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And to think Gerry is still on msys staff… lier and a con man
Do we know how much outstanding debt they have, apart from the money owed to msys? I know we have been reported of 650k with no borrowing here. But how far will that go; especially when they are spending on gold sponsorships for conferences and travelling promoting etc. The money will get burnt away quickly
Sorry to all holders here.
It was brave to hold into suspension but the news keeps getting worse
Let's hope something comes out of it
Jeez......dvrg finished now, not a chance of msys getting paid that debt.
To avoid incurring additional costs, the Board has today decided to issue redundancy notices to all remaining staff to take effect on 31 July 2023.
Fwiw, from MW's LinkedIn
"Modern Water’s US office will be closed from June 30th to July 4th in observance of Independence Day. The office will reopen on July 5th at 8:00 AM EST. We wish all our customers, distribution channel partners, and suppliers a healthy, happy, and safe 4th of July!"
So it seems that they are trying to keep MW going, obviously it's worth more to a buyer as a going concern; and if a buyer is found with deep pockets, it should be positive for MSYS (question is, who will be the owner of MSYS in a few months?).
Https://www.lse.co.uk/rns/DVRG/update-8nipl9sumoz3ty4.html
For MSYS, the below is relevant, as it means business is still ongoing:
"The Company also provides an update on operations. Despite the limited working capital position referred to in previous notifications, the production of Modern Water reagents continues and arrangements are under discussion to enable installation and commissioning of already delivered equipment to continue."
Sol,
I am with you on this one; MSYS will do well IMO (but for whom?), my main worry is how big the dilution will be, the negative effect on future business of Gerry's "impeccable" reputation and the possible fallout between Gerry and Nigel (who invested tons of cash in both DVRG and MSYS, gone down the drain thanks to Gerry's "integrity").
On the plus side, MSYS have a good team of experts (will they stay on?) and with low unemployment/high inflation, it makes sense for clients to outsource micro-engineering work to MSYS.
I understand people's frustration here (Yankee etc) but some of us still have money tied up in the company and even though GB and nigel are a pain in the rear, we still hope things work out and they do find new business at these conferences. I know we don't like what has happened but let's think about the existing shareholders :-)
LTbeliever , I totally get the sarcasm here :) I would say the irony of course is that considering how Gerard Brandon and Nigel Burton run AIM companies (evidence DVRG and MSYS) I would not suggest any potential customers to touch MSYS or DVRG considering we do not yet know the extent of the bad debts, suppliers who are out of pocket and if there are any staff left to even service a customer at this point or if administration is even a certainty at this juncture which it seemingly is for one and both companies. And before anyone asks, yes MSYS and DVRG are one and the same unfortunately, just do a little research and be warned.
But pls wait until the end, we shouldn't scare potential clients!!
Anyone going feel free to punch them hard and say its from Shareholders
If you find Gerry (disguised probably)...be gentle!
Feel free to pay them a visit tomorrow! Gold Sponsors...
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I'm in the same boat as you snowboots I could of sold at a huge loss, but I'm all in now and unless they delist and I have to deal at a loss OTC or lose everything if they go bankrupt. If not I'll sit and patiently wait until I get a lesser loss or just break even. I'm hoping dvrg find the money to pay msys back and both gradually move back up. It's going to be a long wait though :-/
What a mess, I was/am invested in both MSYS and DVRG, stupidly I fell for the lie's and manipulation, with the share price down I had not even looked at what's happening ( big mistake) and just thought they would turn around with time. more fool me. - fingers crossed there is a little integrity left from the BOD and MSYS do come back.
It's a complete mess from '22 reports not being accurate and missing funds of the 1.35m for the year 2022. Now dvrg need to find money to pay back their debt and microsaic need to raise funding because of this and both can't give a correct '22 report. They have reported they have 650k with no borrowing; but this isn't alot.
Microsaic need to find some new business from these conferences coming up. They are in Cardiff from tomorrow
We were told it was the accountants being slow in preparation of the accounts.
Was that blatant lying?
Https://www.ilmexhibitions.com/sins/
Do we have anyone here that is going to the conference in Cardiff next week? Would be interesting to see what they have to say for themselves.
Thanks NU. Good luck to everyone still here and all have a great summer
Sorry it sent to early. What's with all the buys of over 100,000,000? Is it a tax right off thing?
I'm still here. Somebody said the other day you could buy the company now for the price of a house in the south east. If I sold my shares I doubt I could even buy a decent shed.
What's with the buys of over 100,
Good Luck then Sol
I'll be the only one left here at close I think. Maybe I can be on the BOD haha
For those that will NOT sell in the next hour...some numbers:
DVRG had Admin costs (cash burn) of 6mln in H1 2022; it had cash of 1.2mln at H1 end; let's assume that on 31 October when the funds were raised, it still had appx 1 mln? it raised a net 5.8 mln (after loan was paid off); so on Nov. 1 it had appx 6.5-7mln?
Assuming all salaries were paid on time in Oct., it means that it needed to spend another 2mln for the last 2 months of 2022 (6mln / 3), so at Y/E it had 5mln plus it got 1mln from MSYS in Wcap financing (so it hadn't used its own cash for generating sales/servicing contracts. Assuming that it was still receiving some cash from ongoing and previous sales/open contracts etc, and these were spent as WCap, it might (just might) started 2023 with - say - 4 mln cash?
Since it started mothballing/downsizing from February 2023, then accelerated cost savings in April, has it burned more than 2-2.5 mln in H1 23?
This might leave it with at least 1mln in cash now, plus maybe some cash due from Debtors, some stock sales during H1; therefore, IF (huge IF) it manages to sell Labskin, some STC data, or even MWater, MSYS could still receive a big chunk of its debt; the main problems I see though are:
The Administrator's fees;
The time for a sale may come long after MSYS goes ahead with a dilutive fund raising;
In any case, I am wildly speculating so...good luck with your other investments folks.