify, later this week, its accounts for the year-ended 31 December 2022 with the financial statements having been prepared on a going concern basis."
3-4 more days to wait.
DVRG - "The Board has therefore taken the decision to no longer support the ongoing costs of these businesses, and is seeking to realise whatever value is possible through the sale of one or more of the Labskin, Modern Water and Glanaco business units."
Let's hope they can sell it fast, and pay MSYS some of the debt...
At least the AFS will be released on time for MSYS so we can look at the Revenues and profit margins.
GJB has presided probably over the quickest destruction of shareholder value in the history of AIM!
And put MSYS in grave danger. What is NBurton doing?
Funds needed to be raised in q3, ouch.